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If you’re a securities defense litigator who fell into the pit of despair last week when you read about the plunge in securities class action filings, as tallied by Stanford’s Securities Class Action Clearinghouse and Cornerstone Research, it may already be time to start clawing your way back out. On Monday, NERA Economic Consulting came out with a new report — “Recent Trends in Securities Class Action Litigation: 2009 Midyear Update” — and it’s a lot more upbeat than Cornerstone’s. Yes, NERA acknowledges, new filings fell in June to 14, the lowest number since the 10 filed in February 2008. But according to the study’s co-author, Stephanie Plancich, that drop could turn out to be as momentary as the dip in new filings last June and July.

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