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Verifiable Independence Through the Proactive and Uniform Application of Event Study Analysis

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News/Publications

July 13, 2023

Our data and analyses indicate that in 2023, despite an unremarkable increase in filing frequency of private Rule 10b-5 securities fraud suits relative to the second half of 2022 - securities class action ("SCA") exposure and implied loss severity almost tripled.  Moreover, the difference in magnitude of fraud-on-the-market settlements during the salied period - tripled.

The D&O Diary | Guest Post: 2023 Market Dynamics Testing D&O Rate Adequacy and Coverage Sufficiency

July 10, 2023

Exposure of U.S.-listed companies to securities class action (SCA) lawsuits that allege violations of the federal securities laws under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated...

Morningstar | Securities Class Action Exposure in 2023 Almost Triples the Amount Exhibited During Second Half of 2022

May 2, 2023

SAR, a data analytics company specialized in U.S. public company risk management solutions, is pleased to announce the closing of a capital investment in the Company led by institutional investor, Anthem Management ("Anthem").

Bloomberg | SAR Closes on Capital Raise and Formalizes Board of Directors

January 10, 2023

Law360 (January 10, 2023, 5:13 PM EST) -- In 2023, as the Federal Reserve's strict anti-inflationary regime continues to shape America's capital markets, a high likelihood of an increase in frequency of securities class actions exists as global economic...

Law360 | Securities Class Actions May Spur IPO Investigations In 2023

October 10, 2022

The decline of record market capitalizations, compounded by high litigation and securities class action exposure, leaves directors and officers insurance carriers and issuers facing economic contraction as companies grapple with the institutionalization...

Law360 | D&O Insurer Challenges Amid Market, Economic Turbulence

July 8, 2022

Innovation in predictive data analytics of securities litigation enhances data-driven underwriting to deliver better risk transfer solutions to mitigate loss severity from adverse corporate events affecting issuers, directors, and officers.

PLUS Blog | Predictive Analytics of SCA Loss Severity - A Competitive Advantage in an Event-Driven Litigation Environment

April 6, 2022

Recent Ninth Circuit rulings show that Twitter is ill-suited for validating potential class action liability, as not only do corporate disclosure standards for social media disqualify the platform, but also potential claims of fraud on the market don't...

Law360 | Why Tweets May Not Validate Securities Class Action Liability

January 10, 2022

In 2021, directors and officers were exposed to potential liability on about 21% of private securities fraud suits that alleged fraud on the market based on research funded by activist short-sellers and their backers who aim to drive down the stock price...

Law360 | More Securities Class Actions May Rely on Short-Seller Data

November 3, 2021

Long-term profitability in the public company directors and officers ("D&O") industry will depend on effective securities class action ("SCA") loss mitigation due to three forces that are shaping the contours of the market. First, D&O profitability driven by...

PLUS Blog | SCA Loss Mitigation is Critical for D&O Profitability

July 9, 2021

Private enforcement of the federal securities laws is mission-critical to sustain the transparency of America's capital markets and uphold the rules of engagement between public corporations and shareholders that trust directors and officers...

Law360 | Q2 Stock Drop Stats Buoy High Court's Goldman Ruling

April 9, 2021

In anticipation of a U.S. Supreme Court decision in Goldman Sachs Group, Inc. v. Arkansas Retirement System, tempered filing frequency and lower severity of fraud-on-the-market claims against directors, officers, and their respective U.S.-listed corporations led to...

Law360 | 3 Reasons Securities Fraud Litigation Exposure Fell in Q1

January 8, 2021

In 2018, Columbia Law School professor John C. Coffee Jr. indicated that the "scope of 'event-driven' litigation could expand rapidly," which it has, and led to successful recoveries for public equity investors in BP PLC in 2017, Petrobras in 2018...

Law360 | Limiting The Severity Of Deficient Securities Fraud Claims

December 3, 2020

On September 25, 2019 District Judge Honorable Loretta A. Preska of the Southern District of New York dismissed the securities class action against the U.S.-listed Chinese company TAL Education Group because "there is no material...

