Here’s a new study from Cornerstone Research, which found that for the first time since 2009, the percentage of M&A deals valued over $100 million and challenged by shareholder litigation dropped below 90% in 2015 and so far in 2016 – 64% of M&A deals faced litigation in the first six months of 2016. There were 47 M&A deals with associated lawsuits during the first half of the year. The other key findings include:

– Over the first 3 quarters of 2015, plaintiffs challenged deals in the Delaware Court of Chancery 61% of the time; in the fourth quarter of 2015 and the first two quarters of 2016 combined, M&A-related litigation was filed in Delaware for only 26% of challenged deals.
– Average number of lawsuits per deal steadily declined, from 4.6 per deal in 2014 to 4.1 in 2015 and 2.9 in the first six months of 2016. In addition, M&A-related lawsuits were filed more slowly in 2015 and the first half of 2016. During that period, the first lawsuit was filed an average of 22 days after the deal announcement, compared with 14 days in 2014.
– For the first time since 2009, the percentage of M&A deals valued over $100 million and challenged by shareholder litigation dropped below 90 percent in 2015 and so far in 2016.
– Plaintiff attorneys filed lawsuits in 84 percent of all M&A deals announced in 2015 and valued over $100 million. A total of 174 M&A deals had associated lawsuits in 2015.
– Lawsuits were filed in 64 percent of all M&A deals announced in 1H 2016 and valued over $100 million. There were 47 M&A deals with associated lawsuits during the first half of the year.
– In 2015 and the first half of 2016, the percentage of M&A lawsuits that were resolved before deals closed dropped to 57 percent and 56 percent, respectively, down from 75 percent in 2014.
– The majority of litigation challenging a deal was filed in only one jurisdiction: 65 percent in 2015, and 57 percent in the first half of 2016. Only 5 percent and 9 percent of deals were challenged in three or more courts in 2015 and the first half of 2016, respectively.
– There were no deals with more than seven lawsuits filed in the first half of 2016.
– Monetary consideration paid to shareholders has remained relatively rare—there were only a handful of monetary awards and settlements reached in 2015 and in the first half of 2016.