Accounting Class Actions Plummeted In 2012, Report Finds

Law360, New York (April 10, 2013, 12:02 AM EDT) -- The number of new filings of accounting class actions fell sharply in 2012, despite an increase during the previous year, according to a Cornerstone Research report released Wednesday on securities class actions and settlements involving accounting allegations.

New accounting class action filings dropped from 78 in 2011 to 45 in 2012, which is the lowest number in recent years, the report said.

Much of the decline is due to a decrease in suits against Chinese issuers listed on U.S. exchanges through reverse mergers and a major...
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