{"id":158,"date":"2010-01-13T19:58:12","date_gmt":"2010-01-13T19:58:12","guid":{"rendered":"http:\/\/kranenburgesq.com\/blog\/?p=158"},"modified":"2010-01-13T20:21:18","modified_gmt":"2010-01-13T20:21:18","slug":"reporting-on-2009-filings-are-down","status":"publish","type":"post","link":"https:\/\/kranenburgesq.com\/blog\/2010\/01\/reporting-on-2009-filings-are-down\/","title":{"rendered":"Reporting on 2009, filings are down"},"content":{"rendered":"

As usual, NERA Economic Consulting<\/a> and Stanford Law School<\/a>, in cooperation with Cornerstone Research<\/a>, have released reports looking back at the year’s securities fraud class action activity (NERA press release<\/a>, report<\/a>; Stanford press release<\/a>, report<\/a>).<\/p>\n

In its latest annual report, NERA does not separately track or comment on filings against foreign issuers, except for a footnote on the Vivendi trial (p. 11). Stanford does. (Both reports are discussed in-depth by learned friends at the 10b5 Daily (here<\/a> and here<\/a>) and D&O Diary<\/a> and elsewhere, such as at the AmLaw Daily<\/a> and Bloomberg<\/a>.)<\/p>\n

In Stanford’s 2009 Mid-Year Assessment<\/a> the Class Action Filings-Foreign Index (CAF-F Index) was introduced, which tracks filings against non-US issuers relative to total filings. It found that “[t]he frequency of filings against issuers with non-U.S. headquarters has increased in recent years” from 6.8% of filings during 1997 through 2003, to 13.3% of filings during the next five years, peaking at 13.8% (31 filings) in 2008. This is all the more noteworthy since “the share of foreign companies listed on the major U.S. exchanges [NYSE and NASDAQ] has actually decreased” from 13.3% to 10.7% between 2002 and 2008. (p.7)<\/p>\n

A key finding of its year-end report is however that “[a]fter peaking at 16.4 percent in 2007, the percentage of filings against foreign issuers declined to 13.5 percent in 2008 and to 12.4 percent in 2009.” (p.11)<\/p>\n

What’s more:<\/strong> in Canada, class action filings will be up this year (Financial Post<\/a>, thanks to AB Data<\/a>); also see NERA’s Trends in Canadian Securities Class Actions (study<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

As usual, NERA Economic Consulting and Stanford Law School, in cooperation with Cornerstone Research, have released reports looking back at the year’s securities fraud class action activity (NERA press release, report; Stanford press release, report). In its latest annual report, NERA does not separately track or comment on filings against foreign issuers, except for a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-158","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts\/158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/comments?post=158"}],"version-history":[{"count":0,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts\/158\/revisions"}],"wp:attachment":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/media?parent=158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/categories?post=158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/tags?post=158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}