Securities Class Actions and the non-U.S. Investor

• May non-U.S. investors participate in U.S. securities-fraud litigation?

  With few exceptions, if a non-U.S. investor acquires the publicly traded securities of a U.S.-based corporation, or any securities on a U.S. exchange, they may participate in U.S. securities-fraud litigation concerning those securities, whether that is in the form of an individual action, as an active participant in a class action or as an absent class member.

• May a non-U.S. investor serve as a lead plaintiff in U.S. securities-fraud class actions?

  Yes.

• If a securities-fraud class action is pending or settled, must non-U.S. investors initiate litigation in order to share in settlement or recovery proceeds?

  No. All class members, regardless of citizenship, may submit claim forms in the same fashion as all other class members.

• Are non-U.S. investors limited solely to participation as class members in securities-fraud class actions?

  No. Just like all injured investors in any given case, non-U.S. investors may choose to seek active participation in a class action as a lead or representative plaintiff, choose to remain an absent class member or pursue individual litigation on their own behalf.