Summary of Skadden’s Securities Litigation …...Summary of Skadden’s Securities Litigation...
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Summary of Skadden’s Securities Litigation Capabilities More wins for defendants and more cases resolved as defense counsel than any other law firm In federal U.S. securities litigation cases since January 2017, according to data from Lex Machina
Transcript of Summary of Skadden’s Securities Litigation …...Summary of Skadden’s Securities Litigation...
Summary of Skadden’sSecurities Litigation Capabilities
More wins for defendants and more cases resolved as defense counsel than any other law firmIn federal U.S. securities litigation cases since January 2017, according to data from Lex Machina
Skadden’s global securities litigation practice is widely regarded as one of the most preeminent groups of attorneys focused on challenging, high-stakes securities litigation matters — “bet-the-company” cases that demand a full range of skills, in and out of the courtroom.
Leading Securities Litigation Practice
Our litigators have significant experience in trial and appellate courts at the federal and state level, before administrative tribunals, in arbitrations and other dispute resolution proceedings, and before government agencies. We have successfully resolved claims arising under federal and state securities laws, as well as other related cases.
We routinely advise clients on matters involving, among others:
Accounting Issues
Appraisal Litigation
Derivative Actions
ERISA Claims
Event-Driven Litigation
FCPA Claims
Financial Restatements
M&A-Related Litigation
#MeToo-Related Claims
Privacy/Cybersecurity Issues
Public Offerings
Regulatory Investigations
Securities Class Actions
Stock-Drop Litigation
Whistleblower / Qui Tam Relator Claims
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Exceptional Client Service
We represent public and private companies of all sizes, their boards, individual directors and officers, and special committees, and our clients span every major industry, including:
− Accounting
− Blockchain
− Consulting
− Education
− Energy and Utilities
− Financial Institutions
− Health Care, Life Sciences and Pharmaceuticals
− Industrial and Manufacturing
− Insurance
− Metals and Mining
− Retail, Food and Beverage
− Technology, Media and Telecommunications
− Transportation and Automotive
“They are best in class. Strategic, thoughtful, and highly skilled, they’re utterly devoted to achieving the client’s objectives and wider business goals.”
– A client tells Chambers USA 2020
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Our attorneys are dedicated to client service with an emphasis on creativity, collaboration and efficiency. With every matter, we work with clients to assess their case within the context of their overall business and legal objectives, and we strive to deliver results that meet these goals at every stage of litigation. Skadden was recognized among the top firms for delivering the best client service in BTI Consulting Group’s BTI Client Service A-Team report, which is based on interviews with corporate counsel.
2018 Litigation Department of the Year and
2019 and 2020 finalist in General Litigation
For the ninth consecutive time, named a member of
BTI Consulting Group’s Fearsome Foursome —
the four elite law firm litigation practices that general counsel
would “least want to face across the table in litigation”
Named a 2019 Practice Area of the Year for Securities
“Powerhouse” for securities and finance litigation in BTI’s 2020
Litigation Outlook report
Tier 1 for 2019 in Securities Litigation
Defense
Voted No. 1 in Vault’s Best Law Firms for Securities Litigation ranking every year
since 2011
2018 Litigation Department of the Year
finalist
Consistently ranked in the top tier for nationwide
securities litigation
Named Law Firm of the Year for Securities
Litigation and Mergers and Acquisitions Litigation
Awards & Recognition
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Practice Highlights
Recent, noteworthy representations include:
A. Schulman Delaware Court of Chancery Favorable settlement following a seven-day trial of a breach of contract and fraud action alleging fraudulent prac-tices discovered after an acquisition
American Apparel U.S. District Court for the Central District of California and Delaware Court of Chancery Two victories — on the same day and on opposite sides of the country — that effectively halted American Apparel’s embattled former CEO from regaining control of the company
Anadarko Petroleum and individual executives U.S. District Court for the Southern District of Texas Dismissal of a putative securities fraud class action alleging the company misled investors about the adequacy of its safety protocols and legal compliance
Bank of America and affiliates U.S. District Court for the Western District of North Carolina Precedent-setting victory defeating the DOJ’s efforts to expand the scope of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Biogen and certain officers U.S. Court of Appeals for the First Circuit Affirmance of the dismissal of a putative class action filed shortly after a nearly identical case was dismissed with prej-udice; Skadden represented Biogen in both cases
BlackRock subsidiaries U.S. District Court for the District of New Jersey First-of-its-kind trial victory involving $1.55 billion excessive fee claim, one of the largest mutual fund cases ever
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Skadden’s long-standing record of success in securities litigation includes numerous precedent-setting cases, such as a unanimous U.S. Supreme Court win in Merrill Lynch v. Dabit and the Lentell v. Merrill Lynch decision in the U.S. Court of Appeals for the Second Circuit, which adopted a standard for pleading loss causation that has been cited hundreds of times.
