The number of new lawsuits for securities groups filed in federal and state courts decreased during the first half of the year compared to the second half of last year and was the lowest level since the second half of 2016, according to a report released on Wednesday.  A total of 182 new securities class lawsuits filed in the first half of the year were higher than the historical average, but 18% lower than the number filed in the second half of 2019, according to the report by San Francisco-based Cornerstone Research Inc and Stanford Law Schools Securities Class Clearinghouse in Stanford, California.
Sasha Aganin, co-author and senior vice president of Cornerstone Research, said in a statement, "The puzzle is not the number of applications in the first half of this year ̵
Among other findings, the report said federal and state court group actions that claim claims under the Securities Act of 1933 decreased to 11 in the first half of the year, compared to 29 in the second half of 2019, despite recent public offerings below trade prices.
Cornerstone and Stanford said in January that plaintiffs filed 428 new class action cases in federal and state courts in 2019, which was the most record-breaking and nearly double the 1997 average. 420 were submitted in 2018.