Abstract

http://ssrn.com/abstract=1972380
 


 



Mixed Statements: The Safe Harbor's Rocky Shore


Wendy Gerwick Couture


University of Idaho College of Law

December 14, 2011

Securities Regulation Law Journal, Vol. 39, p. 257, 2011

Abstract:     
In this essay, the author analyzes how to apply the Private Securities Litigation Reform Act’s safe harbor for forward-looking statements to “mixed statements” – in which statements about the past or present are intertwined with statements about the future. The author identifies three categories of mixed statement that are the subject of frequent litigation, demonstrates the courts’ disagreement about their treatment, and – drawing from the statutory text and policy rationales – recommends how the safe harbor should apply to each category of statement.

In particular, the author argues that (1) statements of historical or current fact that underlie predictions should not be protected by the safe harbor; (2) statements about the present that necessarily incorporate predictions should be protected by the safe harbor; and (3) statements that contain both present and future components should be bifurcated, with the safe harbor protecting only those portions that predict.

Number of Pages in PDF File: 21

Keywords: securities litigation, forward-looking statements, safe harbor, Private Securities Litigation Reform Act

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Date posted: December 15, 2011  

Suggested Citation

Couture, Wendy Gerwick, Mixed Statements: The Safe Harbor's Rocky Shore (December 14, 2011). Securities Regulation Law Journal, Vol. 39, p. 257, 2011. Available at SSRN: http://ssrn.com/abstract=1972380

Contact Information

Wendy Gerwick Couture (Contact Author)
University of Idaho College of Law ( email )
322 E. Front St.
Suite 590
Boise, ID 83702
United States
208-364-4547 (Phone)
HOME PAGE: http://www.uidaho.edu/law/faculty/wendycouture
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