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The Securities Class Action Clearinghouse provides detailed information relating to the prosecution, defense, and settlement of federal class action securities fraud litigation. The Clearinghouse maintains an Index of Filings of 3477 issuers that have been named in federal class action securities fraud lawsuits since passage of the Private Securities Litigation Reform Act of 1995. The Clearinghouse also contains copies of more than 38,500 complaints, briefs, filings, and other litigation-related materials filed in these cases.
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2011 ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
Securities Class Action Filings Involving Accounting Allegations Increase in 2011 from Low Point in 2010, According to New Report by Cornerstone Research. Securities Class Actions Involving Accounting Allegations Continue to Represent the Majority of 2011 Total Settlement Values, Despite Sharply Reduced Volumes.
View the Press Release or download the Full Report
POST-REFORM ACT SECURITIES SETTLEMENTS THROUGH DEC 2011
Settlement Values, Estimated Damages, and the Number of Cases Settled in 2011 Experience Historic Declines, According to New Report by Cornerstone Research. The Total Dollar Value of Settlements Decreases by 58 Percent from 2010.
View the Press Release or download the Full Report
2011 YEAR IN REVIEW
Securities Class Action Filings Increase Slightly in 2011, According to Report by Stanford Law School and Cornerstone Research. Filings Targeting Merger and Acquisition Transactions Remain High, and Chinese Reverse Merger Filings Decline in the Second Half of the Year.
View the Press Release or download the Full Report
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| The Clearinghouse offers regular updates identifying companies that have recently been named as defendants in federal class action securities fraud complaints. If you would like to receive this information, please register here. | FEDERAL SECURITIES CLASS ACTION LITIGATION
| | Calendar year 2001 differs from prior experience because of the proliferation of "IPO Allocation" lawsuits. These complaints generally allege that underwriters engaged in undisclosed practices in connection with the distribution of certain IPO shares. These complaints do not allege that issuers have engaged in fraud when describing their own business or financial circumstances. Also see: Index of Filings. For specific statistics about the cases filed as a result of allegations of fraud resulting in stock price inflation and subsequent decline, etc., please review the Litigation Activity Indices and the Clearinghouse Research's reports.
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While vigorous debate continues to swirl regarding the merits of class action securities fraud litigation, certain patterns appear to characterize litigation behavior during the five-year period since adoption of the PSLRA. In particular:
- The absolute number of issuers sued does not appear to have changed dramatically since passage of the Act, once the effects of the IPO Allocation Litigation are excluded. Litigation activity declined in 1996, but that decline was likely a transition effect;
- Since passage of the Reform Act, a larger percentage of litigation activity centers on allegations of accounting fraud, with revenue recognition issues emerging as particularly significant causes of litigation;
- Since passage of the Reform Act, a larger percentage of litigation activity also alleges trading by corporate insiders during periods when frauds are allegedly "alive" in the market;
- The dollar magnitude of settlement has increased noticeably, particularly in the settlement of "mega-cases." There have been seven post-Reform Act settlements in excess of $500 million: the WorldCom and Enron litigations are still pending, but have already reached settlement agreements of $6.128 and $4.760 billion, respectively; the Cendant litigation was settled for $3.525 billion ($3.185 billion in the common equity settlement and $340 million in the PRIDES settlement.); the IPO Allocation Litigation settled for $1 billion; McKesson is in the process to settle its class actions for $960 million; Lucent Technologies settled for $673 million; and Raytheon Corporation for $535 million.
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| OPTION BACKDATING
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| IPO ISSUERS: | Click here to see the list of issuers named in the Master Allegations document in re Initial Public Offering Securities Litigation Master Filed No. 21MC92(SAS). | |
