A Checklist of key issues and defenses to consider when faced with a federal securities fraud lawsuit. Most defendants facing securities fraud claims begin their substantive defense with a motion to dismiss or other pre-answer motion. This Checklist sets out key issues and defenses that counsel should consider when bringing a motion to dismiss in a private action that asserts material misstatements or omissions in violation of Section 10(b) of the Securities Exchange Act of 1934 and its implementing regulation, Securities and Exchange Commission Rule 10b-5.