Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse have released a mid-year assessment of federal securities class action filings in 2009. The findings include:
(1) A total of 87 federal securities class actions were filed in the first half of 2009. At this rate, 174 securities class actions will be filed this year, a 22.3 percent decrease from 2008 and an 11.7 percent decrease from the post-PSLRA annual average.
(2) 42 filings in the first half of 2009 were driven by the credit crisis. 15 filings related to Ponzi schemes, with most of these suits brought by investors in Madoff funds.
(3) In 2008, there were 31 filings (13.8 percent) associated with issuers with non-U.S. headquarters, the highest annual total in the post-PSLRA period. The upward trend has continued in the first half of 2009 with 18 filings against issuers with non-U.S. headquarters, or 20.7 percent of the total.Posted by Lyle Roberts at July 20, 2009 10:38 PM | TrackBack