In my article from the July 2005 SCAS Alert (posted here), I noted that

data collected by SCAS shows that only nine securities class actions based on post-Reform Act conduct have reached trial. Notably, however, including the two trials in June, five of these trials have occurred in the last 12 months.

As of yesterday we can bump that up by one--ten securities class actions based on post-Reform Act conduct have now reached trial, six of which have come in the last 12 months. 

Reports from the SDNY are that a trial began yesterday in the Globalstar Telecommunications securities litigation, with the selection of a jury and the presentation of opening statements.  Steve Toll of Cohen, Milstein, Hausfeld & Toll delivered the opening statement for the plaintiffs and Francis Menton from Wilkie Farr did so for Bernard Schwartz (litigation is reportedly stayed as to all corporate defendants as a result of their bankruptcies).  Plaintiffs are expected to present their first witnesses today.