NERA Economic Consulting and Cornerstone Research have released their 2025 midyear reports on securities class action filings. The different methodologies employed by the two organizations usually lead to slightly different numbers.
The key findings include:
(1) The reports agree that filings held steady as compared to 2024, with only a handful of merger objection cases. NERA found that there were 108 filings in the first half of 2025, while Cornerstone found that there were 114 filings in the first half of 2025.
(2) The categories of filings that both reports identify as growth areas are artificial intelligence (12-13 filings) and cryptocurrency (6-8 filings).
(3) Both reports find that the number of filings against non-U.S. issuers continues to decline, with 12 filings in the first half of 2025. On an annualized basis (24 filings), this would be the lowest number of filings against non-U.S. issuers in ten years.
(4) The dismissal rate for cases is up sharply. NERA finds that there were 121 cases resolved in the first half of 2025, of which 87 were dismissed and 34 were settled (there were a total of 124 dismissals in 2024).
The NERA report can be found here and the Cornerstone report can be found here.
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