PricewaterhouseCoopers has released its annual review of securities class actions. The findings include:
(1) A total of 210 securities class actions were filed in 2008, an increase of 29% over the previous year. For the first time, financial services topped the list of industries sued.
(2) The number of filings against foreign companies increased 33% to a total of 36 filings in 2008 (an all-time high).
(3) The number of filings with SEC or DOJ involvement remained relatively constant. In 2008, 36 filings had some form of SEC involvement and 21 filings has some form of DOJ involvement.
Quote of note: “Over the next year, three areas where companies will want to remain especially vigilant are institutional plaintiff activity (particularly activity related to public and union pension funds), internal controls accounting-related allegations, and FCPA enforcement.”