Federal securities filings continued to slow during the second half of 2021.  The volume of new securities cases filed in 2021 fell by 36% compared to 2020, and 51% compared to 2019.  Nonetheless, federal and state securities laws continue to develop in the courts.  This year-end update summarizes major developments since our last update in August 2021:

• The second half of 2021 was relatively quiet with regard to noteworthy securities litigation activity from the Supreme Court. We discuss the settlement of a case that would have asked the Court to decide whether the PSLRA’s discovery-stay provision applies in state court,

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