Special purpose acquisition companies or “SPACs” are an increasingly popular way for private companies to become publicly traded without undergoing a traditional initial public offering. SPACs are companies with no commercial operations that are formed strictly to raise capital through an IPO for the purpose of acquiring one or more unspecified businesses or assets. If a business combination with an identified target is consummated (referred to as the “de-SPAC transaction”), the SPAC and the target business will combine into a publicly traded company. The earliest case captured under the SPACs trend was filed on January 30, 2019.

Recreational cannabis-based products were first made legal in Washington and Colorado in December 2012 and are currently legal in several U.S. states. Cannabis-based products were legalized in Canada in October 2018. Securities litigation involving cannabis companies has risen in light of the growing number of companies in the sector, regulatory uncertainties, and overall market volatility in the legal cannabis industry. The Clearinghouse is tracking and highlighting securities class action lawsuits filed against U.S. and Canadian companies involved in financing, farming, distributing, or selling cannabis and cannabidiol products. The earliest case captured under the Cannabis trend was filed on April 23, 2014.

Artificial Intelligence-related filings are those in which the company at issue (1) develops AI models, (2) manufactures products used in AI infrastructure, or (3) uses AI models for business purposes; and in addition the allegations are related to AI, or misrepresentations or failures to disclose risks associated with the use of AI. AI-related filings include those with allegations related to machine learning and autonomous driving, among others. The earliest case captured under the Artificial Intelligence trend was filed on March 24, 2020.

Cryptocurrency is a form of digital asset, created and stored electronically in the blockchain, using encryption techniques to control the creation of monetary units and to verify the transfer of funds. A blockchain is a decentralized ledger of all transactions across a peer-to-peer network that allows participants to confirm transactions without a need for a central clearing authority. The Clearinghouse is tracking and highlighting crypto- and blockchain-related securities class actions, including actions against cryptocurrency sponsors, issuers and exchanges, actions where the underlying security at issue is a type of cryptocurrency, as well as actions against blockchain or cryptocurrency companies engaged in the sale or exchange of tokens (commonly initial coin offerings), cryptocurrency mining, cryptocurrency derivatives, or that designed blockchain-focused software. The earliest case captured under the Cryptocurrency trend was filed on June 15, 2016.

COVID-19 is an infectious disease that was first identified in late 2019 and eventually caused a global pandemic. The Clearinghouse is tracking and highlighting cases involving (1) misrepresentation or failure to disclose risks associated with COVID-19; (2) statements about how COVID-19 is impacting the business operations of the company; (3) false statements about COVID-19; or (4) how companies are looking to address demand for products as a result of COVID-19. The earliest case captured under the COVID-19 trend was filed on March 12, 2020.

As big data becomes increasingly important to companies, so should data security. Data breaches can grant hackers unauthorized access to customer data and significantly impact company share price and reputation. The Clearinghouse is tracking and highlighting securities class action lawsuits alleging data breaches or security vulnerabilities. The earliest case captured under the Data Breach trend was filed on July 22, 2015.

In 2023, a series of banks failed in rapid succession, beginning with Silvergate Bank on March 8, 2023. Share prices of other banks declined.