|
|
|
 |
|
| Highlights |
|
|
Overview
V&E; lawyers are active in all major areas of securities litigation and enforcement, and have extensive experience representing issuers, underwriters, accounting firms, financial institutions, securities firms, audit committees, officers, directors, and individuals in these areas. With nearly 40 lawyers experienced in securities litigation in our domestic offices, we have both the depth and experience to defend our clients in complex multi-party disputes where class actions, derivative cases, and enforcement investigations proceed simultaneously in multiple jurisdictions. We regularly represent clients in federal and state courts in Texas, Delaware, New York, California, and many other jurisdictions. We also have substantial experience defending companies and individuals in civil and criminal securities litigation and investigations initiated by the Securities and Exchange Commission, the Department of Justice, the New York Stock Exchange, state boards of public accountancy, and other self-regulatory organizations. We frequently defend broker-dealers in securities arbitrations, and assist audit committees and special litigation committees with internal investigations into alleged fraud, criminal activities, and accounting-related issues.
Practice Area Details
Representative Matters
Securities Litigation (Class Actions and Derivatives Suits) V&E; regularly represents issuers, underwriters, accounting firms, financial institutions, law firms, and officers and directors in securities class actions, shareholder derivative suits, tender offer contests, proxy contests, insider trading and short-swing profits cases, and state law “Blue Sky” claims. Our response to these cases is aggressive and creative, and our considerable skill and experience in securities litigation cases is demonstrated by the dismissals, summary judgments, and favorable settlements we have obtained for our clients in the early stages of litigation.
Enforcement Matters V&E; frequently defends companies and individuals in securities enforcement actions and investigations brought by the Securities and Exchange Commission, the Department of Justice, state securities regulators, and state boards of public accountancy. We have substantial experience with substantive claims alleging fraud, insider trading, improper accounting, and other securities law violations, both civil and criminal. We have drafted successful “Wells submissions” and white papers to the SEC and are also experienced in trying cases brought by the government. Our securities enforcement practice in Washington is enhanced by the recent addition of Paul Maco, former Director of the Office of Municipal Securities and attorney in the Division of Enforcement and Office of General Counsel at the SEC, and three partners who were federal prosecutors. We are currently defending several companies and individuals in investigations of alleged accounting fraud.
Broker-Dealer Arbitrations V&E; has represented numerous broker-dealers, individual brokers, hedge funds, and national clearing firms in securities arbitrations filed by investors before the New York Stock Exchange and the National Association of Securities Dealers. We have successfully defended clients against claims of unauthorized trading, churning, unsuitability, failure to supervise, breach of fiduciary duty, and fraud in cases involving stocks, bonds, options, and derivative securities.
Internal Investigations Because of our familiarity with securities laws and their relation to business issues, we are frequently called upon to assist audit committees and special litigation committees in internal investigations of alleged criminal activity, securities fraud, breaches of fiduciary duties, and accounting-related issues. We are familiar with the evolving legal requirements for internal investigations under Sarbanes-Oxley and Delaware law, and work regularly with outside auditors, forensic accountants, and corporate counsel to provide legal advice and assistance to corporate directors.
Securities Counseling A critical component of V&E;’s securities litigation and enforcement practice is to provide responsive and cogent securities counseling. Complex issues relating to securities enforcement, fair disclosure, internal controls, and other compliance matters often arise without warning and require expedited advice. Our attorneys mobilize both the legal and practical assistance required to meet our clients’ needs in a prompt and efficient manner.
