What You Need to Know About a Lead Plaintiff Motion in a Securities Class Action

What Is a Lead Plaintiff Motion

​In a securities class action, a “Lead Plaintiff motion” is filed with the court which sets forth arguments as to why you should be appointed as lead plaintiff, who is responsible for hiring class counsel and litigating the case on behalf of the other class members. 

What Is the Procedure for Becoming a Lead Plaintiff?

​Under the Private Securities Litigation Reform Act of 1995 (“PSLRA) any investor who purchased and suffered losses in securities during the class period in the case, seek appointment as lead plaintiff the securities class action lawsuit. Under the PSLRA, after a complaint is filed, a plaintiff has no later than 20 days to circulate notice to shareholders about the filing of the complaint notifying shareholders that “not later than 60 days after the date on which the notice is published, any member of the purported class may move the court to serve as lead plaintiff of the purported class.” 15 U.S. Code § 78u–4(a)(3)(A)(i)-(iii.).  
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A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  15 U.S. Code § 78u–4(a)(3)(B)(iii)(I)(bb)-(cc). A lead plaintiff is a fiduciary and acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. 

An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. ​

Conclusion

​If you were the victim of securities fraud, or would like to know more about the PSLRA’s lead plaintiff provisions, or have further questions, contact Stock Loss Lawyer Timothy L. Miles today.

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​​Email: [email protected]

timothy l. miles, esq.

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.
• Top 100 Civil Plaintiff Trial Lawyers by The National Trial Lawyers Association (2017-2022).
• Class Action:  Top 25 National Trial Lawyers by the National Trial Lawyers Association (2023)
• AV® Preeminent™ Attorney by Martindale-Hubbell® (2014-2022).
• AV® Preeminent™ Attorney – Judicial Edition (2017-2022).
• Top Ranked Lawyer by Martindale-Hubbell® and ALM  (2019-2022).
• Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022)
• Elite Lawyer of the South by Martindale-Hubbell® and ALM  (2019-2022).
• PRR AV Preeminent Rating on Lawyers.com by Martindale-Hubble® (2018-2022).
• America’s Most Honored Lawyers 2020 – Top 1% by Lawyers of Distinction (2020-2021).
• America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).
• Top 1% of Attorneys in America by Premier Lawyers of America (2019-2021).
• Nation’s Top One Persent by the National Association of Distinguished Counsel (2021).
• The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability by Martindale-Hubble® (Feb. 2015).
• Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019-2021)
• Lifetime Achievement Award by Premier Lawyers of America (2019-2021).
• Superb Rated Attorney, (10.0 out of 10), the Highest Rating Possible by Avvo.
• Avvo Top Rated Lawyer (Avvo 2017-2022).
• Avvo Client's Choice Award 2021 (Avvo 2021).
• Elite Lawyer 2021 by Elite Lawyer (2019-2021).
• America’s Most Honored Professionals – Top 1% (American Registry 2016-2022).
• Top Rated Lawyers in Tennessee (Lawyers of Distinction 2021-2022)

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone:(855) 846-6529
​Email: [email protected]