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Clearinghouse Research

 

Filings

The Stanford Law School Securities Class Action Clearinghouse in cooperation with Cornerstone Research publishes a series of reports on securities class actions filed after the passage of the Private Securities Litigation Reform Act of 1995 (PSLRA or Reform Act). These reports are widely cited, providing comprehensive statistics on historical and recent filings activity, characteristics, and trends.

Settlements

Cornerstone Research has developed a database of securities class actions filed after the PSLRA and settled from 1996 through 2015. As of December 2015, this database includes 1,537 securities class actions and more than 60 variables.

Filings Reports

SECURITIES CLASS ACTION FILINGS
2023 Year in Review
Securities Class Action Filing Activity Increased Slightly in 2023, Reversing Recent Years’ Declines
The report found that plaintiffs filed 215 securities class action lawsuits in federal and state courts in 2023, up slightly from 208 filings in 2022. The number of “core” filings—those excluding M&A filings—also increased slightly from the previous year. However, despite a small uptick in overall filing volume, the number of state 1933 Act filings and combined federal Section 11 and state 1933 Act filings fell in 2023. The number of filings in the three most common trend categories—SPAC, COVID-19, and cryptocurrency—also all fell in 2023.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2023 Midyear Assessment
Number of Securities Class Action Filings Increased in First Half of 2023. Cryptocurrency-related filings continue to see a high level of activity
The report found that plaintiffs filed 114 securities class actions in federal and state courts in the first half of 2023, a 23% increase from the second half of 2022 and in line with the semiannual average between 1997 and 2022. Six securities class actions related to the recent turbulence in the banking sector were filed (five in the first half of 2023 and one in the second half of 2022). There were 11 cryptocurrency-related filings in 2023. Of these, over half included allegations related to cryptocurrency exchanges. "We continue to see a high level of cryptocurrency-related securities class action filings," said Alexander “Sasha” Aganin, the report's coauthor and a Cornerstone Research senior vice president. “If this pace continues through the rest of the year, it is likely that the total number of cryptocurrency filings will near the record high seen in 2022.”
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2022 Year in Review
Securities Class Action Filing Activity Fell for Third Straight Year as Volume of M&A Class Actions Declined
The report found that plaintiffs filed 208 securities class action lawsuits in federal and state courts in 2022, down 5% from 218 filings in 2021 and well below the 332 filings in 2020. The 2022 decline was largely due to a continued decline in federal M&A filing activity. Conversely, core filings increased by one in 2022 despite SPAC-related core federal filings falling.
· Full Report 
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.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2022 Review and Analysis
The total value of settlements in securities class actions involving accounting allegations grew substantially in 2022, spurred by an increase in settlement volume and amounts. The report also found a slight year-over-year increase in the number of accounting-related case filings, although the volume was still well below the historical average.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2022 Review and Analysis
The number of securities class action settlements increased to a 15-year high in 2022, coming off a record 2021 that had seen settlements reach their highest point in more than 10 years, according to a new report released today by Cornerstone Research. The report also found similarly dramatic increases in the total dollar value of settlements and median settlement amount, “simplified tiered damages,” and total assets of defendant issuers.

