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Technical applications for securities class action increase: Cornerstone



The number of applications for securities group applications involving technical companies increased for the fourth year in a row, in line with the development of the total application, says a report issued on Monday.

Applications from technology companies have steadily increased from 28 2016 to a maximum of 85 in 2019 and accounted for 20% of total applications to both tech and non-tech companies 2016-2019, according to the report from San Francisco-based Cornerstone Research Inc.

applications involving technology companies increased as a percentage of total applications in both state and federal courts, from 9% in 2017 to 18% in 2018 and 33% in the first quarter of 2020, according to the court.

The report said that this shift is likely a consequence of a US Supreme Court ruling 201

8 that confirmed the courts' jurisdiction over the Federal Securities Act of 1933.

The report stated that although COVID-19's full impact on filing activity remains to be seen, "there is potential for increased notifications of securities class including those against tech companies, based on the economic downturn and operational issues associated with the pandemic."

More insurance and risk management news on the coronavirus crisis here .

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