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Securities Litigation 2015: From Investigation to Trial


Speaker(s): Adam S. Hakki, Amanda T. Perez, Brad S. Karp, C. Evan Stewart, Carmen J. Lawrence, David A. Rosenfeld, David A. Travin, David L Wales, Dr. Patrick Conroy, Felipe J. Arroyo, Hon. Layn R. Phillips, Jeremy A. Lieberman, John P. Stigi, Jonathan Gardner, Jonathan K. Youngwood, Jonathan R. Tuttle, Jordan Eth, Karin A. DeMasi, Lori A. Martin, Lyle Roberts, Michael L. Kichline, Paul C. Gluckow, Richard F. Dziedziula, Robert M. Rothman, Sandra M. Hanna
Recorded on: Apr. 22, 2015
PLI Program #: 58861

Chairman of the firm since 2008, Brad Karp is one of the country’s leading litigators and corporate advisers. Brad has successfully guided numerous Fortune 100 companies, global financial institutions and other companies through “bet the company” litigations, regulatory matters and internal investigations. Prior to being named chairman of Paul, Weiss, Brad chaired the firm’s Litigation Department. Brad has spent his entire career at Paul, Weiss, beginning as a summer associate.

Brad has received numerous industry recognitions over the years. In 2019, Brad was selected as a “Trailblazer” and as a “Distinguished Leader” by the New York Law Journal and as an “Equality Trailblazer” by the National Law Journal. In 2018, Brad received the Special Achievement Award from the Financial Times in recognition of his legal achievements and leadership of Paul, Weiss and was also named the “Attorney of the Year” by the New York Law Journal, “Litigator of the Year” by The American Lawyer, “Sports MVP of the Year” by Law360, and “Securities Lawyer of the Year” by Best Lawyers. In 2017, Brad was selected as a “Litigation Trailblazer” by the National Law Journal and Best Lawyers’ “Banking Lawyer of the Year.” Additional publications consistently rank Brad as one of the leading lawyers in the United States, including The Wall Street Journal, The New York Times, Crain’s New York Business, The Financial Times, The Lawyer (U.K.), The Legal 500Euromoney Institutional InvestorsBest of the Best USA and Benchmark/Institutional Investor.

Brad speaks and writes frequently on business litigation, securities litigation and corporate governance. He has spoken at more than 600 conferences and has lectured at Harvard Law School, Yale Law School, Columbia Law School, NYU Law School and The Federal Judicial Center. Brad has written more than 500 articles on business litigation issues. For the past 35 years, Brad has written a monthly column for the New York Law Journal, “Second Circuit Review,” which analyzes developments in the Court of Appeals for the Second Circuit. Brad is a frequent contributor to the Harvard Law School Forum on Corporate Governance and Financial Regulation. Brad has also spoken out and written about pressing issues of social justice. Most recently, in 2018, Brad authored two op-eds in The New York Times, “Stop Shielding Gun Makers,” advocating changes to gun manufacturer liability laws, and “An Army of Lawyers for Migrants,” urging the private bar to address the unlawful treatment of immigrants and to seek the reunification of separated families. In 2018, Brad also authored an op-ed in the New York Law Journal, “Democracy Itself Is on the Ballot,” addressing voter suppression and disenfranchisement. Brad is also active in the community, serving on more than 25 public interest and educational institution boards.

Brad is a 1984 graduate of Harvard Law School and clerked for The Honorable Irving R. Kaufman, former Chief Judge of the U.S. Court of Appeals for the Second Circuit.


Jordan Eth is co-chair of the firm’s Securities Litigation, Enforcement, and White-Collar Defense Group. He is one of the nation’s leading securities litigators, representing public companies and their officers and directors in securities class actions, SEC investigations, derivative suits, mergers and acquisitions litigation, and internal investigations. In 2008, Mr. Eth received a California Lawyer Attorney of the Year   Award for co-leading the successful defense of JDS Uniphase Corp. and its former executives in a securities class action jury trial seeking $20 billion in damages.

