As COVID-19 exploded earlier this year, many wondered whether the pandemic—and associated stock market dislocation—would bring a tsunami of shareholder litigation, akin to what was seen in the wake of the global financial crisis. Although it is perhaps too early to fully predict, recent COVID-19 lawsuits show meaningful differences when compared to lawsuits arising from the financial crisis, particularly given the sudden emergence of the pandemic and the lack of a sustained stock market downturn to date.