Cornerstone Research recently issued its 2024 Year in Review report examining recent trends in securities class action filings. For the second year in a row, the number of securities class action filings saw an uptick, according to the report. As with 2023, the increase is attributed to a rise in cases asserting only Section 10(b) claims under the Securities Exchange Act of 1934, as the number of filings asserting claims under the Securities Act of 1933 (including Section 11 claims) declined year-over-year. Filings against biotechnology companies surged – as did cases relating to artificial intelligence (AI) and COVID-19 – while filings relating to special purpose acquisition companies (SPACs), cybersecurity, and cryptocurrency fell in 2024.
Source: Trends in 2024 Securities Class Actions: AI and Biotech Cases On the Rise, Second Circuit Bounces Back