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But there are two reasons why I think plaintiffs’ lawyers are more excited about their prospects in the Facebook IPO litigation than in the JPMorgan case: scienter and damages. First, a caveat. It’s been more than 15 years since Congress passed securities class action reform, which was intended to put control of shareholder litigation in the hands of investors, not plaintiffs’ lawyers. The securities class action bar will shout from the rooftops that clients decide what suits to file, especially when those clients are the savvy pension and healthcare funds that usually wind up as lead plaintiffs. (Interestingly, no big funds have yet surfaced in either the Facebook IPO or JPMorgan cases.) That said, plaintiffs’ lawyers decide where they want to devote their own resources, and, in these early days, more of them seem to be putting their time into Facebook.