Private Securities Litigation
Our securities litigators have extensive experience in complex, multidimensional securities class actions. We look for opportunities to resolve cases early and are frequently successful in obtaining dismissals, summary judgments and denials of class certification. We are, however, prepared to and do take cases to trial, including one of the very few multi-billion dollar securities class actions ever to go to trial, and we have won important appeals that have resulted in the development of case law favorable to our clients.
We understand not only the law, but also the industries in which our clients operate. As a result of working regularly with clients in the securities industry, we have developed a sophisticated understanding of our clients’ businesses and of the securities markets generally. We draw upon our experience with particular types of clients or industries to provide other clients with valuable insights into specialized areas. For example, our experience representing underwriters enhances our services not only for these clients, but also for other clients whom we are defending in lawsuits alleging violations of the securities laws. Similarly, our experience representing accounting firms enables us to better advise other clients in cases involving complex accounting issues. We also draw upon the substantive knowledge of our extensive
Securities practice. Studies routinely show that these types of cases are among the most challenging to defend, but we have had great success for our clients by leveraging our firm’s deep experience in this subject area.
Because we regularly practice against the leading firms of the plaintiffs’ bar, we are also in an especially good position to give our clients informed advice as to the plaintiffs’ likely strategies and tactics and to negotiate with plaintiffs’ counsel from a position of strength. Our lawyers also understand the nature of the insurance industry, and many of our lawyers are approved counsel for insurance companies that provide coverage for officers, directors and companies.
Significant recent accomplishments include:
- taking to trial one of the few multi-billion dollar securities class actions ever to go to trial, allowing AT&T to enter into a highly favorable settlement (less than 4% of the claim) after three weeks of trial (2004);
- representing petitioner Tellabs, Inc., in the United States Supreme Court in the case involving the “strong inference” of scienter required under the Private Securities Litigation Reform Act (2007);
- gaining affirmance of the summary judgment dismissal of federal securities fraud claims of more than 200 plaintiffs against Citigroup Global Markets (2007);
- gaining affirmance of the dismissal of federal securities fraud claims against officers and directors of Owens-Corning (2006);
- gaining affirmance of the dismissal of federal securities fraud claims arising out of the bankruptcy of Kmart Corporation (2005);
- gaining affirmance of the dismissal of federal securities fraud and RICO claims seeking more than a billion dollars in damages against a Korean bank arising from the collapse of a Belgian multinational (2005); and
- obtaining the denial of class certification in federal securities fraud claims alleging systematic and excessive markups against Merrill Lynch (2004).
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