Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse identify key trends in securities class action filings as part of a new report, covering the first half of 2025.
Trend Filings
Both AI and cryptocurrency-related filings increased sharply in 2025 H1. There were 12 AI-related filings in 2025 H1. When annualized, the number of AI-related filings is on pace to far surpass the 2024 total (15).
The number of cryptocurrency-related filings in 2025 H1 (six) increased significantly, nearly reaching the annual total of such filings in 2024 (seven).
The trend categories with the most filings in 2025 H1 were AI (12), Cryptocurrency (six), and SPAC (five).
Mega Filings
Mega filings accounted for the vast majority of total Maximum Dollar Loss (MDL) and total Disclosure Dollar Loss (DDL) (91% and 83%, respectively), significantly above the 1997–2024 semiannual averages.
There were 15 mega DDL filings in 2025 H1, three times the 1997–2024 semiannual average (five) and between the number of mega DDL filings in 2024 H2 (17) and 2024 H1 (10).
1933 Act Filings
Combined federal Section 11 and state 1933 Act filing activity increased by 18%, from 11 filings in 2024 H2 to 13 filings in 2025 H1.
There were three state 1933 Act filings in 2025 H1, which, when annualized, is in line with the number of state 1933 Act filings in 2024 (six).
U.S. Exchange–Listed Companies
In 2025 H1, the likelihood of a core filing against a U.S. exchange–listed company is on pace to decrease slightly to an annualized rate of 3.8%.
Non-U.S. Issuers
Core federal filings against non-U.S. issuers accounted for 11% of total core federal filings in 2025 H1, reaching a 15-year low.
There were 12 core federal filings against non-U.S. issuers in 2025 H1. If annualized, the number of core federal filings against non-U.S. issuers in 2025 would be the lowest in 10 years.
By Industry
The number of filings in the Consumer Non-Cyclical sector increased by 31% in 2025 H1 relative to 2024 H2, largely driven by a surge in Biotechnology and Pharmaceutical filings.
The number of filings in the Technology sector decreased from 23 in 2024 H2 to 20 in 2025 H1, but total MDL for filings in the Technology sector increased more than sixfold, from $172 billion in 2024 H2 to $1,070 billion in 2025 H1.
By Circuit
The number of core filings in the Second and Ninth Circuits decreased by nearly one-fifth from 2024 H2 to 2025 H1, but still accounted for 69% of total DDL.
The number of core filings in the Third Circuit (20) was more than three times higher in 2025 H1 than in 2024 H2 (six), largely driven by a surge in Biotechnology and Pharmaceutical filings. The number of core filings in the Eleventh Circuit (10) more than tripled in 2025 H1 relative to 2024 H2 (three).
The views expressed herein are solely those of the authors and do not necessarily represent the views of Cornerstone Research.
