U.S. SCA Rule 10b-5 Litigation Rate declined by 3 basis points to 0.94% in 1Q'21. In 1Q'21 the ADR SCA Rule 10b-5 Exposure Rate of non-U.S. issuers fell to 0.01% from 0.27% in 4Q'20. The ADR SCA Rule 10b-5 Litigation Rate decreased by 15 basis points to 0.20%. "Record-breaking U.S. equity markets combined with focused judicial scrutiny of securities class actions filed in federal courts led to a material decline in Rule 10b-5 exposure this past quarter," said Nessim Mezrahi, CEO of SAR. 1Q 2021 Securities Class Action Landscape: 34 U.S. issuers were sued for alleged violations of Rule 10b-5. Based on allegations presented in the first-filed SCA complaint against each defendant corporation,