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Year-End NERA Report Shows COVID-19-Related Federal Securities Litigation Disproportionately Targeting Life Sciences Firms

By Gregg Weiner, Adam Harris & Life Sciences Litigation & Enforcement Team on February 1, 2021
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A recently-published report from NERA Economic Consulting provides a look back at securities class action litigation in 2020 and demonstrates the continued focus by the plaintiffs’ bar on life science firms, particularly those centered on the development and commercialization of drugs and devices.

The report found that excluding merger objections, the Health Technology and Services sector accounted for 22% of all securities class action filings for the year, nearly the most of any sector.  The report also showed that defendants in that sector faced the largest percentage of COVID-19-related securities class actions suits.  Those suits include cases against developers of COVID-19 vaccines and diagnostics.

NERA further reported that the average settlement value in securities class actions in 2020 for non-merger objection cases increased more than 50% over 2019, with the average settlement value coming in at $44 million.

NERA’s report makes clear that life sciences firms continue to face disproportionate rates of securities class action claims, including filings related to the COVID-19 pandemic, and that the cost to settle securities litigation has been on the rise.

Read the entire report.

Photo of Gregg Weiner Gregg Weiner

Gregg is co-chair of the firm’s Litigation and Enforcement practice group, based in Ropes & Gray’s New York office. Gregg has over 25 years of experience delivering successful results to financial institutions, Fortune 500 companies, professional services organizations, hedge funds and other sophisticated…

Gregg is co-chair of the firm’s Litigation and Enforcement practice group, based in Ropes & Gray’s New York office. Gregg has over 25 years of experience delivering successful results to financial institutions, Fortune 500 companies, professional services organizations, hedge funds and other sophisticated clients in a wide range of complex commercial disputes. His practice involves matters concerning the federal securities laws, commercial contracts, financial transactions/instruments, corporate governance, breach of fiduciary duty claims and mergers and acquisitions. Gregg also frequently represents real estate developers, investors and owners in high-profile litigation matters.

Read more about Gregg WeinerEmail
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Photo of Adam Harris Adam Harris

Adam is partner in Ropes & Gray’s Litigation and Enforcement practice, based in New York. Adam focuses on complex business litigation, including securities class action defense, breach of contract cases, deal-related litigation, breach of fiduciary duty claims, corporate governance disputes, and civil fraud…

Adam is partner in Ropes & Gray’s Litigation and Enforcement practice, based in New York. Adam focuses on complex business litigation, including securities class action defense, breach of contract cases, deal-related litigation, breach of fiduciary duty claims, corporate governance disputes, and civil fraud and RICO claims.

Read more about Adam HarrisEmail
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  • Posted in:
    Class Action & Mass Torts, Securities
  • Blog:
    Life Sciences Securities Litigation
  • Organization:
    Ropes & Gray
  • Article: View Original Source

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