A record 308 lawsuits were related to US initial public offerings in 2001, and an increasing number of foreign companies were the targets of legal action.
The PricewaterhouseCoopers 2001 Securities Litigation Study said that 2001 can be called "the year of the IPO" as shareholders filed one lawsuit after another against underwriters and the companies they took public in the late 1990s and in early 2000.
