On the recordMarch 8, 1995
Two examples that have been prominently used in this particular debate on this amendment, Barings and Orange County. If we apply the requirements of Scienter under this particular statute that we are discussing, the defendant directly or indirectly made a fraudulent statement, the defendant possessed the intention to deceive, manipulate, or defraud, the defendant made such fraudulent statement knowingly or recklessly. As we know the facts of these two particular cases, in these two particular cases, they would not be afforded any of the benefits under the statute that we are debating which is aimed at stopping frivolous lawsuits.
Source
govinfo.gov
