Lead Plaintiff Contest Reopened

In the Bombardier action, Judge Scheindlin (S.D.N.Y.) has ruled that since the amended complaint expanded the class period and added new securities, a new press release would be required. The current Lead Plaintiffs, the Teamsters Local 445 Freight Division Pension Fund, must issue a new press release by June 21, 2005, thus restarting the 60 day period for investors to move for appointment as Lead Plaintiff. The Fund is represented by Schoengold Sporn Laitman & Lometti, P.C. The decision is available at 2005 U.S. Dist. LEXIS 10780.

Nugget: "This appears to be a matter of first impression. Although previous courts have addressed the question of whether a new notice need be issued when the class period is amended -- and have generally answered that question in the negative -- the parties and the Court have found no decision regarding whether adding new classes of securities to the ambit of the class requires republication."