"Don't be hasty in accusing fraud based on securities positions" is one helluva position for Robins Geller to take.https://twitter.com/Law360/status/1405306709464293385 …
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Replying to @baseballcrank
That said, the SDNY position seems insane. I’m invested in a dozen funds and a hedge fund, and have no idea what their long/short positions are.
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Replying to @tedfrank
Well, Plaintiffs' counsel has basically one job with the lead plaintiff: accurately detail under oath the lead plaintiff's investments in the company. That said, the point of that is to determine its actionable losses. I doubt that short gains from a fund are covered by the PSLRA
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Replying to @baseballcrank
I’ve never seen a single court ever count indirect investments made by an intermediate party, long or short, in the PSLRA calculation. It’s impossible, for one: funds don’t disclose this on a granular level. Robbins Geller has repeatedly been a jerk to me, but this is unfair.
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Replying to @tedfrank @baseballcrank
Anything else would be double counting, because the investment fund that made the direct investment is the one with the cause of action. I don’t get to bring a PSLRA suit if a defendant defrauded my Vanguard fund.
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