Mr. Eth has more than 30 years of experience handling complex and high- stakes litigation. He has represented dozens of companies and individuals in a broad range of industries, including financial services, computer software and hardware, life sciences, and consumer products.

Mr. Eth is recommended by multiple publications including Chambers USA: America’s Leading Lawyers for Business; Legal 500 US; The Best Lawyers in America and Benchmark Litigation. In 2010, he was selected by his peers as one of Law360’s 10 Most Admired Securities Attorneys. Clients have described him as “deeply knowledgeable and experienced and a natural leader without ego issues; he thinks strategically and is extremely responsive, realistic, and clear in his assessments of situations.” “Jordan understands the CEO mentality with respect to securities actions and navigates the corporate politics of these matters with the same expertise with which he handles the legal case; Jordan is true to his pitch that he will handle the case in a cost-efficient manner.”

Mr. Eth received his B.A. in Economics from Swarthmore College, with highest honors and Phi Beta Kappa, and his J.D. from Stanford University, Order of the Coif. At Stanford, he was Co-President of the Moot Court Board.

Mr. Eth served as a law clerk to the Honorable Chief Judge Robert F. Peckham, U.S. District Court for the Northern District of California, from August 1985 through August 1986. From 1980 through 1982, he worked as an economist in Washington, D.C., first for the United States Department of Energy and then for the Budget Committee of the United States House of Representatives.

EDUCATION

Swarthmore College (B.A., 1980)

Stanford Law School (J.D., 1985)

RANKINGS

Chambers USA 2007–2015
Recognized as a Leading Securities Litigation Lawyer

The Legal 500 US 2008–2015

Recognized in the area of Securities: Shareholder Litigation

The Best Lawyers in America 2008–2016
Recognized for Bet-the-Company Litigation, Commercial Litigation and Securities Litigation


Jeremy A. Lieberman became associated with the Firm in August 2004, and became a partner in January 2010. Mr. Lieberman serves on the Firm’s Management Committee. At Pomerantz, Mr. Lieberman specializes in securities litigation. He has had an active role in a number of high-profile securities class and derivative actions, including Comverse Technology Sec. Litig., in which he and his partners achieved a historic $225 million settlement on behalf of the Class, which was the second-largest options backdating settlement to date.

Mr. Lieberman was lead counsel in In re Medicis Corp. Sec. Litig., in which the Court recently approved an $18 million settlement, and is lead counsel in In re China North East Petroleum Corp. Sec. Litig., and In re Columbia Laboratories, Inc. Sec. Litig., and co-lead counsel in In re Mellanox Technologies, Ltd. Sec. Litig. and In re Linn Energy LLC Sec. Litig.

In In re China North East Petroleum Corp. Sec. Litig., Mr. Lieberman achieved a significant victory for shareholders in the United States Court of Appeals for the Second Circuit, whereby the Appeals Court ruled that a temporary rise in share price above its purchase price in the aftermath of a corrective disclosure did not eviscerate an investor’s claim for damages. The Second Circuit’s decision was deemed “precedential” by the New York Law Journal, and provides critical guidance for assessing damages in a § 10(b) action.

Mr. Lieberman currently represents a number of banks and financial institutions in a class action on behalf of lenders arising out of the London Interbank Offered Rate (“LIBOR”) rate rigging scandal.

Mr. Lieberman regularly consults with Pomerantz’s international institutional clients, including pension funds, regarding their rights under the U.S. securities laws. Mr. Lieberman is working with the firm’s international clients to craft a response to the Supreme Court’s ruling in Morrison v. Nat’l Australia Bank, Ltd., which limited the ability of foreign investors to seek redress under the federal securities laws. Currently, Mr. Lieberman is representing several UK and EU pension funds and asset managers in individual actions against BP plc in the United States District Court for the Southern District of Texas.

Mr. Lieberman is a frequent lecturer regarding current corporate governance and securities litigation issues. In December 2013, he spoke at the Annual Provident Funds Coalition Conference in Eilat, Israel on Morrison and its implications for TASE investors. He also recently led a discussion regard U.S. securities class actions in Amsterdam.

