If you purchased your shares during the class period and sustained losses, you are automatically part of the class action. The sixty-day deadline applies only to those seeking to be lead plaintiff in a securities class action.
A securities class action is filed when any employees, officers, directors, or owners of a publicly held business send out false information about the business's stability. The general result of the false information is the buying and selling of shares by investors at inflated prices resulting in damages to those investors. Securities class actions are filed by a lead plaintiff, but will include any shareholders who lost money from the incident. The time at which the inflated prices existed and in which the damage was caused is known as the class period.
Lead plaintiffs in securities class action cases are chosen by the court because of their ability to represent the class party as a whole. The lead plaintiff’s claim must be typical of the other class members and that particular class member must adequately represent the entire class. In general, for securities class actions, the lead plaintiff will be someone in the class party who has a substantial amount of damages to claim. Anyone who is interested in being the lead plaintiff sends in an application to the court within 60 days of the case being filed. This is known as the sixty-day window.
Lead plaintiffs are the hands and feet of the securities class action. They provide substantial information to the attorneys regarding their personal damages and stock investments. They work directly with the attorneys and make decisions regarding the case, including settlements.
You don't have to be the lead plaintiff to have your interests protected and represented. If you sustained substantial losses due to the misconduct of the company and wish to protect your interests, consult with an attorney. There are additional options such as opting out of the lawsuit entirely and filing your own separate lawsuit. The time frame for this option is limited, so always consult with a class action attorney as soon as possible if you are interested in opting out.