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One of the interesting things about the 2020 securities class action lawsuit filing numbers is that even though the overall number of securities suit filings went down in 2020, the number of securities class action lawsuits filed against non-U.S. companies actually increased during the year. The 2020 securities suit filings against non-U.S. companies are reviewed in detail in a new report from the Dechert law firm entitled “2020 Developments in U.S. Securities Fraud Class Actions Against Non-U.S. Issuers.” The March 8, 2021 report can be found here.
Continue Reading U.S. Securities Suit Filings Against Non-U.S. Companies Increased in 2020

According to the latest annual report from ISS Securities Class Action Services, there were four securities class action settlements in 2020 that were large enough to make the firm’s list of the Top 100 U.S. Securities Class Action settlements. These four settlements took place in a year in which there were a total of 99 approved monetary securities class action settlements totaling $3.26 billion The details of the settlements included the four largest can be found in the ISS SCAS report entitled “The Top 100 U.S. Class Action Settlements of All-Time,” here.
Continue Reading ISS Releases 2020 Top 100 Securities Class Action Lawsuit Settlements List

Regular readers know that I have been tracking new securities class action lawsuits filed related to SPACs and SPAC transactions. In the latest of these suits — a securities class action lawsuit filed against a company that was acquired by a SPAC in September 2020 — a plaintiff shareholder has filed a securities suit against the company relating to post-transaction board actions taken against senior company officials. The complaint in the securities class action lawsuit filed on March 2, 2021 against Velodyne Lydar, Inc. can be found here. Also, please note the further discussion below relating to yet another recent SPAC-related securities lawsuit, as well.
Continue Reading Electric Car Technology Company Hit with Post-deSPAC Securities Lawsuit

Securities class action lawsuit filings declined 22% in 2020 compared to the year prior but remained well above long-term annual averages, according to a February 3, 2021 report by Cornerstone Research published in conjunction with the Stanford Law School Securities Class Action Clearinghouse. The Cornerstone Research report’s analysis of the 2020 filings is consistent with prior reports on the topic; however, the Cornerstone Research report, unlike prior reports, includes data both for federal and for state securities class action lawsuit filings. The Cornerstone Research report can be found here. Cornerstone Research’s February 3, 2021 press release about the report can be found here.
Continue Reading Cornerstone Research: Both Federal and State Securities Suit Filings Declined in 2020

Federal court securities class action litigation filings against life sciences companies declined slightly in 2020 relative to 2019 but remained above long-term historical levels, and remained a significant portion of overall securities class action lawsuit filings during the year, according to a new report from the Dechert law firm. The January 28, 2021 report, entitled “Dechert Survey: Developments in Securities Fraud Class Actions Against Life Sciences Companies 2020 Edition,” can be found here.
Continue Reading Securities Litigation Against Life Sciences Companies Remained Elevated in 2020

As I have noted on this site as the cases have accumulated (most recently here), since March 2020 plaintiffs’ lawyers’ have filed over two dozen coronavirus-related securities class action lawsuits. But even as the plaintiffs’ lawyers appeared eager to pursue these types of claims, the question has remained about how these lawsuits will fare. Now, in first dismissal motion ruling in a coronavirus-related securities suit, the court has granted the defendants’ motion to dismiss, in the coronavirus-related securities suit filed last July against Velocity Financial. A copy of Central District of California Judge Gary Klausner’s January 25, 2021 order can be found here.
Continue Reading First Dismissal of Coronavirus-Related Securities Class Action Lawsuit

Federal court securities class action lawsuit filings declined 22% in 2020 compared to 2019, but the 2020 filings were still above the long-term historical average annual numbers of filings, according to NERA Economic Consulting’s annual securities litigation report. The 2020 securities suit filing drop-off reflected a decline in the number of federal court merger objection class action lawsuits filed during the year, offset in part by the number of coronavirus-related securities suits. NERA’s January 25, 2021 report can be found here.
Continue Reading NERA: 2020 Securities Suit Filings Down vs. 2019, But Above Long-Term Levels

Driven largely by several mega-settlements (that is, settlements of $100 million or greater), the aggregate value of global securities class action settlements in 2020 totaled 61% more than in 2019, according to a new report. The report, entitled “2020 Securities Related Settlements Exceed $5.8 Billion,” and published in a January 18, 2021 post on the Harvard Law School Forum on Corporate Governance, was written by Jeff Lubitz of ISS Securities Class Action Services. The report can be found here.
Continue Reading Aggregate Securities Class Action Settlements Grew Substantially in 2020

The directors’ and officers’ liability environment is always changing, but 2020 was a particularly eventful year, with important consequences for the D&O insurance marketplace. The past year’s many developments also have significant implications for what may lie ahead in 2021 – and possibly for years to come.  I have set out below the Top Ten D&O Stories of 2020, with a focus on the future implications. Please note that on Wednesday, January 13, 2021 at 11:00 AM EST, my colleague Marissa Streckfus and I will be conducting a free, hour-long webinar in which we will discuss The Top Ten D&O Stories of 2020. Registration for the webinar can be found here. I hope you will please join us for the webinar.
Continue Reading The Top Ten D&O Stories of 2020

The number of federal court securities class action lawsuit filings declined in 2020 relative to the most recent prior years, largely due to short-term filing lulls during the second and fourth quarters of the year. Though the number of filings last year was below the record-setting levels seen during the years 2017 to 2019, the number of 2020 filings was still well above historical annual averages.
Continue Reading Securities Suit Filings Declined in 2020 But Remained Above Historical Levels