Cole v. Harris

Whether, if a complaint is dismissed for failing to meet the requirement of Federal Rule of Civil Procedure 9(b), that the circumstances of the fraud be stated "with particularity," and additional requirements added by the Private Securities Litigation Reform Act of 1995 ("PSLRA"), including the requirement to plead facts "giving rise to a strong inference" of scienter, the dismissal should be "with prejudice," despite the general provision of Federal Rule of Civil Procedure 15(a)(2) that courts should "freely give" leave to amend a pleading "when justice so requires," on the grounds that to allow a plaintiff to file an amended complaint with more detail would "frustrate the purpose" of the PSLRA.