A new report from Cornerstone Research shows that securities class action filing activity has held steady for the first half of this year – but the dollar values are higher and “AI washing” is showing up in more claims. Here are a few other takeaways:

– 12 cases filed in the first half of 2025 related to artificial intelligence disclosures, putting this category on track to surpass the 2024 yearly total of 15.

– Cryptocurrency-related filings are poised to increase, while COVID-19-related filings are on pace to decline sharply.

– The annualized number of SPAC-related filings is on pace to nearly match that of 2024.

– 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.

– Mega filings accounted for the vast majority of total MDL and total DDL (91% and 83%, respectively), significantly above the 1997–2024 semiannual averages.

– The count of mega DDL filings (15) in 2025 H1 was three times the 1997–2024 semiannual average (five) and between the number of mega DDL filings in 2024 H2 (17) and 2024 H1 (10).

A report from NERA Economic Consulting reached similar conclusions, while also showing that plaintiffs remain interested in “bread & butter” claims. Here’s more detail on that one:

– A total of 108 new federal securities class action suits were filed in the first half of 2025. The bulk of these (99 cases) were standard cases containing alleged violations of Rule 10b-5, Section 11, and/or Section 12. If this pace continues, 2025 will see approximately 216 cases, a slight decline from 2024 levels.

– The electronic technology and technology services and the health technology and services sectors together accounted for 59% of filings. However, suits in the finance sector declined to 7%.

– A significant number of standard case filings included allegations related to missed earnings guidance (44%) and allegations related to misled future performance (33%).

Check out more trends in our “Securities Litigation” Practice Area.

– Liz Dunshee