SAN FRANCISCO — An overall slump in securities class action litigation has continued in the first six months of 2014, according to a report from Cornerstone Research. But the outlook is less rosy for the biotech sector, which was hit with twice as many suits as in the two previous six-month periods.
Plaintiffs filed 78 securities class actions in federal court in the first half of this year—18 percent below a seven-year historical average, according to the report compiled in conjunction with Stanford Law School. Those suits claimed combined losses of $93 billion, the lowest semiannual total in 16 years. And for the first time since 1997, there were no so-called mega filings, suits alleging stock losses of at least $10 billion during the class period.As in 2012 and 2013, biotech companies were the most common targets of federal securities class actions in early 2014, according to the report. Together with healthcare and pharmaceutical companies, biotech companies account for 21 percent of suits filed in the first half of 2014.
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