Cornerstone Research (a top consulting and expert testimony firm) issued its 2023 Year in Review report, examining recent trends in securities class action filings. According to the report, in 2023 there was a slight uptick in securities class action filings, which had been seeing a downward trend in years prior. Though Cornerstone's findings indicate a shift away from Section 11 and state 1933 Securities Act (1933 Act) filings, the increase in federal filings without Section 11 allegations – including cases asserting only Section 10(b) claims under the 1934 Exchange Act – more than made up for that decline. The technology and communications industries remained targets of securities class action filings, while cases involving cryptocurrency, covid-19 and special purpose acquisition company (SPAC) all have fallen.
Source: Trending in securities class actions: Section 10(b) claims predominate, Ninth Circuit sees uptick, according to Cornerstone Report