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Accounting Class Actions Surge Almost 10% in 2023

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TLDR:

Accounting-related securities class-action filings increased by 9.8% in 2023, with the total value of settlements rising by 11% despite a decrease in the number of resolved cases. The study by Cornerstone Research also found that revenue recognition violations were the most common in 2023, and settlement amounts increased due to mega settlements. Accounting cases settled more advanced stages of litigation, with just 35 settlements in 2023, representing a 19% decrease from the previous year.

The number of accounting-related securities class-action filings rose by 9.8% in 2023, reaching 56 cases. The total value of settlements also increased by 11% despite a decrease in the number of resolved cases. Revenue recognition violations were the most common in 2023, and the settlement amounts increased due to mega settlements. Accounting cases settled more advanced stages of litigation, with just 35 settlements in 2023, representing a 19% decrease from the previous year.

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