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IN RE BAESA SECURITIES LITIGATION

Nos. 96 Civ. 7435 (JSR), 96 Civ. 8141 (JSR).

969 F.Supp. 238 (1997)

In re BAESA SECURITIES LITIGATION. WESTERN HEART INSTITUTE, P.C., Ali B. Manguoglu, M.D., P.A., Perrine Electric Co., and Pearl Bence Lowy, on behalf of themselves and all others similarly situated, Plaintiffs, v. BUENOS AIRES EMBOTELLADORA S.A., Pepsico Inc., and Charles H. Beach, Defendants. JOREL INVESTMENT CORP., Long Beach Pediatric Surgery Associates, Arturo Santos, M.D., Inc., and Sajid & Zenaida Chughtai M.D., Inc., on behalf of themselves and all others similarly situated, Plaintiffs, v. BUENOS AIRES EMBOTELLADORA S.A., Pepsico Inc., and Charles H. Beach, Defendants.

United States District Court, S.D. New York.

July 9, 1997.

Attorney(s) appearing for the Case

Wolf Popper L.L.P. by Stephen Oestreich, Lawrence Levit, New York City, Milberg Weiss Bershad & Lerach L.L.P. by Deborah Clark Weintraub, New York City, Lionel Z. Glancy, Los Angeles, CA, for Plaintiffs.

Simpson Thacher & Bartlett by Michael Chepiga, Paul Curnin, New York City, Shearman & Sterling by Stuart Baskin, New York City, Skadden, Arps, Slate, Meagher & Flom L.L.P. by Ira B. Matetsky, New York City, for Defendants.

OPINION AND ORDER

RAKOFF, District Judge.

The first question raised by the pending motions to dismiss these consolidated class actions is whether the Private Securities Reform Act of 1995, Pub.L. No. 104-67, 109 Stat. 737 (the "Reform Act") heightens the scienter requirement for liability in a private securities fraud action by requiring more than "recklessness." The answer is no. The second question is whether the Reform Act makes the pleading of...

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