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'07 Stock Drop Cases To Be Filed In '09

With seemingly no near-term potential for the stock market to move back up in 2009, the securities plaintiffs' bar will be looking back at 2007 stock movements to keep their practices going.

By Susanne Sclafane | Updated on March 29, 2009

With seemingly no near-term potential for the stock market to move back up in 2009, the securities plaintiffs’ bar will be looking back at 2007 stock movements to keep their practices going, one attorney said recently.

The revelation came from Samuel Rudman, a partner with Couhglin Stoia Geller Rudman Robbins in New York, at the PLUS D&O Symposium late last month during a session highlighting emerging trends that could impact directors and officers liability insurers.

Michael Price, vice president of Hartford Financial Products in New York, who moderated the session at the Minneapolis-based Professional Liability Underwriting Society’s symposium held in New York, noted the low overall frequency of securities class actions lawsuits against nonfinancial companies in recent months. Still, Mr. Price said, one of his firm’s policyholders, which does business outside the financial sector, was sued earlier this year–two years after the disclosure that prompted the lawsuit.

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