While defendants could once expect to face securities litigation only in the United States, legal and regulatory regimes outside the United States now offer some plaintiffs attractive alternative forums in which to bring securities claims.
Recent filings underscore this trend. In 2012, the number of securities fraud class actions filed against non-U.S. issuers in U.S. courts declined. Though this trend is partly attributable to a decline in credit crisis filings, that is only part of the story. The decline in U.S. claims against non-U.S. issuers has accompanied an unprecedented rise of the international securities class action.