In 2022, the number of securities class action settlements increased to 105, up 21% from the prior year's 87, while the total value of those settlements nearly doubled, from $1.9 billion in 2021 to $3.8 billion. Likewise, the median settlement amount of $13 million increased 46% year-over-year. Median “simplified tiered damages” also reached a record high, growing by 125% to $481 million in 2022 from the previous year.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2021 Year in Review
Securities Class Action Filing Activity Plummeted in 2021. Filings with allegations related to SPACs soared.
The report found that plaintiffs filed 218 securities class action cases in federal and state courts, a 35% drop from 333 filings in 2020. The decline was largely due to a substantial decrease in class action filings related to mergers and acquisitions, and a decline in federal Rule 10b-5 filings without Section 11 allegations. Following the rise in special purpose acquisition company (SPAC)-related mergers, core federal SPAC filings increased more than sixfold from five in 2020 to 32 in 2021. One-third of these filings involved the auto industry. While the number of state court filings alleging claims under the Securities Act of 1933 fell sharply in 2021, federal-only filings rose. State filings have continued to decline since the Delaware Supreme Court's March 2020 ruling in Salzberg v. Sciabacucchi upholding the validity of federal forum-selection provisions in corporate charters. Overall, the number of Section 11 filings in 2021 was roughly in line with the previous year.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2021 Midyear Assessment
Number of Securities Class Action Filings Falls to Lowest Level Since 2015. SPAC-related filings increase sharply in first half of 2021.
The report found that the decline in filing activity was largely driven by a 66% drop in filings related to mergers and acquisitions compared to the second half of 2020. Of the 112 filings in the first half of 2021, only 12 were M&A filings. Federal and state court class actions alleging claims under the Securities Act of 1933 also declined, continuing the trend observed in 2020..
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2021 Review and Analysis
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. Accounting case filings made up 24% of all federal securities class action filings in 2021, compared to 31% 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. Filings referencing financial statement restatements and/or allegations of internal control weaknesses declined to the lowest level in more than 10 years.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2021 Review and Analysis
The number of securities class action settlements reached a 10-year high in 2021, but the combined dollar amount of all settlements and the median settlement value fell to their lowest levels since 2017, according to a new Cornerstone Research report released today.

The report found that there were 87 settlements totaling $1.8 billion in 2021, compared to 77 settlements totaling $4.4 billion (adjusted for inflation) the previous year. There were three mega settlements (those valued at $100 million or higher) in 2021, ranging from $130 million to $187.5 million, the latter reflecting the lowest maximum value in the last decade.
· Full Report 

