Securities Suit Filings

Securities class action lawsuit filings remained at elevated levels in 2019, but the mix of cases changed during the year, according to the recently published annual report from NERA Economic Consulting. According to the report, which is entitled “Recent Trends in Securities Class Action Litigation: 2019 Full-Year Review,” there were relatively fewer merger objection lawsuits during the year, and relatively more standard securities suits. NERA’s January 21, 2020 press release about the report can be found here, and the report itself can be found here. My own analysis of the 2019 securities litigation can be found here.
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The number of federal court securities class action lawsuit filings during 2019 was consistent with the heightened number of filings in each of the two prior years. The total number of suits during 2019 was significantly increased by the number of federal court merger objection lawsuit filings, but even just with respect to the traditional suit filings, the number of securities suit filings in 2019 was well above historical levels. The 2019 federal court securities litigation rate (that is, the number of lawsuits relative to the number of listed companies) was at an all-time high.
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During the first six months of 2019, federal court securities class action lawsuit filings remained well above historical levels and roughly on pace with the elevated filing levels in 2018. The number of federal court securities suit filings was significantly increased by the number of federal court merger objection lawsuit filings; however, even disregarding the merger objection lawsuit filings, the number of new lawsuits remains well above historical averages. The total securities suit filings during the years first six months were even further raised by significant numbers of state court securities class action lawsuit filings, as well.
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