Accounting class actions claim most settlement dollars
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Securities class-action settlements involving accounting allegations, which totaled more than $3.5 billion, represented 84% of the total value of all settlements last year, says a report issued Wednesday.
There were 70 securities class-action filings involving accounting allegations, accounting for 31% filings, compared with 67 in 2019, which were 27% of the total, according to the report by San Francisco-based Cornerstone Research Inc., Accounting Class Action Filings and Settlements, 2020 Review and Analysis.
A total of 37% of accounting filings involved allegations of improper revenue recognition, compared with 19% in 2019, the report said.
A Cornerstone report issued last month said the total value of securities class-action settlements last year was in line with previous years, after settlements of more than $1 billion were excluded.
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