Professor Joseph A. Grundfest, director of the Stanford Law School Securities Class Action Clearinghouse and a former commissioner of the Securities and Exchange Commission, told the National Law Review that “[t]he decline is attributable largely to a dearth of ‘mega filings’—claims with theoretical damages exceeding $10 billion.”1 According to Grundfest, the “dollars at stake” decrease is a more useful statistic for investors and plaintiffs’ lawyers than the number of new cases, since it indicates the monetary risk at issue for current cases. He also posited that the decrease in activity could be explained by the strength of the stock market during 2021.