Mr. Lieberman graduated from Fordham University School of Law in 2002. While in law school, he served as a staff member of the Fordham Urban Law Journal. Upon graduation, he began his career at a major New York law firm as a litigation associate, where he specialized in complex commercial litigation.


In May 2011, David Travin joined UBS AG as an Executive Director and Counsel in its Litigation & Investigations Group.  David’s primary responsibility is the handling of litigation, regulatory investigations, and internal investigations for UBS’s investment bank in the Americas.  David is also UBS's representative on the SIFMA Litigation Advisory Committee. 

Prior to UBS, David was a member of the Litigation and Regulatory Group at Deutsche Bank AG from 2006 to 2011.  At Deutsche Bank, David was responsible for litigation and regulatory matters arising out of the U.S.-based broker-dealer, including the Private Wealth Management division.

David started his career as an associate in the litigation department of Greenberg Traurig LLP (2001-2006), with a focus on securities litigation.

David received a B.S. in Industrial and Labor Relations from Cornell University (1998) and a J.D. from The George Washington University School of Law (2001).


Adam Hakki is the Firm’s Global Managing Partner.  He is also Global Head of the Firm’s Litigation Practice and Disputes Unit, maintaining a full time litigation and government investigation practice, with particular focus on securities, antitrust, and corporate governance matters, both civil and criminal.  Adam regularly appears in the courtroom, boardroom and before the Department of Justice, Securities and Exchange Commission, CFTC, FINRA, and other regulators. With decades of experience, Adam is seasoned in crisis management and a first-choice counsel to the financial industry for major cases and investigations.  Adam also frequently represents companies, directors and senior executives in other industries, especially healthcare, energy/oil and gas, technology and media.  For two of the last three years, Benchmark Litigation named Adam the sole “Securities Lawyer of the Year” for the entire United States.

Adam authored the chapter on damages in Litigating Securities Class Actions (Eisenberg, J., editor, LEXIS/NEXIS publisher), a comprehensive treatise on defending securities class actions whose contributing authors are recognized leaders in the field of securities litigation.  He has also co-authored numerous publications on securities regulation, enforcement and litigation, including the lead chapter on handling parallel regulatory investigations and securities litigations for the Practising Law Institute’s book “Handling a Securities Case:  From Investigation to Trial and Everything in Between.”  Adam is also a frequent lecturer and panel participant on insider trading, SEC and government investigations, and litigation and compliance matters, for SIFMA, PLI, ALI and other leading groups. 

Adam received his J.D. from St. John’s School of Law, magna cum laude, where he was Executive Articles Editor of the Law Review. 


Carmen Lawrence is a partner in King & Spalding’s Special Matters and Government Investigations practice group.

Ms. Lawrence's practice focuses on representing parties in investigations and litigations conducted primarily by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Department of Justice, self-regulatory organizations and state securities regulators, conducting internal investigations, providing crisis management advice to public and private companies and counseling public companies and regulated entities (broker-dealers and investment advisers) on their obligations under the federal securities laws.

From 1996 until June 2000, Ms. Lawrence was the Regional Director for the SEC's Northeast Regional Office (covering 14 states and the District of Columbia), where she oversaw all enforcement and regulatory operations in the SEC's largest region.  Some of the SEC's most significant cases were brought by the Northeast Regional Office under Ms. Lawrence's leadership.

Before her appointment as regional director, from 1990 through 1995, Ms. Lawrence served as Senior Associate Regional Director, heading up the Northeast Regional Office's Enforcement Division.  From 1981 to 1989, she served in various staff and senior positions in the Enforcement Division.

Ms. Lawrence received numerous awards during her tenure at the SEC, including the Equal Employment Opportunity Award in 1998; the Presidential Distinguished Executive Award in 1995; the Stanley Sporkin Award in 1993; and the Irving M. Pollack Award, presented to an enforcement lawyer exhibiting leadership, integrity and intellect, in 1990. 

