The number of securities class action lawsuits filed in the first six months of 2024 increased relative to the number of securities suits filed in the second half of 2023, according to a new report from Cornerstone Research. The number of suits filed in the first half of 2024 is roughly level with the historical semiannual average number of filings. The July 31, 2024, report, which is entitled “Securities Class Action Filings:2024 Midyear Assessment,” can be found here. Cornerstone Research’s July 31, 2024, press release regarding the report can be found here.Continue Reading Cornerstone Research: 1H24 Securities Suit Filings Increased Compared to 2H23
As observers have discussed the kinds of problems that the U.S. Supreme Court’s Cyan decision can create, specific concerns have included the possibility of parallel state and federal court litigation, and even the possibility of parallel litigation in multiple states. In the course of the discussion of these issues, these litigation risks might have seemed merely theoretical. However, a series of lawsuits filed against a recent IPO company show that these kinds of multiple and parallel litigation risks are far from merely theoretical. The raft of jurisdictionally complicated litigation the company now faces shows the extent of the problems that Cyan creates. The company’s situation also underscores the dramatic need for Congress to address revise the securities laws in order to prevent these kinds of situations.