A Practice Note examining strategies for plaintiff's counsel to identify claims and potential defendants under the federal securities laws. This Note provides an overview of available claims, with a focus 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 and Sections 11 and 12(a)(2) of the Securities Act of 1933 and describes factors relevant to deciding whether a specific misstatement or omission is actionable. It also provides guidance on deciding whether to bring a claim as a class action and on defining the class and class period.