Where there’s a drop in market value, there’s likely a plaintiffs lawyer exploring the viability of bringing a securities class action. With the cryptocurrency market falling off a cliff last year, securities class action complaints hit dockets across the country like never before.
That’s one of the takeaways from Cornerstone Research’s annual report on securities class action activity which is out this morning. The total number of “core” filings—a tally that excludes suits simply seeking additional disclosures in proposed mergers and acquisitions—increased by one case to 201 in 2022. But the number of suits related to cryptocurrency more than doubled to a record 23 filings, far surpassing the previous high of 14 in 2018.