Ms. Lawrence is consistently recognized by Chambers USA: America's Leading Lawyers for Business as a leading individual for Securities Regulation and for Litigation: White-Collar Crime & Government Investigations.  She is consistently recognized by Legal 500 in Litigation: White-Collar Criminal Defense, and is additionally recognized in Financial Services: Litigation.  She is also consistently recognized by Benchmark: Litigation as a New York Litigation Star. She was named to Securities Docket’s inaugural “Enforcement 40” list of top SEC enforcement lawyers in 2013.

Ms. Lawrence has spoken extensively and participates in numerous continuing legal education programs for federal securities law matters.


David A. Rosenfeld is a partner at Robbins Geller Rudman & Dowd LLP in the firm’s Melville, NY and Manhattan offices. Mr. Rosenfeld has focused his practice of law for more than a decade in the areas of securities litigation and corporate takeover litigation. He has been appointed as lead counsel in dozens of securities fraud lawsuits and has successfully recovered hundreds of millions of dollars for defrauded shareholders.

Mr. Rosenfeld, serving as lead counsel, recently secured a settlement of $70 million in the securities class action on behalf of investors in Credit Suisse Group and was also appointed as lead counsel in the securities fraud lawsuit against First BanCorp, which provided shareholders with a $74.25 million recovery. He served as lead counsel in In re Aramark Corporation Shareholders Litigation, which resulted in a $222 million increase in consideration paid to shareholders of Aramark and a dramatic reduction to management’s voting power in connection with shareholder approval of the going-private transaction (reduced from 37% to 3.5%).

Since 2011, Mr. Rosenfeld has been named by Super Lawyers Magazine as a “Rising Star” in Securities Litigation.

Mr. Rosenfeld is actively prosecuting many cases involving widespread financial fraud, including lawsuits on behalf of victims of Bernard L. Madoff, as well as litigation concerning collateralized debt obligations and credit default swaps.

Mr. Rosenfeld often advises and lectures the Firm’s institutional investor clients on securities litigation and has been responsible for numerous significant rulings in their appointment as lead plaintiffs.

Mr. Rosenfeld regularly practices in federal and state courts throughout the United States and is admitted to practice in the state of New York, the Southern, Eastern and Western Districts of New York, the District of Colorado, the Eastern and Western Districts of Arkansas, the Eastern District of Wisconsin, and the First, Second and Third  Circuit Courts of Appeal.

Mr. Rosenfeld earned his Bachelor of Science degree in Accounting from Yeshiva University’s Sy Syms School of Business and his Juris Doctor degree from the Benjamin N. Cardozo School of Law.


John Stigi is a partner in the Business Trial Practice Group in the firm's Century City and Palo Alto offices, and co-leader of the firm's Corporate/Securities Litigation Team.

Areas of Practice

Mr. Stigi's practice focuses on securities class action and shareholder derivative action defense, SEC investigation defense, internal corporate investigations, complex contract and commercial litigation, and M&A and corporate governance litigation. He has extensive experience representing issuers, officers, directors and auditors in all areas of securities, corporate and complex commercial litigation, from the early stages before a complaint is filed through pleading motions, discovery, mediation, trial and appeal. Mr. Stigi also advises companies on disclosure and corporate governance issues, as well as directors and officers insurance matters.

Mr. Stigi’s practice is national in scope. He appears in federal and state courts throughout California, New York and Delaware, and also has appeared in courts in Arizona, Colorado, Florida, Massachusetts, Mississippi, Nevada, New Jersey, Texas and Washington. Mr. Stigi is a member of the AIG Securities Litigation Panel (class action approved).

Mr. Stigi previously practiced in Silicon Valley and New York City where he represented issuers, accountants, banks, brokerage firms, and hedge fund managers in securities, commercial, bankruptcy, employment, and real estate litigation. Mr. Stigi clerked at the  District of Columbia Court of Appeals and was an executive editor of the Virginia Journal of International Law.

