Securities Plaintiffs' Bar Shifts Focus to AI, Tariff and Private Credit Lawsuits in 2026
In the first half of 2026, securities class action filings surged as plaintiffs shifted focus toward new legal theories involving artificial intelligence (AI), tariffs, pump-and-dump schemes, and private credit. Although overall filings dipped slightly in 2025, attorneys like Thomas Przybylowski argue this was a period of strategic retooling rather than decline. AI-related lawsuits alone more than doubled from the previous year's total, with plaintiffs applying traditional fraud statutes to new corporate disclosures about AI capabilities and revenue projections. Two additional trends have emerged: six tariff-related suits since August 2025 allege companies overstated their ability to manage trade impacts, while ten pump-and-dump cases—mostly against non-U.S. issuers—have also appeared in the same period. Meanwhile, private credit lenders are increasingly being treated as public issuers under Rule 10b-5 due to alleged misstatements about portfolio performance and asset valuations. The legal landscape is evolving with respect to forum selection and pleading standards. Plaintiffs have largely avoided testing whether federal discovery stays apply in state court for Securities Act claims, a question left unresolved since the Cyan decision. At the same time, courts remain divided on allowing expert opinions during the early stages of litigation.
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Topics: AI-related lawsuits legal trends plaintiffs' bar securities class action