Professor Joseph A. Grundfest is quoted in USA Today about the dwindling number of securities class actions filed:

"This is starting to look like a permanent shift, not a transitory phenomenon," says Joseph Grundfest, a Stanford law professor and former SEC commissioner who heads the clearinghouse.

...

"If you put cameras at an intersection, fewer drivers will run red lights," Grundfest says. "It's the same thing in the corporate arena. Executives have gotten the message that it's more dangerous to cheat, so there's less cheating."