Securities Class Action Filings Fall to Lowest Level in Nearly a Decade

Plaintiffs filed 215 new securities class action filings in 2023, despite a large decline in federal Section 11 and state filings with claims under the Securities Act of 1933. The number of SPAC, -19-related and cryptocurrency-related filings all fell last year.

Overall filing volume increased slightly in 2023 to 215 filings from 208 in 2022, Cornerstone Research noted in a blog post.

However, the number of 1933 Act filings in state courts plummeted in 2023, falling to the lowest level since 2014. The combined number of federal Section 11 and state 1933 Act filings decreased 62% from 50 filings in 2022 to 19 filings in 2023. The number of special purpose acquisition company (SPAC), COVID-19-related, and cryptocurrency-related filings fell in 2023, and the 2023 Banking Turbulence trend category emerged. Read more.


Source: Securities Class Action Filings Fall to Lowest Level in Nearly a Decade