New securities class action filings have dropped precipitously, according to a midyear report by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research.

The report, released Monday, identifies 87 federal securities class actions filed in the first half of 2009, a 22.3 percent decline from the 112 filings in the first half of 2008 (there were also 112 filings in the second half of last year). Of the 87 filings, just 35 occurred in the second quarter, the lowest quarterly number since Q1 2007.