The 3rd U.S. Circuit Court of Appeals has upheld the dismissal of a class-action securities fraud suit against Advanta Corp. after finding that the plaintiffs failed to meet the heightened pleading requirements of the Private Securities Litigation Reform Act.

The opinion by U.S. Circuit Judge Anthony J. Scirica is required reading for lawyers who litigate securities cases because it provides an extensive analysis of the new law’s standards for proving when a corporation can be sued for making misleading statements.

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