Investors filed 23 new proposed class actions over cryptocurrency that weren't related to mergers and acquisitions in 2022, more than twice the number filed in 2021, while fewer investors sued over SPACs than the year before, Bloomberg reports, citing a report from Cornerstone Research.
Among “core” federal filings, one-third concerned SPACs, cryptocurrency, and Covid, according to the analysis.
Suits related to initial public offerings were up because of a surge in IPOs the previous year and subsequent stock market losses, Cornerstone says
Source: Crypto Class Lawsuits Doubled, SPAC Suits Declined in 2022