Skadden has secured victories on behalf of clients in jurisdictions throughout the United States — we have experience in securities cases before all 12 regional U.S. Courts of Appeals — and our team is well-positioned to effectively represent clients wherever their legal challenges arise.
Canadian Imperial Bank of Commerce New York Supreme Court, Appellate Division Victory in breach of contract litigation alleging hundreds of millions of dollars in damages brought by an affiliate fund of Cerberus Capital Management
Citigroup and other members of the Cobalt International Energy underwriting syndicate U.S. Court of Appeals for the Fifth Circuit Favorable settlement following our argument of an appeal on novel class certification issues of repose, traceability and domesticity
Citigroup and a worldwide syndicate of Petrobras underwriters U.S. Court of Appeals for the Second Circuit Groundbreaking Second Circuit reversal followed by a favorable settlement in one of the largest underwriting cases in history
EcolabIllinois Circuit Court Fourth dismissal in multiple claims for aiding and abetting alleged breaches of fiduciary duty following Ecolab’s purchase of Swisher Hygiene’s U.S. assets
Express Scripts and certain executives U.S. Court of Appeals for the Second Circuit Affirmance of the dismissal of securities fraud claims arising out of a dispute between the company and its largest client, Anthem Inc.
HSBC U.S. District Court for the Southern District of New York Dismissal of a putative class action alleging a conspiracy to manipulate the market for debt securities issued by the Mexican government
JPMorgan Chase U.S. Court of Appeals for the Second Circuit Favorable settlements of class actions alleging certain practices in connection with the trading of foreign exchange currencies
MacAndrews & Forbes Delaware Supreme Court Landmark ruling addressing an issue of first impression that reduced, if not eliminated, the leverage plaintiffs typically used to extract settlements in controlling stockholder litigation; the case challenged MacAndrews’ merger with its controlled subsidiary MFW
Maple Parent Holdings Delaware Court of Chancery Summary judgment ruling that the statute does not provide appraisal rights to stockholders of Dr Pepper Snapple Group (DPSG) in connection with a reverse triangular merger of a subsidiary of DPSG into Maple
James Mazzo U.S. District Court for the Central District of California Two hard-fought jury trials that ultimately resulted in full dismissal of insider trading and perjury charges against the former chairman and CEO of Advanced Medical Optics
Polaris and six executives U.S. District Court for the District of Minnesota Dismissal with prejudice of a putative class action ruling that a company’s continuous disclosure of a general risk factor, without amendment, cannot be read to imply that the company believes it is free from new risks
Sprint Delaware Supreme Court Successful defense of Sprint’s $3.6 billion buyout of Clearwire, the biggest appraisal defense victory ever
Tecumseh Products Board Members Michigan Court of Appeals Favorable resolution of a shareholder suit alleging that the sale of the company resulted from an inadequate process and for an inadequate price; the Michigan Supreme Court denied the plaintiff’s applications for leave to appeal
UBS Real Estate Securities U.S. District Court for the Southern District of New York Defense of the first RMBS action brought by a trustee to go to trial and one of the largest, most complex bench trial proceedings in recent years
UniCredit and Pioneer Alternative Investment Management U.S. District Court for the Southern District of New York Dismissal of various aiding and abetting claims stemming from Madoff activity
Viacom Board Members Delaware Court of Chancery Dismissal of stockholder derivative claims challenging compensation payments to Viacom’s chairman emeritus and controlling stockholder
Vivint Solar U.S. Court of Appeals for the Second Circuit Affirmance of the dismissal of a putative class action in a case of first impression arising from Vivint’s 2014 IPO; the deci-sion sets the standard for determining whether to disclose interim financial documents in an IPO
Skadden is identified in The Legal 500’s 2019 rankings for Securities Litigation Defense as frequently handling “the most challenging, high-stakes securities cases in the market.”
