Excerpt: "A recent study by PriceWaterhouse Coopers found that the number of securities class
actions filed in all federal courts dropped by 14% in 1999, to 205, reversing a three year trend of
annual increases.
The decrease came despite the enactment in late 1998 of the Securities Litigation Uniform Standards
Act, which was made public July 31. That law was designed to make federal court the exclusive
jurisidiction for significant securities class litigation and to eliminate frivolous securities class
actions brought in state courts.
Another finding of the study was that for the first time since the enactment of the 1995 Private
Securities Litigation Reform Act, the number of cases filed alleging violations of generally accepted
accounting principles - GAAP - exceeded the number of those that did not. In 1995, prior to PSLRA,
about 25 percent of all federal securities class actions were accounting cases, while in 1999, following
a continuing trend, that figure rose to 53%"
A copy of the PriceWaterhouse Coopers Study is available for your review as a PDF of 170 KB.
Click on:
PriceWaterhouse Coopers 1999 Securities Litigation Study
Note: You will need Acrobat Reader to read this file. If you don't have installed Acrobat Reader,
click
here to download it.
