Cornerstone Research Securities Site Stanford Law School Web Site Cornerstone Research Securities Site
Last update: November 16, 2009

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors


Register

CONTACTING US ABOUT:
- Website content inquires
- How to submit documents to the Clearinghouse

_______________
NOTES
_______________
The Securities Class Action Clearinghouse takes no position regarding the merits of individual claims.
_______________
All editorial and content decisions relating to the operation of this site are the exclusive responsibility of Stanford Law School. Cornerstone Research provides financial support and operational assistance toward the maintenance of this site, all subject to the supervision and control of Stanford Law School.

More information regarding Cornerstone Research is available at www.cornerstone.com

Copyright © 2001
Stanford Law School


URLCASEPAGES
URLDOCS
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 3035 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 31,700 complaints, briefs, filings, and other litigation-related materials filed in these cases.
XXXXXXXX
CLEARINGHOUSE RESEARCH

2009 MID-YEAR ASSESSMENT OF FILINGS
2009 Securities Class Actions Filings Decline Significantly, According to Mid-Year Report by Stanford Law School and Cornerstone Research. Filings against Foreign Firms Continue to Climb and Reach New Highs. Financial Industry Continues as Focus of Unprecedented Litigation Activity
   View the Press Release or download the Full Report

2008 FILINGS: A YEAR IN REVIEW
2008 Activity Is at Its Highest Level Since 2004. Litigation against Financial Services Firms Dominates Securities Class Action Filings
   View the Press Release or download the Full Report

POST-REFORM ACT SECURITIES SETTLEMENTS THROUGH DEC 2008
Value of 2008 Securities Class Action Settlements Cut by Half from 2007 Levels, According to Report by Cornerstone Research. Future Damages Expected to Rise Due to Financial Crisis
   View the Press Release or download the Full Report


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.

In addition the Clearinghouse provides Annual and Quarterly Updates on trends in securities class action filings and settlements as well as access to a range of Articles and Papers that relate to the evolution of federal class action securities fraud litigation since passage of the PSLRA.

2009 2008 1996 2005 2006 2004 2003 2002 2001 2000 1999 1998 2007 1997
2008 2008 Filings 2008 Classic or Traditional Cases 2008 Mutual Fund Cases 2008 IPO Allocation Cases 2008 Analyst Cases 2001 Mutual Fund Cases 2008 2002 Mutual Fund Cases 2004 Classic or Traditional Cases 2005 Filings 2001 Classic or Traditional Cases 2001 IPO Allocation Cases 2003 Filings 2003 Analyst Cases 2002 Analyst Cases 2002 Filings 2002 IPO Allocation Cases 2001 Analyst Cases 2001 Mutual Fund Cases 2003 IPO Allocation Cases 2003 Classic or Traditional Cases 2005 Filings 2004 Analyst Cases 2004 Mutual Fund Cases 2005 Analyst Cases 2004 Filings 2004 IPO Allocation Cases 2005 Filings 2002 Classic or Traditional Cases 2005 IPO Allocation Cases 2005 Filings 2005 Mutual Fund Cases 2005 Classic or Traditional Cases 2001 Filings 2004 Filings 2003 Filings 2004 Filings 2003 Mutual Fund Cases 2006 Classic or Traditional Cases 2006 IPO Allocation Cases 2006 Filings 2006 Analyst Cases 2006 Mutual Fund Cases 2001 Filings 2007 Classic or Traditional Cases 2007 IPO Allocation Cases 2007 Analyst Cases 2007 Mutual Fund Cases 2007 Filings 2008 Filings 2008 Classic or Traditional Cases 2008 Mutual Fund Cases 2008 IPO Allocation Cases 2008 Analyst Cases
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.

“Mutual Fund” cases describe litigations in which plaintiffs allege that timing and late trading in funds has violated the federal securities laws.

Plaintiffs have also been filing "Analyst" cases in which they allege that brokerage firm analysts falsely provided favorable coverage for certain issuers. These complaints generally do no allege that an issuer has engaged in any wrongdoing and are therefore distinguishable from the large majority of lawsuits otherwise represented in the database.

FEDERAL LITIGATION BOX SCORE - 2008 EVENTS
  Most active District Court: - S.D. New York
  Most frequently sued Sector: - Financial
  Most frequently sued Industry: Investment Brokerage - National

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.
-------------------------------------------------------------------------

Back to Top

RECENT FILINGS:
11/13/2009
11/10/2009
11/10/2009
11/09/2009
11/09/2009

FIVE RECENT DECISIONS NEWS
Cbeyond, Inc. - 10/01/2009
$2.3 Million
Vivendi Universal, S.A. - 10/06/2009
General Growth Properties, Inc. - 10/06/2009
Opnext, Inc. - 10/30/2009
$2 Million
The PMI Group, Inc. - 11/04/2009

OPTION BACKDATING
LATEST FILINGS
7/8/2008
6/27/2008
2/6/2008
1/25/2008
10/4/2007
9/4/2007
8/10/2007
    Show All

CREDIT CRISIS
LATEST FILINGS
11/10/2009
10/30/2009
10/14/2009
09/11/2009
09/08/2009
09/01/2009
08/24/2009
    Show All


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).