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News Focus - US securities class action settlements rising.
(From Reinsurance)
The number of securities class actions filed in the US against foreign companies in 2005 fell by 34%, according to the latest PricewaterhouseCoopers Securities Litigation Study. However, the total value of settlements rose by 113% from $633.7m in 2004 to $1.35bn in 2005.
The study has been published coetaneously with reports that the increased regulatory burden in the US has caused companies to revise plans to list there or consider delisting from the US market.
The number of securities class actions filed against foreign issuers fell from 29 in 2004 to 19 in 2005 as securities regulators in the US, EU countries and other nations improved co-ordination of their regulatory and enforcement policies and activities.
However, the total of 19 cases represents the third-highest number of actions against foreign issuers in the past 10 years, following 29 in 2004 and 23 in 2002. The technology industry continued to be the most targeted, representing 37% of the total class actions directed at foreign issuers, compared with 31% in 2004.
Pharmaceuticals also saw a rise in the last year from 7% to 16%. For the first time in five years, non-accounting-related cases represented the majority of cases filed against foreign issuers. The percentage of accounting cases fell to 36 % of all private securities class actions filed - the lowest since 1997.
Overall, the allegations directed toward foreign issuers in 2005 ranged from disclosure to accounting violations, including ...
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