The D&O Diary | Guest Post: Second Circuit Ruling Exposes D&Os to Exchange Act Claims Based on Biased Short-Seller Research

August 24, 2020

Two factors in the securities class action arena are exacerbating the potential for conflicts of interest: the use of and reliance on activist short-seller reports as a basis to initiate securities class action claims, and privileged third-party litigation...

Law360 - Opinion | Funder, Short-Seller Use Undermines Securities
Class Actions

June 19, 2020

In their working legal paper, law professors Jill E. Fisch and Jonah B. Gelbach posit: "Federal judges are poorly positioned to weigh the policy considerations reflected by the tradeoff between confidence level and power" in single-firm event...

Law360 - Opinion | Fed. Courts Are Best Regulator Of Securities
Class Actions

April 10, 2020

Transparency is paramount in the securities class action arena. Directors and officers, as well as institutional investors, rely on the rule of law and the duty of candor of their lawyers to seek and attain justice through the judiciary process...

Law360 | First-Quarter Securities Class Actions Respond To Outbreak

 January 22, 2020

Amid increased scrutiny of corporate fiduciaries, identifying a company's high-risk adverse events from the past two years can help boards of directors quantify their potential securities class action exposure, says Nessim Mezrahi of SAR.

Law360 | Assessing Securities Class Action Risk With Event
Analysis

October 24, 2019

The class period interval in securities class actions that allege violations of the federal securities laws under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 is the second most fundamental determinant of the magnitude...

Law360 - Opinion | Securities Class Period Selection Deserves
Greater Scrutiny

July 24, 2019

The Supreme Court decision in Cyan Inc. v. Beaver County Employees Retirement Fund "swings the doors of state courts wide open to actions asserting '33 Act claims against issuers, officers, directors, underwriters, and others involved in...

Law360 - Opinion | Time To Resolve Post-Cyan Securities Class
Action Confusion

June 20, 2019

Since the event-driven securities class action lawsuit against PG&E Corporation was filed one year ago, plaintiffs counsel have filed 211 securities class action complaints that allege violations of the federal securities laws under Section 10(b) and...

Law360 | An Analytical Approach To Defending Securities Class
Action Claims

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SCA Exposure Reports

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2Q 2023

Securities Class Action

SCA Rule 10b-5 Exposure Report

July 10, 2023

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1Q 2023

Securities Class Action

SCA Rule 10b-5 Exposure Report

April 10, 2023

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4Q 2022

Securities Class Action

SCA Rule 10b-5 Exposure Report

January 10, 2023

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3Q 2022

Securities Class Action

SCA Rule 10b-5 Exposure Report

October 10, 2022

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2Q 2022

Securities Class Action

SCA Rule 10b-5 Exposure Report

July 8, 2022

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1Q 2022

Securities Class Action

SCA Rule 10b-5 Exposure Report

April 8, 2022

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4Q 2021

Securities Class Action

SCA Rule 10b-5 Exposure Report

January 10, 2022

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3Q 2021

Securities Class Action

SCA Rule 10b-5 Exposure Report

October 8, 2021

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2Q 2021

Securities Class Action

SCA Rule 10b-5 Exposure Report

July 9, 2021

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1Q 2021

Securities Class Action

SCA Rule 10b-5 Exposure Report

April 9, 2021

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4Q 2020

Securities Class Action

SCA Rule 10b-5 Exposure Report

January 8, 2021

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3Q 2020

Securities Class Action

SCA Rule 10b-5 Exposure Report

October 9, 2020

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2Q 2020

Securities Class Action

SCA Rule 10b-5 Exposure Report

July 10, 2020

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1Q 2020

Securities Class Action

SCA Rule 10b-5 Exposure Report

April 10, 2020

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4Q 2019

Securities Class Action

SCA Rule 10b-5 Exposure Report

January 10, 2020

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3Q 2019

Securities Class Action

SCA Rule 10b-5 Exposure Report

October 10, 2019

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2Q 2019

Securities Class Action

SCA Rule 10b-5 Exposure Report

July 10, 2019

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1Q 2019

Securities Class Action

SCA Rule 10b-5 Exposure Report

April 10, 2019

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3Q 4Q 18

Securities Class Action

SCA Rule 10b-5 Exposure Report

February 21, 2019

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