While securities class-action lawsuits edged up slightly in 2011, primarily driven by mergers-and-acquisition activity, the total number remained below average for the third year in a row, according to a Stanford Law School report.

The "Securities Class Action Filings—2011 Year in Review" report, prepared by Stanford Law School Securities Class Action Clearinghouse along with Cornerstone Research, says a total of 188 federal securities class actions were filed in the last year—up from 2010 when there were 176 such filings. In 2009, there were 167 filings.

However, those figures are still below the 223 that took place in 2008 and below the average of 194 when measured during the period 1997 to 2010.

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