ATLANTA, Aug. 13, 2003 (PRIMEZONE) -- Fifty-nine new federal securities class actions were filed during Q2, 2003, a slight decline from the 65 actions filed in the first quarter, according to Verteris Corporation, a leading provider of securities litigation data and services. The number of follow-on actions and law firms filing federal securities class actions also declined.
Among the other significant findings in the report:
-- Milberg Weiss was bumped out of its historically commanding position for lead counsel appointments. Schiffrin & Barroway garnered 27% of lead counsel appointments while Milberg Weiss won 23% of the appointments made during the quarter.
-- Leadership of securities class actions continued to shift toward institutional investors. Institutional shareholders received 41% of lead plaintiff appointments during the quarter, an increase from the 35% of appointments in Q1, 2003.
-- Milberg Weiss continued to dominate securities class action settlements. The firm was lead or co-lead counsel for 30% of the settlements approved during the quarter.
-- Sixty-eight percent of the total cash recovered for shareholders from final settlements during the quarter was in cases where Milberg Weiss was lead or co-lead counsel.
These findings and others are detailed in the latest issue of the Securities Class Action: Plaintiffs' Counsel Watch.
The Securities Class Action: Plaintiffs' Counsel Watch tracks the activities and performance of plaintiffs' counsel engaged in securities class action litigation. The quarterly report provides institutional shareholders with objective data and performance metrics to consider in the process of selecting and monitoring outside counsel. Data and metrics in the report are calculated based on Verteris Corporation's proprietary database of federal securities class action litigation. More information about the report can be found at www.securitiesclassactiondirectory.com/report.
About Verteris Corporation
Verteris Corporation is a leading, independent provider of securities litigation information and services. The Company tracks federal securities class action litigation from filing through resolution, providing the critical information and services that securities litigators, institutional investors and insurance companies require. Verteris' proprietary database is the platform for the company's portfolio monitoring, litigation intelligence and asset recovery solutions.
Verteris is privately held and headquartered in Atlanta, GA. To learn more about the company, please visit www.verteris.com.