Frankly I do not think the class actions are acting as a...

Frankly I do not think the class actions are acting as a deterrent. The directors access company funds and insurance paid for by shareholders if they get the timing wrong on a disclosure. So what we have is a situation where every stumble of a company is combed over for untimely disclosure and all it does is cost all shareholders directly and indirectly.

my analogy may be to long of a bow to tie, but there are indirect financial costs to gumming up business with class actions those impacted see very little benefit from, and which does not directly cost the directors who stuffed up timing of a disclosure (assuming it is not nefarious or extremely incompetent)