Academic

Tellabs is the Private Securities Litigation Reform Act case that the Supreme Court heard last year, and remanded to the 7th Circuit for reconsideration.  It looked like a win for corporate America then, but less so as of today.  The Chicago court, per Judge Posner, just took another look.  Concluding that "it is possible to draw a strong inference of corporate scienter without being able to name the individuals who concocted and disseminated the fraud," the court found, once again, that the plaintiffs done just that, and met the Supreme Court's sorta specific pleading standard.  Some commentary comparing this year's Stoneridge to last year's Tellabs can be found here and here. HT: Secruities Mosaic.