Aon | Financial Services Group
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Adam Furmansky
New data demonstrates that federal securities class action filings dipped modestly in 2025, even as overall activity remains high by historical standards.
According to Stanford Securities Litigation Analytics, there were 188 federal securities class actions filed in 2025, down from 211 in 2024. The vast majority of these filings were “core” securities cases, with only a handful of federal merger-objection class actions, reflecting plaintiffs’ continued focus on traditional Rule 10b-5 and Section 11 and 12 theories under the Securities Exchange Act of 1934 and the Securities Act of 1933, respectively.
The mix of cases continues to evolve. Artificial Intelligence (AI), Cryptocurrency, and SPACs remained prominent litigation themes in 2025. The three sectors facing the highest number of filings were Health Care, Information Technology, and Industrials, with 64, 29, and 20 suits, respectively, marking a slight shift from 2024, when Health Care, Information Technology, and Consumer Discretionary led. From 2024 to 2025, filings increased in Health Care but declined in Information Technology, Industrials, and Consumer Discretionary.
At a more granular level, the leading industry groups were broadly consistent across both years, with Pharmaceuticals, Biotechnology & Life Sciences; Health Care Equipment & Services; and Software & Services continuing to account for a significant share of activity. Filings also remained heavily clustered in a few key jurisdictions - most notably the Southern District of New York and Northern District of California - reinforcing those courts’ central role in shaping securities law developments.
For public companies, boards, and D&O insurers, these trends underscore the importance of refreshed risk assessments and disclosure controls around emerging technologies, data usage, and complex business models.
Life sciences and technology companies, as well as non-U.S. issuers accessing U.S. capital markets, should pay particular attention to how they describe growth drivers, regulatory exposure, and product or platform risks.
Now is a prudent time for issuers and underwriters to revisit D&O program structures, limits, and retentions to confirm alignment with today’s still elevated - but evolving - securities litigation environment.
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