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Cornerstone Research

Research Reports

Research Reports

Filings

The Stanford Law School Securities Class Action Clearinghouse in cooperation with Cornerstone Research publishes a series of reports on securities class actions filed after the passage of the Private Securities Litigation Reform Act of 1995 (PSLRA or Reform Act). These reports are widely cited, providing comprehensive statistics on historical and recent filings activity, characteristics, and trends.

Settlements

Cornerstone Research has developed a database of securities class actions filed after the PSLRA and settled from 1996 through 2014. As of December 2014, this database includes 1,458 securities class actions and more than 60 variables.

Data from 1996-2015

Filings Reports

SECURITIES CLASS ACTION FILINGS
2015 Midyear Assessment
Plaintiffs brought 85 new federal class action securities cases in the first half of 2015, compared with 92 in the second half of 2014. The number of filings in the first six months of 2015 remained 10 percent below the semiannual average of 94 observed between 1997 and 2014.
· Full Report 

Settlements Reports

TBD
 
 
  

Data from 1996-2014

Filings Reports

SECURITIES CLASS ACTION FILINGS
2014 Year in Review
Plaintiffs filed 170 new federal class action securities cases in 2014. While this represents a modest increase from 2013, the size of filings measured by dollar losses decreased dramatically.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2014 Midyear Assessment
Plaintiffs filed 78 new federal class action securities cases in the first six months of 2014. The number of filings dropped from 91 in the second half of 2013, and is 18 percent below the historical semiannual average of 95 between 1997 and 2013.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING ACQUISITIONS OF PUBLIC COMPANIES
Review of 2014 M&A Litigation
Although 93 percent of M&A deals valued over $100 million were litigated in 2014, several other key indicators suggest a slowdown. Shareholders brought a smaller number of competing lawsuits per deal and in fewer jurisdictions, challenged fewer deals valued below $1 billion, and took slightly longer to file lawsuits.
· Full Report 

Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2014 Review and Analysis
Securities class action filings with accounting allegations jump 47 percent in 2014. Accounting cases represent the vast majority of total settlement value.
· Full Report 
SECURITIES CLASS ACTION SETTLEMENTS
2014 Review and Analysis
Total settlement dollars in securities class actions hit their lowest mark in 16 years in 2014. The average settlement amount also reached its lowest level since 2000.
· Full Report 

Data from 1996-2013

Filings Reports

SECURITIES CLASS ACTION FILINGS
2013 Year in Review
Securities Class Action Filings Jump by 9 Percent in 2013. Despite increase, filings remain below historical average.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2013 Mid-Year Assessment
Securities Class Action Filings Remain Depressed in First Half of 2013. Filings with an Institutional Investor as a Lead Plaintiff Are Less Likely to Be Dismissed.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
Review of 2013 M&A Litigation
Continuing a recent trend, shareholders challenged the vast majority of M&A deals in 2012. Among deals valued over $100 million, 93 percent were challenged, with an average of 4.8 lawsuits filed per deal.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2013 Review and Analysis
Total settlement dollars from securities class actions rose by 46 percent in 2013. The 67 settlements in 2013, up from 57 in 2012, marked the first year-over-year increase since 2009.
· Full Report 

Other Settlements Reports

ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2013 Review and Analysis
The number of accounting case settlements in 2013 increased for the second year in a row, but remained low compared with the previous 10 years.
· Full Report 
SETTLEMENTS SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
Review of 2013 M&A Litigation
Shareholders recover no money in vast majority of M&A litigation settlements. Only 2 percent of lawsuits filed in response to M&A deals that settled in 2013 produced monetary returns for shareholders.
· Full Report 

Data from 1996-2012

Filings Reports

SECURITIES CLASS ACTION FILINGS
2012 Year in Review
Securities Class Action Filings Decrease Sharply in 2012. Filings Related to Mergers and Acquisitions and Chinese Reverse Mergers Decline Substantially; No New Credit Crisis-Related Class Actions Filed.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2012 Mid-Year Assessment
Securities Class Action Filings Remain Depressed in First Half of 2013. Filings with an Institutional Investor as a Lead Plaintiff Are Less Likely to Be Dismissed.
· Full Report 

Other Filings Reports

SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
Review of 2012 M&A Litigation
Continuing a recent trend, shareholders challenged the vast majority of M&A deals in 2012. Among deals valued over $100 million, 93 percent were challenged, with an average of 4.8 lawsuits filed per deal.
· Full Report 
RECENT DEVELOPMENTS IN SHAREHOLDER LITIGATION INVOLVING MERGERS AND ACQUISITIONS
March 2012 Update
Shareholder litigation challenging merger and acquisition (M&A) deals has increased substantially in recent years but only a small fraction of these lawsuits resulted in payments to shareholders.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2012 Review and Analysis
Despite Record Low Number of Settlements in 2012, Securities Class Action Settlement Amounts Increase from 2011. Median "Estimated Damages" at an All-Time High.
· Full Report 

