In my semi-rant about class action press releases yesterday, I surmised that a good plaintiffs’ class action lawyer might be able to shed more light on the rationale behind filing a press release when a new class action complaint is filed. Sure enough, a good plaintiffs’ class action lawyer, Kimberly Kralowec of The UCL Practitioner, responded with a comment, and eloquently at that. Here’s what she had to say:
One reason for such press releases is to generate contacts from additional witnesses to the alleged wrongdoing. They can also serve to prompt contacts from putative class members, who (depending on the type of case) often have relevant information and/or may eventually join a case as a class representative, should one of the original representatives withdraw or become disqualified for any reason.
Thanks for the insight, Kimberly. I still find them annoying, but I’ll try to keep that to myself in the future.
Here is another comment from Rich Walden of The Walden Law Firm in Little Rock:
A better explanation in my work is that the Private Securities Litigation Reform Act requires that a notice be published within 20 days of the filing of the complaint.
I must admit, Rich, statutory compliance is a pretty valid reason.