Jack Fields: “we had the opportunity, first, to work on that piece of legislation. Second, the dynamics in this House and the Senate…”

“we had the opportunity, first, to work on that piece of legislation. Second, the dynamics in this House and the Senate have changed. If you look at the requirements for explicit pleadings of scienter in our particular statute, I do not see that as being too burdensome for a plaintiff or a plaintiff's lawyer. It basically says he probably would add to subsection A, referring to scienter, section 10A applies to complaints, * * * shall specify each statement or omission alleged to have been misleading, and the reasons the statement or omission was misleading. The complaint shall also make specific allegations which, if true, would be sufficient to establish Scienter as to each defendant at the time the alleged violation occurred. It shall not be sufficient for this purpose to plead the mere presence of facts inconsistent with the statement or omission alleged to have been misleading. If an allegation is made on information and belief, the complaint shall set forth with specificity all information on which that belief is formed. We do not believe that is a terrible burden for someone to carry as they walk into the courtroom door. That is the reason we have added the section.”