A new report has found that securities class action suits fell by 24% in 2009 as litigation related to the credit crunch and subprime crisis began to slow, reports The Am Law Daily.

According to the study, compiled by Stanford Law School's Class Action Clearinghouse and Cornerstone Research, the number of companies sued on stock fraud claims dropped from 223 in 2008 to 169 last year, compared with an annual average of 197 over the previous decade.

The year-end study follows a similar report released last month by NERA Economic Consulting, which also showed that the surge in securities class actions may have peaked.

"That pig has moved through the python," said Stanford Law professor and former SEC commissioner Joseph Grundfest. "All of the major cases that were profitable have already been filed. The pool is in effect fished out."

Clearinghouse researchers previously concluded in a mid-year assessment that class action filings had fallen off because most major financial institutions linked to the economic downturn had already been hit with suits in 2008.

The study also found that 2009 filings were also marked by an unusually long delay between allegations of wrongdoing and ensuing legal action. The study suggests that the time lag is a result of law firms revisiting old cases, particularly in the second half of the year, when the median delay of 100 days tripled its historic average.

In addition, the the study reports that only 53 securities class action filings in 2009 involved the subprime crisis, a sharp drop from the 100 such suits filed in 2008.

"It looks like the credit crisis cases are not disappearing, but they are slowing down," said NERA senior consultant Stephanie Plancich. "It looks like they are winding down, and I would expect to see fewer in 2010."

This article first appeared on The Am Law Daily blog on americanlawyer.com.