The 11th Circuit (Florida, Georgia, Alabama) is a tough place to bring a successful securities class action. That appears to be the conclusion of a Miami Daily Business Review feature article (via law.com - regist. req'd) on the topic. The article notes that a recent NERA report (see this post) found that 10 percent of the securities class actions filed in the 11th Circuit since the passage of the PSLRA have been dismissed within two years - tied for second place among all circuits. The article also profiles some prominent cases.
Quote of note: A plaintiffs' attorney in Florida contended "that the 11th Circuit's standard for inferring intent to defraud -- as set out in the 11th Circuit's 1999 decision Bryant v. Avado -- has 'heightened the pleading requirements beyond the intent of Congress. Motive and opportunity and damages are not enough [in the 11th Circuit],' [the plaintiffs' attorney] said. 'What do you have to have? Pictures? You almost need an insider to get to discovery.'"