Crypto Class Lawsuits Doubled, SPAC Suits Sank in 2022 (2)

Investors filed 23 new proposed class actions over cryptocurrency that weren’t related to mergers and acquisitions in 2022, more than twice the number filed in 2021, while fewer investors sued over special-purpose acquisition companies than the year before, according to a report from Cornerstone Research.

Overall, proposed securities class actions, including those related to M&As, declined from 218 to 208, the report says. But excluding the M&A suits—focusing on what Cornerstone calls the “core filings"—would-be class actions increased in 2022, it says.

Among “core” federal filings, one-third concerned SPACs, cryptocurrency, and Covid, according to the analysis. Suits related to initial ...