Key Points – – In 2024, securities litigation remained consistent with historical averages, with a slight increase in core filings and cases related to COVID-19 and artificial intelligence. – The U.S. Supreme Court had an unusually high number of securities cases on its docket in 2024, but notably dismissed two of these cases after oral arguments, leaving significant issues unresolved. – The Supreme Court also made impactful rulings, such as in Macquarie Infrastructure Corp. v. Moab Partners LP, clarifying that pure omissions are not actionable under Rule 10b-5(b), and in SEC v. Jarkesy, ruling that the SEC cannot seek civil penalties in its administrative courts. – Supreme Court precedents, particularly the 2021 Goldman Sachs decision, have increasingly influenced class certification denials, with courts applying these rulings to challenge the presumption of classwide investor reliance.
Source: Inside the Courts – An Update From Skadden Securities Litigators – February 2025