Artificial intelligence-related filings on pace to far exceed 2024 total.
The number of securities class action filings in the first half of 2025 remained steady in comparison to the second half of 2024 but the overall size of filings increased considerably, according to a report released today by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
The report, Securities Class Action Filings—2025 Midyear Assessment, found that plaintiffs filed 114 securities class actions in federal and state courts in the first half of 2025, virtually the same as the 115 class actions filed in the second half of 2024. Core filings—those excluding M&A filings—totaled 111 in the first half of 2025, closely mirroring the 112 core filings in the second half of 2024, while exceeding the historical semiannual average of 97. Notably, there was a significant uptick in artificial intelligence (AI)-related filings, with 12 cases filed in the first half of 2025, putting this category on track to surpass the 2024 yearly total of 15. Cryptocurrency-related filings are poised to increase, while COVID-19-related filings are on pace to decline sharply.
In addition to the continued rise in AI-related filings and cryptocurrency-related filings, the annualized number of SPAC-related filings is on pace to nearly match that of 2024.
“While overall filing volume was steady, filings were notably front-loaded in 2025 H1, with 67 in Q1 versus 47 in Q2—a reversal from 2024 where Q2 was higher than Q1,” said Alexander “Sasha” Aganin, the report’s coauthor and a Cornerstone Research senior vice president, who coheads the firm’s finance practices. “In addition to the continued rise in AI-related filings and cryptocurrency-related filings, the annualized number of SPAC-related filings is on pace to nearly match that of 2024.”
The Disclosure Dollar Loss (DDL) Index™ reached $403 billion in 2025 H1, a 56% increase from 2024 H2, and the highest semiannual total since the record-high set in 2022 H1. The Maximum Dollar Loss (MDL) Index™ increased to $1,851 billion in 2025 H1, a 154% increase from 2024 H2, and marked the eighth consecutive semiannual period with MDL above the historical average of $622 billion.
“The big news in these trends are the dollars at risk and AI. For investors, the claims’ dollar value can be far more important than the number of companies sued. ‘Mega-litigation’—big claims against big companies—is key,” according to Stanford Law Professor and former SEC Commissioner Joseph Grundfest. “ChatGPT explains the increase in AI-related securities litigation as ‘primarily driven by the phenomenon known as “AI washing”—where companies exaggerate, misrepresent, or falsify the extent or significance of their AI capabilities to investors and the public. This often results in legal claims when the truth is revealed and investors suffer losses.’ I have nothing else to add to this AI explanation of AI litigation.”