Fewer federal securities class actions were filed in the first half of 2011 than in the previous six months, largely due to a decline in lawsuits related to the credit crisis, according to a new report from Cornerstone Research and Stanford Law School Securities Class Action Clearinghouse.
Ninety-four federal securities class actions were filed in the first half of 2011, down from 104 in the second half of 2010, according to Cornerstone Research’s “Mid-Year Assessment.” Only 49 of those were what the report called “traditional” securities lawsuits alleging fraudulent statements that caused investor losses, down from 70 in the second half of 2010. Only two of those traditional suits were related to the credit crisis.