Additional Offices

Silicon Valley

Practices

Litigation

        Class Action Defense

        Financial Institutions Litigation

        Securities Enforcement Securities Litigation

White Collar Defense and Corporate Investigations 

Industries  

Aerospace and Defense
Digital Media
Education
Entertainment
Financial Services
Private Equity

Education

J.D., University of Virginia, 1987

B.A., Columbia University, 1984, cum laude


Jonathan R. Tuttle is a partner in Debevoise & Plimpton LLP’s Washington, D.C. office and a member of the firm’s Litigation Department.  He regularly represents public companies, regulated financial institutions, boards of directors, audit and special committees of boards, and individual directors, officers and employees in enforcement investigations and proceedings brought by the Securities and Exchange Commission, the Department of Justice, FINRA, and the PCAOB as well as in securities class actions, shareholder derivative suits, internal corporate investigations, and a variety of other securities and finance related litigation and regulatory compliance matters.  He received his J.D. cum laude from Harvard Law School in 1992.  Mr. Tuttle is admitted to practice in Washington, D.C., Virginia and the United States District Courts for the District of Columbia and the Eastern District of Virginia.


Jonathan Youngwood is Co-Chair of the Firm’s Litigation Department and is a member of the Executive Committee. With more than two decades of experience, Jon has represented clients in a wide range of high-profile complex commercial litigation and regulatory matters, including securities, corporate control, antitrust, and ERISA disputes.

Jon was named a “Distinguished Leader” by the New York Law Journal in 2017, an award that recognizes lawyers in leadership roles who have achieved impressive results in the last year. Chambers and Partners consistently recognizes Jon as a leading securities litigator (Band 1), describing him as a “very well-respected lawyer with a tremendous reputation, and is very good in the courtroom”; “a great advocate”; “the best lawyer on his feet – he is incredibly comfortable before judges and panels”; and a “smart, focused and creative lawyer who brings the required intensity to the job.” Chambers also describes him as “a detail-oriented litigator with the ability to get to the nub of an issue” who “has extensive securities knowledge”; a “flair for written work and oral advocacy”; who “commands respect in the courtroom”; and “is highly esteemed for his distinguished securities litigation practice, with a number of major financial institutions calling upon his skills in defending class actions, derivative claims and wider disputes work.” He is recognized as a “Leading Lawyer” by The Legal 500, where market commentators describe him as “very talented”; who has a “client-oriented approach”; “technically superb, bright and articulate”; an “outstanding securities litigator”; and “smart, hardworking and extremely professional.” In 2017, he was the recipient of the “Securities Lawyer of the Year” award by Euromoney’s Benchmark Litigation, an award that recognizes the country’s most distinguished litigators; he was listed as a “Top 10 Nationwide Securities Star”; and is consistently recognized as a national and New York “Litigation Star” in Securities Litigation by Benchmark Litigation, where sources have described him as “one of the smartest lawyers I know. He not only is hardworking, but he has the ability to be both a big-picture thinker and also pay incredible attention to detail.”

He edits the Securities Law Alert, a monthly newsletter published by the Firm, is the Co-Chair of PLI’s annual program entitled “Handling a Securities Case: From Investigation to Trial and Everything in Between,” and received the Burton Award for Achievement in Legal Writing.

Among a number of significant pro bono achievements, Jon served on the Simpson Thacher team that achieved a finding (after a seven-month trial) that the New York City public schools fail to provide a constitutionally adequate education. 

Jon received his B.A. with honors from Brown University in 1990. He received his J.D. in 1994 with honors from the University of Chicago, where he served as Comments Editor of The University of Chicago Law Review. He also holds a Master of Public Policy from The University of Chicago (1992). Jon joined Simpson Thacher in 1995 following a one-year clerkship with Hon. Dennis G. Jacobs of United States Court of Appeals for the Second Circuit. He became a Partner in 2003.


