The tech bust launched 519 securities class actions in 2001, but then the number filed declined steadily to 131 five years later. Was that because Sarbanes-Oxley turned corporate execs into saints? Or because partners in the leading plaintiff law firm, Milberg Weiss, were too busy dealing with their own legal problems to file suits? For whatever reason, the decline was likely permanent-so said Joseph Grundfest, a Stanford Law School professor and expert on securities class actions, last year.
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