2/ Nobody should be subjected to the Twitter mob ... even a lead plaintiff. Having said that, however, let's contemplate @chancery_daily's comment that "if we believe in the class action model, it’s critical to have people who are willing to ... serve as lead plaintiffs"
— Steve Bainbridge (@PrawfBainbridge) June 1, 2023
4/ Evidence that shareholder class actions deter corporate governance abuses or fraud is, at best, mixed. There is little evidence that class actions harm the reputation of directors. https://t.co/CPBQaQT7xQ
— Steve Bainbridge (@PrawfBainbridge) June 1, 2023
6/ The only consistent winners in shareholder class actions are the lawyers. Which is, of course, a good thing. After all, I wouldn't have a job if it weren't for the need to train new generations of lawyers to bring and defend such suits.
— Steve Bainbridge (@PrawfBainbridge) June 1, 2023
7/ But it is still worth pausing to recognize that much--most--almost all--shareholder class action litigation serves mainly as a tax on business for the benefit of lawyers.
— Steve Bainbridge (@PrawfBainbridge) June 1, 2023