Karin A. DeMasi is a partner in Cravath’s Litigation Department and serves as the Department’s Managing Partner.  She has been a litigator at Cravath for 21 years and a partner for over 13 years.  She has extensive experience representing clients in class action litigation, including a number of securities cases, most recently representing GreenSky and its officers and directors in putative class action securities litigation alleging disclosure deficiencies in connection with GreenSky’s initial public offering; First Solar in a securities class action and a related opt-out action; Juno Therapeutics in a securities class action alleging defendants failed to disclose the side effects associated with an immunotherapy drug, resulting in a stock price drop when the clinical trial was halted; Merck in multidistrict litigation, which contained numerous class actions, individual securities actions, derivative suits and ERISA class actions, all of which Karin defended for more than a decade, including in the trial court, the Third Circuit and in the U.S. Supreme Court; DreamWorks Animation in two separate securities class action lawsuits concerning the animated film Turbo and sales of the company’s Shrek 2 DVD; Tetragon Financial Group in separate putative securities class actions; and Charm Communications and a special committee of its board of directors in a securities class action concerning the company’s going-private sale.  Karin also represented an underwriting syndicate led by Credit Suisse, Merrill Lynch and Lehman Brothers in a securities class action alleging misrepresentations and omissions in connection with the initial public offering of Anchor Glass Container Corporation; Morgan Stanley in securities litigation, as well as related class action litigation, regarding alleged misrepresentations and disclosures relating to Guaranteed Investment Contracts marketed and sold by the financial services company ARM Financial Group; and Tyco International in a consolidated, multidistrict shareholder fraud class action, and related individual securities actions.  In the past 10 years, Karin has had 14 similar cases successfully resolved on motions and 24 similar cases that ultimately settled.

Ms. DeMasi was elected in 2013 to serve as a member of The American Law Institute.  She is also a member of the American Bar Association and the New York City Bar Association.  She is the author of several articles, and has spoken on several panels relating to securities and class action litigation.

Ms. DeMasi received a B.S. from Northwestern University in 1993, and a J.D. from the University of Pennsylvania in 1996, where she was Editor of the University of Pennsylvania Law Review.  After a clerkship with Hon. D. Brock Hornby of the U.S. District Court for the District of Maine, she joined Cravath in 1997 and became a partner in 2005.  Ms. DeMasi has served as the Managing Partner of the Litigation Department since September 2016.  From 2014 to 2016, she served as the Hiring Partner for the Firm’s Litigation Department.


Lori A. Martin is partner in the Securities and Litigation/Controversy departments of WilmerHale, where she is resident in the New York office. She handles regulatory proceedings and litigation on behalf of investment advisers, open and closed-end investment companies, hedge funds, and broker dealers offering investment advisory services. She was selected as the “Mutual Funds Law Lawyer of the Year” in the New York area by The Best Lawyers in America® 2014. Prior to joining WilmerHale, she was First Vice President and Assistant General Counsel of Merrill Lynch Investment Managers.

Her publications include: “Litigation Under the Investment Company Act of 1940,” Vol. 2, Chapter 26 Mutual Fund Regulation (Practicing Law Institute, 2017) (Clifford E. Kirsch, ed.); “Supreme Court Endorses Gartenberg, But It's Not the Same Old Standard,” WilmerHale Client Alert (April 5, 2010) (with Matthew A. Chambers); “Enforcement Trends and Themes,” Investment Management Institute (Practicing Law Institute, 2007-2012); “State Regulators and the Mutual Fund Industry,” 39 The Review o/Securities & Commodities Regulation 219 (Nov. 15, 2006) (with Cristina Alger); and “Emails and the Recordkeeping Obligations of Investment Advisers,” 12 The Investment Lawyer 16 (February 2005).

