In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision.  Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.

Ex Input:
Inc., No. 08 Civ. 5653(PAC), 2011 WL 3874821 (S.D.N.Y. Aug. 16, 2011) ("NJ v. DLJ"); NJ Carpenters, 272 F.R.D. 160 (finding Rule 23(a) requirements were met, but not Rule 23(b)(3) requirements). 59 . DI 294, at 30-33. 60 . Pub. Emps.' Ret. Sys. v. Merrill Lynch & Co. Inc., 714 F.Supp.2d 475, 484 (S.D.N.Y.2010) (stating Section 12(a)(2) standing is limited to “persons who have directly purchased the securities from underwriting defendants in the subject public offering(s), and not in the secondary market”); In re Sterling Foster & Co., Inc., Sec. Litig., 222 F.Supp.2d 216, 244 (E.D.N.Y.2002) ("[P]urchasers in private or secondary market offerings are precluded from bringing actions under Section 12(a)(2).”). 61 . DI 294, at 30; DI 300, at 17. 62 . See IndyMac I, 718 F.Supp.2d at 513 (<HOLDING>). 63 . This of course means that it does not 
 Holding statements: (A) holding that a party waived the claims she failed to pursue in her merit brief (B) holding that because  544b1 provides only the power of avoidance it does not confer authority on the trustee to pursue state law damage claims but that the trustee could pursue such claims under  544a1 or 2 if the claims could have been asserted by the debtor corporation (C) holding pinter analysis to apply to claims arising under  12a2 (D) holding that a trustee had no standing to pursue claims of fraud against the debtors accountant because under connecticut law those claims belonged to investors (E) holding wyoming only had standing to pursue section 12a2 claims as to indx 2006ar11

Ex Output:
(E)


Ex Input:
Inc., 299 F.Supp.2d 1307, 1321 (S.D.Fla.2004). First, the PSLRA altered Rule 9(b)’s particularity requirement by mandating the following: [T]he complaint shall specify each statement alleged to have been misleading, the reason or reasons why the statement is misleading, and, if an allegation regarding the statement or omission is made on information and belief, the complaint shall state with particularity all facts on which that belief is formed. 15 U.S.C. § 78u-4(b)(l)(B). Thus, the PSLRA requires greater specificity than Rule 9(b). Druskin, 299 F.Supp.2d at 1321. Second, the PSLRA raised the standard for pleading scienter by making it clear that a plaintiff can no longer plead scienter generally. In order to properly allege scienter, the plaintiff m 2 n. 2 (11th Cir.1999) (<HOLDING>). Additionally, the Eleventh Circuit has 
 Holding statements: (A) recognizing defense in securities case (B) recognizing doctrine (C) holding that morrison precludes securities claims brought by us investors who purchase securities on a foreign exchange even where those securities are also listed on a us exchange (D) holding the doctrine applied in a case of mistake (E) recognizing the incorporation by reference doctrine in a securities case

Ex Output:
(E)


Ex Input:
in some respect. To me, such an approach invites municipal officials to substitute rank speculation and conjectural claptrap for genuine engineering expertise and constitutes an open invitation for local planners to engage in incompetent fear-mongering about perceived or imagined development risks, no matter how unfounded, unlikely, or controllable such risks may be. Such an open-textured standard for upholding the denial of subdivision applications will all too easily be converted into an impermeable cloak to cover confiscatory regulatory takings, official pandering to neighbors’ antidevelopment biases, political shenanigans, and other such local governmental capriciousness of the sort that we recently condemned in L.A. Ray Realty v. Town Council of Cumberland, 698 A.2d 202 (R.I.1997) (<HOLDING>). Moreover, the mere fact that the municipality 
 Holding statements: (A) holding that a state is not a person under 42 usc  1983 (B) holding that person in 42 usc  1983 does not include states (C) holding that 42 usc  1983 does not provide a remedy for flsa violations (D) holding that the petitioner property owners had established 42 usc  1983 substantive and procedural dueprocess violations against town officials who arbitrarily denied the plaintiffs request for subdivision approval (E) holding that plaintiffs had claim under 42 usc  1983 against state where state had created an intermediate care facility but placed plaintiffs on waiting list

Ex Output:

(D)