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SECURITIES CLASS ACTION FILINGS 2020 Year in Review
The report found that plaintiffs filed 334 new securities class action cases in federal and state courts in 2020, compared to a record 427 filings in 2019. There were 234 core filings—those excluding M&A activity—down 12% from 2019 levels. Federal M&A filings fell 38% from the previous year. Declines in state court filings and filings related to M&A contributed to a 22% decrease in the number of securities class actions filed in 2020. Plaintiffs filed complaints against fewer than 400 issuers for the first time since 2016.
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SECURITIES CLASS ACTION FILINGS 2020 Midyear Assessment
The report found that the number of filings remained higher than the historical average, but was 18% lower than in the second half of 2019 and the lowest level since the second half of 2016. The filing slowdown affected both core and M&A filings, which declined by 13% and 25%, respectively.
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TECH COMPANY SECURITIES CLASS ACTION FILINGS AND SETTLEMENTS 2015–Q1 2020 Review and Analysis
The report found that the number of filings against tech companies increased to a record 85 new cases in 2019 from 55 the year before. Companies in the Internet and Software subsectors were targeted in 66% of 2019 cases. Tech company cases in both federal and state courts have boomed over the last four years, accounting for 20% of total securities class action filings.
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