SECURITIES CLASS ACTION FILINGS 2022 Midyear Assessment Number of Securities Class Action Filings Remains Steady in First Half of 2022. Lawsuits related to SPACs and cryptocurrency on pace to exceed 2021 totals.
The report found that cases concerning special purpose acquisition companies continued to be the dominant trend. The 18 SPAC filings in the first half of 2022 are on pace to exceed 2021’s all-time high of 33. Cryptocurrency-related filings are on pace to reach an all-time high, as crypto-related lawsuits in the first half of 2022 were filed against an increasingly diverse pool of defendant types.
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ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS 2021 Review and Analysis Federal securities class action filings involving SPACs became the dominant filing trend in 2021.
The report found that plaintiffs filed 46 securities class actions with accounting allegations (accounting case filings), the second-lowest level in the last 10 years and down from 70 filings in 2020. Filings involving special purpose acquisition companies (SPACs) was one area of focus that grew. Approximately 20% of accounting case filings in 2021 involved a SPAC, and in the second half of the year that figure was nearly one in three.
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