The year 1995 marked a critical turning point in cyber history. Netscape's public offering not only paved the way for illustrating the kind of riches (however sometimes illusory) that lay ahead for the savvy investor. Beyond that, the Internet was transforming itself from a tool for the military to one for, among other things, allowing movie fans to avoid standing on line for tickets.
Also that year, Congress passed the Private Litigation Securities Reform Act--in part, to provide the brave new Silicone Valley start-ups with some degree of protection from shareholder wrath when not every sow's ear turned into a silk purse.
The Reform Act raised procedural hurdles for bringing securities class actions to federal court and pleading standards in an attempt to end the so-called "race to the courthouse" in which plaintiffs lawyers brought allegedly frivolous lawsuits as soon as stock prices fell.
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