Securities class actions are filed by investors who purchased a company's debt or equity offering within the specified class period and who have suffered economic injury because a significant negative public disclosure about the company during the class period caused a serious drop in the company's stock price.

These actions are usually brought when two things occur. First, when a publicly held company and its officers, directors, employees, accountants or underwriters make an untrue statement of a material fact or omit to state a material fact in a publicly disseminated communication such as a press release, newspaper articles, analyst report, prospectus or proxy statement. Second, when, as a result of the untrue statement or omission, the company's stock drops, injuring investors who purchased the stock during the class period.

The class period begins on the day that a company makes an untrue statement of a material fact or the day that the company has a duty to disclose a material fact and fails to do so. The class period ends on the day that the untrue statement or omission is publicly announced. These actions are usually identified when a publicly traded security declines in value following a significant negative disclosure about the company.

The Securities Act of 1933 and the Securities Exchange Act of 1934 were the federal government's first attempts to regulate corporate securities. The Securities Act of 1933 is principally a disclosure statute that is intended to promote truth in the offering and selling of securities. The statute employs two provisions to meet this purpose, registration requirements and antifraud prohibitions. The Securities Act of 1934 amplifies the disclosure requirements contained in its predecessor, but goes even further by regulating trading and market practices.

LeBlanc & Waddell together with its co-counsel, currently represents over 20 pension funds in the state of Louisiana including, the Louisiana School Employers Retirement System (LSERS), Louisiana State Employee's Retirement System (LASERS), Louisiana Education Quality Trust Fund and the Louisiana AFL-CIO with regard to securities fraud.

If you would like to speak with someone concerning securities fraud, you may discuss your particular situation with an experienced attorney at the law offices of LeBlanc & Waddell by telephone at 800-988-3514, by fax at 225-768-7999, or by contacting us online.