Securities Class Action Filings Witness Significant Growth Despite Overall Decline in 2025

Analysis of 2025 Securities Class Action Filings

In 2025, the landscape of securities class action litigation presented a paradoxical situation where the total number of filings dropped for the first time in two years, while the overall size of these filings soared to remarkable heights. According to a comprehensive report by Cornerstone Research alongside data from Stanford Law School's Securities Class Action Clearinghouse, it's evident that the financial implications of these cases are more significant than ever.

A Quantitative Shift

The report "Securities Class Action Filings—2025 Year in Review" reveals that plaintiffs initiated 207 securities class actions in federal and state courts this past year. This represents a decrease from 226 filings in 2024. Notably, the key takeaway here isn’t just the reduction in case number but rather the notable increase in financial stakes involved in the lawsuits. The Disclosure Dollar Loss (DDL)—a measure of financial losses attributed to securities fraud—rose strikingly from $429 billion in 2024 to a staggering $694 billion in 2025. Furthermore, the Maximum Dollar Loss (MDL) also witnessed a significant leap, elevating to $2,862 billion from the previous year’s $1,639 billion.

Trends and Patterns

Interestingly, while the core filings, which exclude mergers and acquisitions-related cases, decreased from 221 in 2024 to 201 in 2025, the context of mega filings changed dramatically. Mega filings accounted for the lion's share of both DDL and MDL, comprising 89% and 81% of total amounts respectively, exceeding the average figures established from 1997 to 2024.

Among these notable changes, filings related to artificial intelligence saw a slight uptick, with 16 actions recorded in 2025, though only four surfaced during the latter half of the year.