Securities Class Action Filings Nosedive in Second Quarter - July 21, 2009 By Julie Triedman American Lawyer and Law.com Legal Newswire July 21, 2009 "New securities class action filings have dropped precipitously, according to a midyear report by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research. ... The report, released [on Monday, July 20, 2009], identifies 87 federal securities class actions filed in the first half of 2009, a 22.3 percent decline from the 112 filings in the first half of 2008 (there were also 112 filings in the second half of last year). Of the 87 filings, just 35 occurred in the second quarter, the lowest quarterly number since Q1 2007. [ ... ] "What's contributing to these declines? For one thing, most of the financial services industry's biggest players were sued in 2007 and 2008, during the global financial crisis[.] [ ... ] "Another factor[:] ... Typically, securities class action filings are triggered by major stock drops. But the current market has been mostly on the rebound since the new administration took over in Washington. 'A strong market performance hides a lot of fraud,' says [plaintiffs' securities litigator Darren] Robbins." To read the full article, click on the Title Line, above.