Filings Reports

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.
· Full Report 
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.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2020 Review and Analysis
The report found that accounting allegations continue to have a substantial impact on securities class actions. Accounting allegations were present in more than 30% of all federal securities class action filings, and accounting cases made up 84% of total settlement dollars in 2020.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2020 Review and Analysis
Despite the unprecedented economic disruption that the COVID-19 pandemic caused in 2020, settlements in securities class actions generally continued at a pace typical of recent years. The report found that courts approved 77 settlements totaling $4.2 billion in 2020, compared to 74 settlements totaling $2.1 billion the previous year. There were six mega settlements (equal to or greater than $100 million) in 2020, ranging from $149 million to $1.2 billion. Excluding settlements over $1 billion, total settlement values declined by 4% in 2020 over 2019.
· Full Report 
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.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2019 Year in Review
Securities fraud class action filings accelerated in 2019. Filing activity remains elevated well above historical levels by several key measures. This report, which includes expanded data on state court filings from 2010 to 2019, found that Securities Act of 1933 claims in state courts rose to 49 in 2019, a 40% increase from the previous year. Almost half of these had parallel actions in federal court.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2019 Midyear Assessment
Federal class action securities fraud filings continue at near-record pace. The core filings increase is largely attributable to a delayed effect of market volatility in the last quarter of 2018 and to an uptick in filings in the consumer non-cyclical sector and against internet and high-tech firms.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2018 Review and Analysis
There were 169 securities class actions involving accounting allegations during 2019, up 18% from 143 in 2018. This was driven by increases in both core filings and those related to mergers and acquisitions. The total was nearly double the historical average and the highest percentage (42%) of total class action filings since 2011.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2019 Review and Analysis
Securities class action settlement median value remains historically high in 2019. Size of issuer defendant firms continues to increase. Median settlement amounts remained at elevated levels in 2019, reflecting a rise in the overall percentage of mid-sized settlements and a decline in the number of smaller settlements
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2018 Year in Review
The pace of federal securities class actions continued at near-record levels in 2018. Core filings increased for the fifth consecutive year, while a slight decrease in the number of federal filings related to mergers and acquisitions caused a minor decline from 2017's record total.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2018 Midyear Assessment
Securities class action filings continue at historic pace through first half of 2018 Mega filings contribute to substantial rise in market capitalization losses; first half of year sees new filings related to ICOs or cryptocurrencies.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2018 Review and Analysis
Securities class action settlements involving accounting allegations reached the second-highest total in the last 10 years. At the same time, accounting case filings dropped slightly in 2018 but still remained at uncharacteristically high levels.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2018 Review and Analysis
The total settlement value of securities class actions rose sharply to $5 billion in 2018, driven by five settlements of at least $100 million. The report found that the total settlement amount approved by courts dramatically surpassed 2017's near-historic low of $1.5 billion and was 50 percent higher than the annual average for the prior nine years.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2017 Year in Review
The number of federal securities class action lawsuits filed in 2017 reached a record high for the second straight year, according to a new report issued by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse. The jump was spurred by a sharp increase in lawsuits targeting mergers and acquisitions.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2017 Midyear Assessment
Federal class action securities fraud filings hit a record pace in the first half of 2017. Over the past six months, plaintiffs initiated 226 securities fraud class actions in federal court, more than in any equivalent period since enactment of the Private Securities Litigation Reform Act of 1995 (PSLRA).
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING ACQUISITIONS OF PUBLIC COMPANIES
Review of 2017 M&A Litigation
Shareholders Challenge Fewer M&A Deals in 2017. Merger objection cases shift from state to federal courts.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2017 Review and Analysis
Securities class action filings containing accounting allegations rose to unprecedented levels in 2017, according to Accounting Class Action Filings and Settlements—2017 Review and Analysis, a new report by Cornerstone Research. There were a record 165 accounting filings during 2017, nearly twice the 88 filed in 2016.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2017 Review and Analysis
Total settlement dollars from securities class actions fell dramatically in 2017, even as the number of settlements remained steady. According to the report, the total value of securities class action settlements approved by courts in 2017 was $1.5 billion —the second-lowest amount since 2008 —and a substantial drop from $6.1 billion in 2016.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2016 Year in Review
Federal securities class action litigation filings rose to their highest level in 20 years, according to Securities Class Action Filings-2016 Year in Review, a report issued by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2016 Midyear Assessment
Plaintiffs filed 119 new federal securities class action cases in the first half of 2016, a 17 percent increase over the last half of 2015. Federal filings of class actions involving mergers and acquisitions increased to 24 in the first half of 2016 -167 percent above the second half of 2015.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING ACQUISITIONS OF PUBLIC COMPANIES
Review of 2015 and 1H 2016 M&A Litigation
Legal Challenges to M&A Deals Dip below 90 Percent for First Time since 2009. Filings in the Delaware Court of Chancery also decrease in last three quarters.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2016 Review and Analysis
Securities Class Action Settlements Continue Upward Trend in 2016 with Record Number of Mega Settlements The $6 billion total in approved settlements almost doubles the previous year's amount.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2015 Year in Review
Securities Class Action Filings Rebound to Highest Levels Since 2008. Federal securities class action litigation rose to 189 filings in 2015, an 11 percent increase over 2014 levels.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2015 Midyear Assessment
Plaintiffs brought 85 new federal class action securities cases in the first half of 2015, compared with 92 in the second half of 2014. The number of filings in the first six months of 2015 remained 10 percent below the semiannual average of 94 observed between 1997 and 2014.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2015 Review and Analysis
The number of accounting-related securities class action filings rose in 2015 to 71, the third consecutive year-to-year increase. Market capitalization losses associated with those filings jumped as well. Accounting case settlement dollars reached $2.6 billion in 2015, almost three times the level for 2014.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2015 Review and Analysis
Approved settlements in 2015 increased to 80 cases, reversing several years of relatively low numbers. Settlements over $100 million led a rise in total dollars, which increased 184 percent over the historic low in 2014.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2014 Year in Review
Plaintiffs filed 170 new federal class action securities cases in 2014. While this represents a modest increase from 2013, the size of filings measured by dollar losses decreased dramatically.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2014 Midyear Assessment
Plaintiffs filed 78 new federal class action securities cases in the first six months of 2014. The number of filings dropped from 91 in the second half of 2013, and is 18 percent below the historical semiannual average of 95 between 1997 and 2013.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING ACQUISITIONS OF PUBLIC COMPANIES
Review of 2014 M&A Litigation
Although 93 percent of M&A deals valued over $100 million were litigated in 2014, several other key indicators suggest a slowdown. Shareholders brought a smaller number of competing lawsuits per deal and in fewer jurisdictions, challenged fewer deals valued below $1 billion, and took slightly longer to file lawsuits.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2014 Review and Analysis
Securities class action filings with accounting allegations jump 47 percent in 2014. Accounting cases represent the vast majority of total settlement value.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2014 Review and Analysis
Total settlement dollars in securities class actions hit their lowest mark in 16 years in 2014. The average settlement amount also reached its lowest level since 2000.
· Full Report 

