A Practice Note providing an overview of the issues arising from a plaintiff's reliance on confidential witness allegations to satisfy the heightened standards for pleading scienter in securities fraud actions asserting claims under Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. It discusses the particularity requirements of Federal Rule of Civil Procedure 9(b) and the Private Securities Litigation Reform Act of 1995 and explains how courts and defendants assess the reliability of confidential witnesses at the pleading stage. It also describes the role of confidential witnesses past the pleading stage and provides practical strategies for challenging the adequacy of confidential witness allegations through motion practice.