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July 31, 2002

Pace Of Securities Suits Slows

By Colleen Marie O'Connor

IPO laddering charges filed by investors were unheard of in the earliest batch of securities lawsuits filed in 2002.

In fact, following the ballooning of shareholder class-action lawsuits last year, largely involving IPO laddering charges, preliminary figures show that some of the air has been let out of the 2002 filings.

According to the Securities Class Action Clearinghouse at Stanford University, and Cornerstone Research, a litigation consulting firm, 58 class-action lawsuits were filed in the first quarter of this year. That number is down significantly compared to most of last year's first quarter activity. Last year a record 483 suits were filed.

Through June 7, 2002 it was reported that 107 class-action lawsuits had been filed. In 2000, 213 such claims were filed.