Accounting Firms and Other Professionals
- Successfully defended Big-4 accounting firm in 3-week jury trial alleging fraud by bankrupt company in connection with financial statements filed with SEC; the jury found the accounting firm was not liable for fraud or malpractice
- Obtained dismissal of securities fraud and shareholder derivative claims 10b-5 and Section 20 claims brought against a Big-4 accounting firm sued in connection with the restatement of a public company’s financial statements for a four-year period
- Obtained dismissal of securities fraud class action filed against Big-4 accounting firm in connection with a public company’s tender offer to repurchase notes
- Obtained dismissal of federal securities class action against accounting firm alleging damages of more than $100 million; the judgment was affirmed by the Fifth Circuit
- Represented large accounting firm in securities fraud class action and SEC investigation relating to the restatement of financial statements for an oil field services company
- Obtained dismissal of conspiracy, fraud and negligence claims brought by state agency against accounting firm relating to failure of two insurance companies; client was paid $1 million in attorney fees by state agency that filed frivolous claims
- Represented large accounting firm in multiple cases brought by institutional investors arising out of the merger of two public companies, where the acquiring company announced that it would miss its earnings estimates by 50% one week after the merger closed
Issuers, their Officers and Directors, and Controlling Persons
- Obtained dismissal of securities fraud class action and various shareholder derivative claims filed against Fortune 500 entertainment company after it announced it would miss its earnings projections
- Obtained dismissal with prejudice of a securities fraud class action against an energy services company following restatement of its financial statements over a 2-year period
- Obtained summary judgment for international airline charged with control person liability in securities fraud litigation; trial court ruling affirmed on appeal by the Ninth Circuit
- Obtained dismissal with prejudice of shareholder class action suit for damages and injunctive relief against a public energy company and its Board of Directors arising out of the consummation of a stock-for-stock merger
- Obtained dismissal with prejudice of securities fraud class action against S&P; 500 company and its officers and directors following precipitous drop in stock price
- Obtained denial of class certification in securities fraud class action under §§ 11 and 12 of the 1933 Act
- Represented international airline in securities fraud class action in Arizona based on alleged insider trading
- Obtained dismissal with prejudice of federal securities class action against a leading computer manufacturer and its officers and directors
- Represented large international waste company in multiple securities class actions, derivative litigation, and private securities and contract actions filed throughout the United States
- Successfully defended investor in federal securities law trial for allegedly instituting a “creeping tender offer;” plaintiff publicly apologized for instituting lawsuit and paid investor’s attorney fees
- Represented company in shareholder class action alleging claims under § 16(b) for improper short-swing profits
- Represented CFO of publicly-traded, national restaurant franchise in securities fraud class action arising out of negative earnings announcement; case was resolved without any financial contribution by CFO
- Successfully defended public company against takeover attempt and in related SEC and CFTC investigations
- Obtained dismissal of securities fraud claims brought against former director and substantial shareholder of public software company that filed for bankruptcy
Underwriters, Investment Bankers, and Financial Institutions
- Represented investment banking firm in action alleging insider trading by one of the firm's partners and an arbitrageur in connection with a merger involving one of the firm's clients
- Obtained award for insurer in action for breach of fiduciary duties that arose out of merger of two airlines
- Represented underwriting syndicate in federal securities law class actions arising out of offerings by an internet venture
- Represented investment bank in $30 million lawsuit arising out of an unsuccessful effort to underwrite $200 million in tax exempt municipal bonds to finance an acquisition of several hospital
- Represented underwriter in securities fraud class action relating to public offering by medical services firm
Securities Firms
- Represented national and regional brokerage firms and their individual brokers in numerous NYSE and NASD arbitrations involving customer accounts where cases were dismissed or settled on favorable terms
- Represented regional broker-dealer specializing in collateralized mortgage obligations (CMOs) in securities fraud, misrepresentation, and unauthorized trading claims, NASD arbitrations, and SEC enforcement action
- Represented securities firm in SEC enforcement action for alleged violations of 1940 Act
- Represented securities firm in SEC investigation into potential violations of Regulation FD
Internal Investigations
- Conducted internal investigation for the Audit Committee of a publicly-traded company after internal and external auditors raised concerns about accounting treatment of certain issues, internal financial controls, and integrity of CFO and other officers
- Conducted internal investigation for the Special Litigation Committee of a NYSE-listed niche insurance company evaluating an action filed by dissident shareholders
- Represented major food and drug retailer that was the putative target of derivative claims being investigated by a Special Litigation Committee of an internet grocery company
- Conducted internal investigation for Audit Committee into allegations of fraud at a major food manufacturer
- Conducted internal investigation for the Committee of Disinterested Persons under the Texas Business Corporation Act into allegations of mismanagement and self-dealing at a privately held software testing company
- Conducted internal investigation for a Special Committee of outside directors of a public company to address SEC and grand jury investigations into alleged accounting irregularities at a garment manufacturer
- Conducted internal investigation and defended breach of fiduciary duty claims brought by a large shareholder of a closely-held private health insurance company
- Conducted internal investigation for a minority shareholder of a closely-held private energy company
- Represented a large grocery retailer that was the target of shareholder litigation brought on behalf of a strategic business partner; an extensive internal investigation into the shareholders' claims of fraud and price manipulation provided the cornerstone of the company's defense against the litigation and in a related Special Litigation Committee investigation
- Represented the Special Litigation Committee of a NYSE company investigating claims asserted by a shareholder; the eighteen-month investigation assessed the company's overall corporate governance and over 100 alleged fraud and self-dealing claims asserted against the company's officers and directors
Individuals
- Represented individual officers, directors, and employees in numerous enforcement actions for alleged insider-trading where no actions were taken by regulators
- Obtained acquittal of individuals accused of insider trading in criminal actions
- Represented CFO of public company in SEC action for fraud and books and records violations arising out of alleged agreement to manipulate accounting entries to improve “pro forma” financial statements; case settled favorably at no cost to client
- Represented CEO in CFTC investigation involving alleged misuse of a managed account; no action was taken
- Obtained summary judgment in securities fraud action against substantial investor in toy company; decision affirmed by the Ninth Circuit
Results depend upon the facts of each case.
|
|
|
|
>> Back to Top |
|
|
|
|
