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Following the March 2018 decision in Cyan Inc. v. Beaver County Employees Retirement Fund, there has been a proliferation of case filings asserting putative class action claims under the Securities Act in state courts throughout the United States.

Yesterday evening, on December 26, the U.S. Court of Appeals for the Fifth Circuit issued an unsigned order in Texas Top Cop Shop, Inc. v. Garland, No. 24-40792...