New York (June 19, 2002) -- The early trend for 2002 shows a decrease in securities litigation cases involve high-technology companies.
A PricewaterhouseCoopers Securities Litigation Study instead indicates a shift toward a broad array of industries including oil, utilities and biotech/pharmaceutical companies.
Of 483 cases filed in 2001, 308 were "laddering" cases or IPO allocation cases filed against underwriters and recently public companies. More than half of the non-laddering cases filed in 2001 involved high-tech companies, specifically companies involved in computer services, telecommunications and electronics, according to the study.
The study also reveals that of the 2001 non-laddering cases, the Chief Executive Officer was named in 87 percent of the cases. The Chairman of the Board, often the same individual as the CEO, was named in 69 percent of the cases. Additionally, the Chief Financial Officer was named in 67 percent of the complaints.
-- Electronic Accountant Newswire staff
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