In this Cooley memo penned by William Pao, Jonathan Waxman and Julian Piroli, I read the fact patterns for the various securities litigation cases involving AI-related disclosures with great interest. It’s worth checking out. Here’s the intro from the memo:
“In 2025, securities litigation over artificial intelligence claims reached a new level of intensity. What had been a trickle of exploratory cases before 2024 became a sustained wave throughout 2024 and into 2025, as plaintiffs counsel increasingly focused on AI-
related disclosures.
The numbers bear this out. AI-related securities filings doubled from seven in 2023 to 15 in 2024, with another 14 through the first three quarters of 2025. The surge reflects a familiar cycle: Markets reward AI innovation, creating strong incentives for companies to communicate their AI capabilities, while plaintiffs counsel monitor closely for potential gaps between disclosures and performance when stock prices fall.”
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