Investor Class Action Tracker
Shareholder lawsuits are not settlements — yet. This tracker follows securities fraud class actions from the day they are filed to the day a claims administrator finally mails a claim form, which is usually three to five years later.
Cases we track
If you lost money on one of these stocks, the useful thing to know is not "can I file today" (you almost certainly cannot) but "what do I need to keep so I can file when the window opens."
What a securities class action actually is
When a company's stock drops because it turns out management said something untrue, shareholders who bought during the period the untruth was live can sue under the Securities Exchange Act of 1934. The case runs like this:
- 1Filing. A law firm files on behalf of one investor, proposing a class period — the window of purchase dates the case covers.
- 2Lead plaintiff appointment. Within 60 days of the first public notice, any class member can move to be appointed lead plaintiff. The court usually picks whoever lost the most money. This deadline does not affect your right to recover anything.
- 3Motion to dismiss. The single biggest hurdle. Roughly half of securities cases die here, one to two years in.
- 4Discovery and class certification. Two to three more years.
- 5Settlement. Over 95% of surviving cases settle rather than go to trial.
- 6Claims administration. Only now does a claim form exist. You file, prove your trades, and receive a pro rata share.
If you see a law firm press release with a "deadline" in it, that deadline is almost always the lead plaintiff deadline in step 2, and missing it costs you nothing. The deadline that matters to you is in step 6, and it does not exist yet.
What to do now, while the case is pending
You do not need a lawyer and you do not need to sign anything. You need records.
- ✓Save your trade confirmations for every purchase and sale of the stock. A claim form will ask for transaction-level detail — date, quantity, price per share — going back years. Brokerages routinely purge statements after seven years, and several of these class periods already start in 2020.
- ✓Do not sell just because of the lawsuit. Your recovery is calculated on trades you already made during the class period. Selling now does not forfeit a claim, and holding does not create one.
- ✓Ignore the "losses in excess of $100,000" language in law firm press releases. That is a filter for lead plaintiff candidates, not a minimum to recover. Small holders receive pro rata payments in every settlement.
- ✓Set an alert. The gap between filing and claims is measured in years, and settlement notices are mailed to brokerage addresses of record that are frequently stale. Unclaimed funds in securities settlements run into the hundreds of millions annually, almost entirely because people never learn the window opened.
Frequently Asked Questions
Do I have to do anything to join a securities class action?
No. US securities class actions are opt-out. If you bought during the class period you are already a class member. You only act twice: to opt out (rarely worth it), and to file a claim once a settlement is approved.
How much do shareholders typically recover?
Historically, securities settlements return a small fraction of claimed losses — commonly in the range of 2–8% of estimated damages, though it varies enormously with the strength of the case and the defendant's ability to pay. Anyone quoting you a specific figure before a settlement exists is guessing.
Does it cost anything?
No. These cases run on contingency; fees come out of the settlement fund and are set by the court. You never pay out of pocket.
I sold at a loss before the bad news came out. Am I covered?
Usually not, or only partially. Damages under the standard measure depend on holding shares through the corrective disclosure that caused the drop. If you were fully out before the disclosure, you generally have no recoverable loss — but the class definition governs, so keep your records either way.
What if I bought through a retirement account?
The account is the shareholder. Claims are filed by whoever holds the shares of record, which for many 401(k) and managed accounts is the plan or custodian — they typically file on your behalf. Self-directed IRAs and brokerage accounts are your responsibility.
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