Class action securities litigation hits new high in Q1

The heighted pace of federal securities class action litigation reported for 2016 continued during this year’s first quarter, says a survey issued Thursday.

Plaintiffs filed a record 127 federal class action securities cases during the first quarter, which was almost twice the 64 filed in 2016’s first quarter, according to a report issued by Boston-based Cornerstone Research and Stanford Law School Securities Class Action Clearinghouse in Stanford, California.

They previously reported a record 270 filings in 2016.

The report said all industry sectors showed markedly increased activity. Litigation activity, though, has been particularly notable in the biotech, pharmaceuticals and health care sectors, increasing to 36 in the first quarter of 2017 compared with 15 during 2016’s first quarter, according to the report.