The number of securities class action filings increased in the first half of 2023, according to a report released today by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
The report, Securities Class Action Filings—2023 Midyear Assessment, found that plaintiffs filed 114 securities class actions in federal and state courts in the first half of 2023, a 23% increase from the second half of 2022 and in line with the semiannual average between 1997 and 2022. Six securities class actions related to the recent turbulence in the banking sector were filed (five in the first half of 2023 and one in the second half of 2022). There were 11 cryptocurrency-related filings in 2023. Of these, over half included allegations related to cryptocurrency exchanges.
“We continue to see a high level of cryptocurrency-related securities class action filings,” said Alexander “Sasha” Aganin, the report’s coauthor and a Cornerstone Research senior vice president. “If this pace continues through the rest of the year, it is likely that the total number of cryptocurrency filings will near the record high seen in 2022.”
Source: Number of Securities Class Action Filings Increased in First Half of 2023