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Source Lex Machina: A LexisNexis Company
Defendant Claim Wins for Cases Terminating Since January 2017
Law Firm Ranking Number of Cases
1 Skadden Arps Slate Meagher & Flom
2 Sidley Austin
3 Latham & Watkins
4 Simpson Thacher & Bartlett
5 Sullivan & Cromwell
6 Goodwin
7 Ropes & Gray
8 Shearman & Sterling
9 Gibson Dunn & Crutcher
10 Morrison & Foerster
13
10
9
9
9
8
8
8
7
7
0 5 10 15
Skadden secured more wins for defendants and resolved more cases as defense counsel in federal courts than any other law firm, according to Lex Machina’s Securities Litigation Report 2018, the most recent edition of the report.
In addition, more defendants trusted Skadden as their legal counsel in nationwide federal securities filings in 2019 than any other firm.
Nationwide Securities Litigation Filings in 2019
Law Firm Ranking Number of Cases
1 Skadden Arps Slate Meagher & Flom
2 Wilson Sonsini Goodrich & Rosati
3 Latham & Watkins
4 Morgan, Lewis & Bockius
5 Cooley
6 Gibson Dunn & Crutcher
7 Paul, Weiss, Rifkind, Wharton & Garrison
8 Kirkland & Ellis
9 Sullivan & Cromwell
10 King & Spalding
59
58
35
34
31
37
0 25 50
66
30
29
30
32
Lex Machina’s Securities Litigation Report & 2019 Statistics
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Global Platform
Skadden’s global presence positions us to advise clients around the world on U.S. securities litigation issues. With litigators based in Europe, Asia and Latin America, we have the unique ability to assemble collaborative teams with deep and relevant experience across our worldwide platform.
We represent issuers and financial institutions from all over the world, including:
Australia
Brazil
Canada
China
Colombia
Denmark
France
Germany
Ireland
Israel
Italy
Japan
Malaysia
Mexico
Scotland
Singapore
Spain
Sweden
Switzerland
United Kingdom
Nationwide Securities Litigation Filings in 2019
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Our Team
Boston James R. Carroll617.573.4801 [email protected]
Eben P. Colby617.573.4855 [email protected]
Michael S. Hines617.573.4863 [email protected]
Alisha Q. Nanda617.573.4804 [email protected]
Chicago Matthew R. Kipp312.407.0728 [email protected]
Marcie [email protected]
Charles F. Smith312.407.0516 [email protected]
Amy Van Gelder312.407.0903 [email protected]
Hong KongSteve Kwok852.3740.4788 [email protected]
HoustonKenneth P. Held713.655.5140 [email protected]
Noelle M. Reed713.655.5122 [email protected]
LondonRyan D. Junck44.20.7519.7006 [email protected]
Los Angeles
Virginia F. [email protected]
Peter B. Morrison213.687.5304 [email protected]
Jason D. Russell213.687.5328 [email protected]
New YorkAlexander C. Drylewski212.735.2129 [email protected]
Robert A. Fumerton212.735.3902 [email protected]
Jay B. Kasner212.735.2628 [email protected]
David Meister212.735.2100 [email protected]
Scott D. Musoff212.735.7852 [email protected]
Patrick G. Rideout212.735.2702 [email protected]
Susan L. Saltzstein212.735.4132 [email protected]
George A. Zimmerman212.735.2047 [email protected]
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Palo Alto Jack P. DiCanio650.470.4660 [email protected]
São PauloJulie Bédard55.11.3708.1849 / São Paulo 212.735.3236 / New York [email protected]
Washington, D.C.Bradley A. Klein202.371.7320 / Washington, D.C.852.3740.4700 / Hong Kong [email protected]
WilmingtonCliff C. Gardner302.651.3260 [email protected]
Joseph O. Larkin302.651.3124 [email protected]
Paul J. Lockwood302.651.3210 [email protected]
Edward B. Micheletti302.651.3220 [email protected]
Jenness E. [email protected]
Robert S. Saunders302.651.3170 [email protected]
Jennifer C. Voss302.651.3230 [email protected]
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“The team is outstanding: incredibly focused, knowledgeable in the law, strategically analyzing the issues and highly effective in the courtroom,” and “... is extremely proactive — you always feel like they’re right there by your side.”
– Clients tell Chambers USA 2019
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
