NERA and Cornerstone Research (in cooperation with Stanford Law School’s Securities Class Action Clearinghouse) recently issued their respective assessments of securities litigation for the first half of 2009. Both appear to report that federal securities class action filings, which had increased in 2008, have stabilized or dropped, due largely to a sharp decline in filings during the second quarter.
The reports indicate that Ponzi scheme-related suits, as well as suits against foreign issuers and accountants, have increased as a proportion of the overall total. The leveling off in filings breaks a trend of increased filings that started in 2007, following the sharp decrease in securities litigation activity in 2005 and 2006. Both summarize their findings and analyses in press releases here (NERA, Cornerstone).