b'Percentage of Cases Dismissed Within Three Years of Filing DateCore Technology and Communications Federal Filings 20112020Cases Dismissed after Two Years but before Three Years of Filing DateCases Dismissed after One Year but before Two Years of Filing DateCases Dismissed within One Year of Filing Date 12% 7%10%21% 4% 9%21% 22%3%13% 16% 30%18% 11% 17%13%21% 24% 21% 19%12% 15% 10% 10% 12%6%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Note:1Percentages of cases in each category is calculated as the number of cases involving firms in the technology or communications sectors that were dismissed within one, two, or three years of the filing date divided by the total number of cases involving firms in the technology or communications sectors filed each year.2 Sectors are based on the Bloomberg Industry Classification System.3The empty portions of the stacked bars for years 2018 through 2020 indicate the percentage of cases dismissed through 3/15/21. The empty portions of these stacked bars therefore present only partial-year observed resolution activity, whereas their counterparts in earlier years show an entire year.4 Counts may not match previous publications due to case consolidations.Delaware Supreme Courts March 2020 decision inDecember 31, 2020, as compared to a 12% year-end Salzberg v. Sciabacucchi, in which the Court upheld thedismissal rate in 2019 and a 11% year-end dismissal validity and enforceability of federal forum selectionrate in 2018. Thus, there is little chance of obtaining provisions in corporate charters or bylaws that manydismissal of a class action against a technology Delaware corporations have implemented post-Cyancompany within the first twelve months after filing. requiring 1933 Act claims against them to be filed inSimilarly, as Figure 2 demonstrates, dismissal rates for federal court.10 It is also perhaps due to the fact thatcases filed in 2019 as of the end of 2020 are relatively market declines and disruption in early 2020 werelow at 17% as compared to year-end dismissal rates for caused by the unanticipated COVID-19 pandemic,prior years. The slower speed of obtaining a dismissal followed by overall favorable market conditionsis due in part to a slowing of court dockets in 2020 as beginning in April 2020.11 a result of the COVID-19 pandemic. Courts were either Unfortunately, the percentage of cases againstshut down to civil cases for a significant amount of time, technology companies dismissed within one yearor civil cases progressed more slowly in light of a need of the filing date continued the downward trendto attend to criminal dockets. The percentage may observed from 2015 to present. Specifically, as detailedincrease as courts work through the substantial backlog in Figure 2, only 6% of federal core filings againstof cases and jury trials.technology companies were dismissed by10Since the Sciabacucchi decision, four California state courts likewise have enforced these federal forum selection provisions. See Wong v. Restoration Robotics, Inc., No. 18-CIV-02609 (Cal. Super. Ct. Sept. 1, 2020); In re Uber Technologies, Inc. Securities Litigation, No. CGC-19-579544 (Cal. Super. Ct. Nov. 16, 2020); In re Dropbox, Inc. Securities Litigation, No. 19-CIV-05089 (Cal. Super. Ct. Dec. 4, 2020); In re Sonim Technologies Inc. Securities Litigation, No. 19-CIV-05564 (Cal. Super. Ct. Dec. 7, 2020).11Cornerstone Report, at 23.6'