Data from 1996-2011

Filings Reports

SECURITIES CLASS ACTION FILINGS
2011 Year in Review
Securities Class Action Filings Increase Slightly in 2011. Filings Targeting Merger and Acquisition Transactions Remain High, and Chinese Reverse Merger Filings Decline in the Second Half of the Year.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2011 Mid-Year Assessment
Securities Class Action Filings Decrease Moderately in First Half of 2011. Chinese Reverse Mergers and M&A Litigation Represent Nearly 50 Percent of Filings Activity.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2011 Review and Analysis
Settlement Values, Estimated Damages, and the Number of Cases Settled in 2011 Experience Historic Declines.
· Full Report 
ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
2011 Review and Analysis
Accounting Class Action Settlements Increase in 2011 from Low Point in 2010.Securities Class Actions Involving Accounting Allegations Continue to Represent the Majority of 2011 Total Settlement Values, Despite Sharply Reduced Volumes.
· Full Report 

Other Settlements Reports

OPT-OUT CASES IN SECURITIES CLASS ACTION SETTLEMENTS
Opt-Out Cases More Likely in Large Securities Class Action Settlements.
· Full Report 

Data from 1996-2010

Filings Reports

SECURITIES CLASS ACTION FILINGS
2010 Year in Review
Securities Class Action Filings Targeting M&A Transactions Increase Dramatically While Credit-Crisis Filings Fall Sharply. Filings for the Year Remain Low.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2010 Mid-Year Assessment
2010 Securities Class Actions Filings Continue to Decrease.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2010 Review and Analysis
The Median Settlement Amount and Estimated Damages for 2010 Settlements Increased, While the Average Settlement Amount Decreased.
· Full Report 

Data from 1996-2009

Filings Reports

SECURITIES CLASS ACTION FILINGS
2009 Year in Review
Securities Class Action Filings Decline Sharply in 2009, with Steepest Drop in Claims Related to the Credit Crisis. Plaintiff Law Firms Turn to Old Cases.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2009 Mid-Year Assessment
2009 Securities Class Actions Filings Decline Significantly. Filings against Foreign Firms Continue to Climb and Reach New Highs. Financial Industry Continues as Focus of Unprecedented Litigation Activity.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2009 Review and Analysis
Average Amount for Settlements Rose in 2009. Institutional Investors Served as Lead Plaintiffs in More Than Half of Settlements.
· Full Report 
ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS
Review and Analysis 2004-2009
In 2009 about 35 Percent of Initial Class Action Filings Included Accounting Allegations, Decreasing from an Average of 45 Percent over the Preceding Five Years.
· Full Report 

Data from 1996-2008

Filings Reports

SECURITIES CLASS ACTION FILINGS
2008 Year in Review
Value of 2008 Securities Class Action Settlements Cut by Half from 2007 Levels. Future Damages Expected to Rise due to Financial Crisis..
· Full Report 
SECURITIES CLASS ACTION FILINGS
2008 Mid-Year Assessment
Subprime/Credit Crunch Crisis and Stock Market Volatility Lead to Higher Number of Securities Class Actions. Second Consecutive Half-Year with High Filings after a Two-Year "Lull".
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2008 Review and Analysis
Post-Reform Act Securities Class Action Settlement Totals Decrease from 2007 Levels.
· Full Report 

Data from 1996-2007

Filings Reports

SECURITIES CLASS ACTION FILINGS
2007 Year in Review
Securities Class Action Filings in 2007 Remain Below Historical Average. Recent Increase in Litigation Activity Is due to the Subprime Crisis and Stock Market Volatility.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2007 Mid-Year Assessment
Securities Class Action Filings in First Half of 2007 Remain Well Below Historical Average. Fourth Consecutive Below-Average Period May Represent a "Permanent Shift".
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2007 Review and Analysis
Settlement Totals Down 60 Percent in 2007.
· Full Report 

Data from 1996-2006

Filings Reports

SECURITIES CLASS ACTION FILINGS
2006 Year in Review
Securities Fraud Class Actions Tumbled to an All-Time Low in 2006. Strong Federal Enforcement Activity and Stable Stock Market Contribute to Decline.
· Full Report 
SECURITIES CLASS ACTION FILINGS
2006 Mid-Year Assessment
Securities Fraud Lawsuits Continue to Decline in First Half of 2006. Options Backdating Scandal Not Drawing Much Federal Class Action Litigation.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2006 Review and Analysis
Another Record-Breaking Year for Securities Case Settlements. Year Includes Approval of the $6.6 Billion Partial Settlement in the Enron Corporation Matter.
· Full Report 

Data from 1996-2005

Filings Reports

SECURITIES CLASS ACTION FILINGS
2005 Year in Review
Securities Fraud Lawsuits and Investor Losses Drop Significantly in 2005. Stable Stock Prices and Improved Governance Are Possible Causes of the Decline.
· Full Report 

Settlements Reports

SECURITIES CLASS ACTION SETTLEMENTS
2005 Review and Analysis
Total Value of Cases Settled at All-Time High.
· Full Report