The Pennsylvania Securities Act of 1972 as well as federal securities laws apply to the sale, trade, purchase, and transfer of stock in this state. Parties may be civilly and criminally liable in situations where regulations were violated. For instance, under Pennsylvania laws, certain brokers must be registered with the state and registration statements must be filed by certain parties.
When a party suffers damage as a result of a broker or adviser’s failure to comply with the many federal and Pennsylvania state securities laws, they may be able to file suit against those responsible. However, under Pennsylvania law, the action must be brought within 5 years after the negligent or fraudulent act occurred or within a year after the plaintiff received notice of the violation, whichever expires first.
Section 504 of the Pennsylvania Securities Act provides:
“No action shall be maintained to enforce any liability created under section 501 (or section 503 in so far as it relates to that section) unless brought before the expiration of five years after the act or transaction constituting the violation or the expiration of one year after the plaintiff receives actual notice or upon the exercise of reasonable diligence should have known of the facts constituting the violation, whichever shall first expire.”
These issues are fact intensive and time sensitive. Analyzing a Pennsylvania civil securities statute of limitations issue requires the services of a lawyer with experience in handling civil securities matters and litigation.
If you’d like to have your case reviewed by our Pennsylvania securities litigation lawyers, call 215.925.4451. Our lawyers handle matters involving broker fraud, breach of contract, shareholder disputes, derivative cases, investor disputes, and more.
The lawyers at Schwartz & Blackman handle securities litigation matters in the Pennsylvania and New Jersey area:
PA: Berks County, Bucks County, Chester County, Delaware County, Montgomery County, Philadelphia County, Allentown, Lehigh Valley, Norristown, Philadelphia NJ: Atlantic County, Burlington County, Camden County, Gloucester County, Mercer County, Middlesex County, Monmouth County, Camden, Cherry Hill, New Jersey shore cities
*This website does not provide legal advice. Every case is unique and it is important to get a qualified, expert legal opinion prior to making any decisions about your case. See the full disclaimer at the bottom of this page.
Published: June 17, 2012