Serabian v. Amoskeag Bank Shares, Inc.

1 Analyses of this case by attorneys

  1. Part VI: Securities Class Actions: Current And Emerging Trends

    Dorsey & Whitney LLPThomas O. GormanJune 18, 2008

    For example, in Wool v. Tanden Computers, Inc., 818 F.2d 1433 (9th Cir. 1987), the court held that “[i]n cases of corporate fraud where the false or misleading information is conveyed in prospectuses, registration statements, annual reports, press releases, or other ‘group-published information,’ it is reasonable to presume that those are the collective actions of the officers.” See also Serabian v. Amoskeag Bank Shares, Inc., 24 F.3d 357 (1st Cir. 1994); Schwartz v. Celestial Seasonings, Inc., 124 F.3d 1246 (10th Cir. 1997). The PSLRA, however, requires that each fraudulent statement be pled.