A Practice Note focusing on private actions asserting material misstatements or omissions in violation of Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. This Note also explains aspects of complaint drafting affected by the heightened pleading applicable to securities class actions, including under the Private Securities Litigation Reform Act of 1995, and how to structure the complaint to state a securities fraud claim and comply with other requirements. It also addresses preparing, filing, and serving the case-initiating documents.