Opinion ID: 765192
Heading Depth: 4
Heading Rank: 2

Heading: What constitutes a strong inference of the required state of mind

Text: 23 Again, we begin with the language of the statute because if the language is clear, we need inquire no further. See Glickman, 82 F.3d at 830-31. In this case, the statute is silent as to the central issue: the text of the PSLRA does not state whether motive and opportunity or circumstantial evidence of simple recklessness are sufficient to raise a strong inference of deliberate recklessness. The plain text of the PSLRA leaves it open for us to consider circumstantial evidence of recklessness and motive and opportunity as evidence of deliberate recklessness. However, it does not indicate whether they alone are enough to establish a strong inference of deliberate recklessness. In the absence of a clear command in the text, we turn to the legislative history for guidance. See id.