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Kaplan v. S.A.C. Capital Advisors, L.P.
Citations: 947 F. Supp. 2d 366; 2013 WL 2367787Docket: No. 12 Civ. 9350
Court: District Court, S.D. New York; May 27, 2013; Federal District Court
Kaplan Plaintiffs requested the Court's guidance on whether to republish notice under the Private Securities Litigation Reform Act of 1995 (PSLRA) following the filing of a consolidated amended complaint. The PSLRA mandates that within 20 days of filing a complaint, plaintiffs must publish a notice informing potential class members about the lawsuit, its claims, and the class period. Although courts generally oppose republication when only minor amendments are made, new notices are required when an amended complaint significantly alters the claims or class definitions. In this case, the consolidated complaint expands the class period from July 21-29, 2008, to July 1, 2006, through July 18, 2008, and introduces new claims not included in the original complaint. The original notice focused on investors in Elan Corporation, while the amended complaint broadens the class to include all investors who traded contemporaneously with and opposite to the SAC Defendants. The Court determined that the substantial changes in claims and class definitions warranted republication of notice to ensure potential lead plaintiffs are informed and do not miss the opportunity to participate due to reliance on the earlier notice. The Kaplan Plaintiffs are therefore ordered to republish the notice in compliance with PSLRA requirements.