In recent years, public companies have been the target of numerous class actions alleging a variety of disclosure sins under federal securities laws.

In high-tech cases, one standard sin was putting out positive publicity about a new product that turned out to be a dud. In bank cases, a typical sin was boilerplate language in annual reports and Securities and Exchange Commission documents stating that the loan portfolio was "adequately reserved" or that loan underwriting was done "conservatively."

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