b'CAF Index Annual Number of Class Action Filings TMby Location of HeadquartersCore Technology and Communications Federal Filings 20112020Non-U.S. Issuers as a Percentage of Total Federal FilingsFederal Filings against U.S. Issuers 49%Federal Filings against Non-U.S. Issuers4927% 29% 29% 37 2422% 26% 26%19% 17% 3224 14%17 2522 36 2517 239 6 13 7 135 5 72011 2012 2013 2014 2015 2016 2017 2018 2019 2020Note:1 Counts may not match previous publications due to case considerations.challenged statements amounted to inactionableThe First Circuit did not issue any relevant decisions statements of opinion about the companys futurein 2020; however, District of Massachusetts issued earnings goals, and that plaintiffs failed to demonstratedecisions in four cases concerning technology in their motion for leave to amend the existence ofcompanies. Each case was dismissed on grounds information alleged to be in the defendants possessionthat plaintiffs failed to adequately allege actionable that was actually inconsistent with their statementsmisstatements or omissions, scienter, or loss causation. of opinion regarding estimated future financialThree of the four were dismissed with prejudice on the performance. The district courts proved to be relativelyfirst motion to dismiss, and the plaintiffs in the fourth defendant-friendly in these matters, dismissingcase were permitted limited leave to amend.approximately half of these cases with prejudice on the first motion to dismiss. Notably, many of the cases decided in the New York District Courts were brought against non-U.S. issuers (i.e., companies headquartered outside the United States). In 2020, the number of core filings against non-U.S. issuers across all industries reached a record high of 74, comprising 33% of total core filings.14 As depicted in Figure 3, the percentage of cases against non-U.S. issuers in the technology space was even higher at 49%.14 Id., at 28.8'