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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.
The number of new securities class-action lawsuits filed in federal and state courts declined in the first half, compared with last year’s second half and was the lowest level since the second half of 2016, according to a report released Wednesday.