Bondholder Communications Group, New York, NY 10004
John E. Parsons
MIT Sloan School, Cambridge, MA 02139
G. William Schwert
University of Rochester, Rochester, NY 14627
and National Bureau of Economic Research
Geoffrey S. Stewart Jones Day Reavis & Pogue, Washington, DC 20004
Plaintiffs in the Computer Learning Centers case proposed a class including all those who purchased CLC common stock from April 30, 1997 to April 6, 1998. Defendants opposed certification of the class, focusing on the large number of short sales and the resulting difficulty in establishing which members of the class actually had standing to sue. The court denied the motion for class certification. Although the court gave plaintiffs leave to amend the class, the case was settled before a new class was identified.
Short-selling, Litigation, Securities fraud
JEL Classifications: G14, G18, K22
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© Copyright 1998-2015, G. William Schwert
Last Updated on 2/26/2015