The filing of federal security fraud class action lawsuits was down sharply in 2009 compared to both 2008 and historical averages. According to Securities Class Action Filings – 2009: A Year in Review, an annual report prepared by the Stanford Law School Securities Class Action Clearinghouse, a total of 169 federal securities class actions were filed in 2009. That number marked a 24 percent decline from the 223 securities class action filings in 2008. The number of filings was also 14 percent below the historical average of 197 annual filings during the 1997-2008 time period. Researchers concluded that the decrease in the number of filings was attributable to a drop in stock market volatility and the winding down of the subprime and credit crises, leaving plaintiffs fewer financial entities to sue.