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What is a lead plaintiff of Class Action?
A lead plaintiff is appointed by the court
to act as a representative for the class.
Attorneys for the lead plaintiff are
generally appointed as lead counsel in the
case and responsible for overseeing the
prosecuting of the litigation.
In a securities fraud suit, however, you
must meet certain qualifications in order to
serve as a lead plaintiff:
1. You must not have purchased the security in order to participate in the litigation, or at the direction of your attorney
2. You must have actually suffered damages as a result of the fraud.
3. You must be available to testify at a deposition or at trial, if
necessary.
4.
You must agree not to accept any payment
for serving as class representative
beyond your pro rata share of any
recovery, except
for your reasonable
costs and expenses (including lost
wages) directly relating to the
representation of the class, which must
be
approved by the court.
5.
You must sign a certification that sets
forth the above conditions and is filed
with the court.
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