Champaign, IL asked in Securities Law for Illinois

Q: What is a securities class action? How would I find others to file together with me?

Related Topics:
1 Lawyer Answer
Jeffrey Michael Haber
Jeffrey Michael Haber
  • Securities Law Lawyer
  • Melville, NY

A: A securities fraud class action is a lawsuit filed by one or more investors who bought or sold a company’s securities within a specific period of time (known as a “class period”) and suffered economic injury as a result of violations of the securities laws. In cases involving misleading statements or omissions, a class period generally starts when a company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period generally ends when the truth is fully disclosed to the investing public. The plaintiff(s) that bring the action are supposed to be similarly situated; that is, they suffered damages from the same or substantially the same core set of facts. In order to bring a class action, you need to hire a lawyer. It is illegal for a non-lawyer to represent other non-lawyers. A lawyer with experience litigating securities class actions will know how to notify potential class members of the pendency of a class action or of the investigation of a company and its officers and directors for the potential filing of a class action.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.