3. In 2006, securities litigation filings were forty-three percent lower than the ten-year historic average of one hundred and ninety-three since enactment of the PSLRA.

See Bloomenthal & Wolff, Are Securities Fraud Class Actions Coming Back?, Securities and Federal Corporate Law § 16.3 (2012). In 2012, the number of filings declined to one hundred and fifty-two, a nineteen percent drop from the previous year and twenty-one percent below the average number of filings in the period 1997 2011. See Cornerstone Research, Securities Class Action Filings: 2012 Year in Review (Jan. 2013). To what extent might the drop in filings be attributable to the PSLRA’s heightened pleading standard? What other factors, such as market volatility, might affect securities filings? See Miller, “Don’t Blame Me, Blame the Financial Crisis”: A Survey of Dismissal Rulings in10-B-5 Suits for Subprime Securities606Losses, 80 Fordham L. Rev. 273 (2011). Might the PSLRA be deterring the filing of meritorious suits? How would you investigate that question? See Choi, The Evidence on Securities Class Actions, 57 Vand. L. Rev. 1465, 1472–73 (2004); see also Kaufman &

Wunderlich,The Judicial Access Barriers to Remedies for Securities Fraud, 75 Law &

Contemp. Probs. 55 (2012).