Other Settlements Reports

OPT-OUT CASES IN SECURITIES CLASS ACTION SETTLEMENTS
This report updates a 2013 study that provided the first comprehensive analysis of how and when opt-out cases arise and are resolved.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2013 Year in Review
Securities Class Action Filings Jump by 9 Percent in 2013. Despite increase, filings remain below historical average.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2013 Mid-Year Assessment
Securities Class Action Filings Remain Depressed in First Half of 2013. Filings with an Institutional Investor as a Lead Plaintiff Are Less Likely to Be Dismissed.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
Review of 2013 M&A Litigation
Continuing a recent trend, shareholders challenged the vast majority of M&A deals in 2012. Among deals valued over $100 million, 93 percent were challenged, with an average of 4.8 lawsuits filed per deal.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2013 Review and Analysis
Total settlement dollars from securities class actions rose by 46 percent in 2013. The 67 settlements in 2013, up from 57 in 2012, marked the first year-over-year increase since 2009.
· Full Report 

Other Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2013 Review and Analysis
The number of accounting case settlements in 2013 increased for the second year in a row, but remained low compared with the previous 10 years.
· Full Report 
SETTLEMENTS SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
Review of 2013 M&A Litigation
Shareholders recover no money in vast majority of M&A litigation settlements. Only 2 percent of lawsuits filed in response to M&A deals that settled in 2013 produced monetary returns for shareholders.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2012 Year in Review
Securities Class Action Filings Decrease Sharply in 2012. Filings Related to Mergers and Acquisitions and Chinese Reverse Mergers Decline Substantially; No New Credit Crisis-Related Class Actions Filed.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2012 Mid-Year Assessment
Securities Class Action Filings Remain Depressed in First Half of 2013. Filings with an Institutional Investor as a Lead Plaintiff Are Less Likely to Be Dismissed.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
Review of 2012 M&A Litigation
Continuing a recent trend, shareholders challenged the vast majority of M&A deals in 2012. Among deals valued over $100 million, 93 percent were challenged, with an average of 4.8 lawsuits filed per deal.
· Full Report 
RECENT DEVELOPMENTS IN SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
March 2012 Update
Shareholder litigation challenging merger and acquisition (M&A) deals has increased substantially in recent years but only a small fraction of these lawsuits resulted in payments to shareholders.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2012 Review and Analysis
Despite Record Low Number of Settlements in 2012, Securities Class Action Settlement Amounts Increase from 2011. Median "Estimated Damages" at an All-Time High.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2011 Year in Review
Securities Class Action Filings Increase Slightly in 2011. Filings Targeting Merger and Acquisition Transactions Remain High, and Chinese Reverse Merger Filings Decline in the Second Half of the Year.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2011 Mid-Year Assessment
Securities Class Action Filings Decrease Moderately in First Half of 2011. Chinese Reverse Mergers and M&A Litigation Represent Nearly 50 Percent of Filings Activity.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2011 Review and Analysis
Settlement Values, Estimated Damages, and the Number of Cases Settled in 2011 Experience Historic Declines.
· Full Report 
ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2011 Review and Analysis
Accounting Class Action Settlements Increase in 2011 from Low Point in 2010.Securities Class Actions Involving Accounting Allegations Continue to Represent the Majority of 2011 Total Settlement Values, Despite Sharply Reduced Volumes.
· Full Report 

