Commenting on the decrease of 2021 securities class action filings, Professor Joseph Grundfest, a former commissioner of the U.S. Securities and Exchange Commission and director of the Securities Class Action Clearinghouse at Stanford Law School, stated that “In addition to a marked decline in the number of companies sued in 2021, there was a 41% decline in the maximum dollar value of those claims. The decline is attributable largely to a dearth of ‘mega filings’—claims with theoretical damages exceeding $10 billion. The dollars at stake might well be a more informative statistic for investors and plaintiff lawyers than the number of companies sued.”[4] Professor Grundfest also observed that “The stock market’s strength in 2021 might explain a good bit of the decline in plaintiff activity, measured either in dollars or by the number of complaints filed.”[5]