Investors filed 23 new proposed class actions over cryptocurrency that weren’t related to mergers and acquisitions in 2022, more than twice the number filed in 2021, while fewer investors sued over SPACs than the year before, Bloomberg reports, citing a report from Cornerstone Research.
Overall, proposed securities class actions, including those related to M&As, declined from 218 to 208, the report says. But excluding the M&A suits—focusing on what Cornerstone calls the “core filings”—would-be class actions increased in 2022, it says.
Among “core” federal filings, one-third concerned SPACs, cryptocurrency, and Covid, according to the analysis.
Suits related to initial public offerings were up because of a surge in IPOs the previous year and subsequent stock market losses, Cornerstone says
M&A class actions focused on merger-related proxy statements “decreased by 61% to equal the lowest level since tracking began in 2009,” the report says. Read more.