Other Settlements Reports

OPT-OUT CASES IN SECURITIES CLASS ACTION SETTLEMENTS
Opt-Out Cases More Likely in Large Securities Class Action Settlements.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2010 Year in Review
Securities Class Action Filings Targeting M&A Transactions Increase Dramatically While Credit-Crisis Filings Fall Sharply. Filings for the Year Remain Low.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2010 Mid-Year Assessment
2010 Securities Class Actions Filings Continue to Decrease.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2010 Review and Analysis
The Median Settlement Amount and Estimated Damages for 2010 Settlements Increased, While the Average Settlement Amount Decreased.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2009 Year in Review
Securities Class Action Filings Decline Sharply in 2009, with Steepest Drop in Claims Related to the Credit Crisis. Plaintiff Law Firms Turn to Old Cases.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2009 Mid-Year Assessment
2009 Securities Class Actions Filings Decline Significantly. Filings against Foreign Firms Continue to Climb and Reach New Highs. Financial Industry Continues as Focus of Unprecedented Litigation Activity.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2009 Review and Analysis
Average Amount for Settlements Rose in 2009. Institutional Investors Served as Lead Plaintiffs in More Than Half of Settlements.
· Full Report 
ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
Review and Analysis 2004-2009
In 2009 about 35 Percent of Initial Class Action Filings Included Accounting Allegations, Decreasing from an Average of 45 Percent over the Preceding Five Years.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2008 Year in Review
Value of 2008 Securities Class Action Settlements Cut by Half from 2007 Levels. Future Damages Expected to Rise due to Financial Crisis..
· Full Report 
SECURITIES CLASS ACTION FILINGS
2008 Mid-Year Assessment
Subprime/Credit Crunch Crisis and Stock Market Volatility Lead to Higher Number of Securities Class Actions. Second Consecutive Half-Year with High Filings after a Two-Year "Lull".
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2008 Review and Analysis
Post-Reform Act Securities Class Action Settlement Totals Decrease from 2007 Levels.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2007 Year in Review
Securities Class Action Filings in 2007 Remain Below Historical Average. Recent Increase in Litigation Activity Is due to the Subprime Crisis and Stock Market Volatility.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2007 Mid-Year Assessment
Securities Class Action Filings in First Half of 2007 Remain Well Below Historical Average. Fourth Consecutive Below-Average Period May Represent a "Permanent Shift".
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2007 Review and Analysis
Settlement Totals Down 60 Percent in 2007.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2006 Year in Review
Securities Fraud Class Actions Tumbled to an All-Time Low in 2006. Strong Federal Enforcement Activity and Stable Stock Market Contribute to Decline.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2006 Mid-Year Assessment
Securities Fraud Lawsuits Continue to Decline in First Half of 2006. Options Backdating Scandal Not Drawing Much Federal Class Action Litigation.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2006 Review and Analysis
Another Record-Breaking Year for Securities Case Settlements. Year Includes Approval of the $6.6 Billion Partial Settlement in the Enron Corporation Matter.
· Full Report 

Filings Reports

SECURITIES CLASS ACTION FILINGS
2005 Year in Review
Securities Fraud Lawsuits and Investor Losses Drop Significantly in 2005. Stable Stock Prices and Improved Governance Are Possible Causes of the Decline.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2005 Review and Analysis
Total Value of Cases Settled at All-Time High.
· Full Report