Ms. Martin's recent speeches include: “Excessive Fee Litigation, Contract Renewal and Share Class Developments,” panel presentation at the PLI Basics of Mutual Funds and Other Registered Investment Companies 2018 conference (New York, New York) (May 14, 2018); “Investment Management:  Enforcement and Litigation Trends,” panel presentation at the PLI Investment Management Institute 2018 conference (New York, New York) (April 30, 2018); “Key Legal and Regulatory Issues:  Asset Management,” panel presentation at the SIFMA Compliance & Legal Regional Seminar (Boston, Massachusetts) (June 7, 2017); and “Valuation Issues, SEC Examinations & Enforcement Actions,” panel presentation on a webinar co-sponsored by Deloitte & WilmerHale (June 19, 2013).

Ms. Martin graduated with honors from the University of Chicago School of Law in 1988, where she was a member of the University of Chicago Law Review. She graduated with honors from Wellesley College in 1985.


Lyle Roberts is a partner in the firm’s Litigation practice.  Lyle represents companies, officers and directors in securities cases and Securities and Exchange Commission (SEC) enforcement matters throughout the United States.  He also conducts corporate internal investigations and counsels clients with respect to securities regulatory issues.  Lyle represented Mark Cuban in obtaining a complete victory against the SEC in Cuban’s closely watched insider trading case.  Lyle also has obtained dismissals with prejudice on behalf of CenturyLink, ChannelAdvisor and Alcobra in recent securities class actions brought against those companies. He currently represents a number of prominent companies – including Northrop Grumman – in the defense of private securities litigation.

Recognized as a leading securities litigator by Chambers USA and The Legal 500, among others, Lyle is the publisher of the well-known blog, The 10b-5 Daily, which tracks key developments in securities litigation.  He also is co-chairman of the annual Practicing Law Institute securities litigation program.  Lyle frequently submits amicus briefs in prominent securities litigation cases on behalf of clients, including recent briefs in the U.S. Supreme Court on behalf of the Washington Legal Foundation in the Halliburton, ANZ Securities, and Leidos cases and SIMFA and the Chamber of Commerce of the United States of America in the Matrixx case.


Michael L. Kichline is a Co-Leader of Dechert’s global securities and corporate governance litigation practice. His twenty-five years of experience span a diverse range of complex, high-stakes matters, including securities class actions, derivative suits, M&A disputes, ERISA, consumer class actions, business torts, contract disputes, legal malpractice defense and appellate matters.

An elected Fellow of the Litigation Counsel of America, Mr. Kichline is consistently ranked as a leading securities litigator in The Best Lawyers in America, The Legal 500 US (2007-2015) and Chambers USA (2007-2015), which notes his “excellent work” and "intellectual prowess" as a "top flight litigator" who is "smart, thoughtful and good in the courtroom." He has “earned plaudits for his securities class action and derivative litigation practice” and is widely viewed as “rapidly making a name for himself.” Mr. Kichline has been approved by all of the major D&O carriers and is on the AIG panel list. He appears in federal and state courts throughout the country and handles matters in specialized business courts, such as the Delaware Chancery Court, Philadelphia Court of Common Pleas Commerce Program and the Allegheny County Court of Common Pleas Commercial Division.

Significant Representations

Securities Class Actions. The defense of class actions alleging securities violations for clients in a wide range of industries, including GlaxoSmithKline (pharma); Constar International (packaging); PMA Corporation (insurance/reinsurance); Select Medical (specialty hospitals); OSI Pharmaceuticals (bio-pharma); Advanta Corporation (credit cards); The Bancorp (banking); and Ocean Power Technologies (renewable energy).

Derivative Actions. The defense of actions alleging breaches of fiduciary duty and alleged corporate governance violations, including the defense of the board of directors of Education Management Corp., a publicly-traded for-profit education company, on allegations of failure of corporate oversight; winning the dismissal of an action against Cephalon Corporation and its board of directors alleging Caremark violations based on allegations of off-label sales and marketing of pharmaceutical products; and the defense of the board of MWI Veterinary in a derivative action alleging violations of a stock compensation plan.

Corporate Governance. The defense of matters challenging the governance of corporations and other business entities, including the representation of the majority owners of the Philadelphia Inquirer in a battle over control of the business (involving two injunction trials) and the defense of Erie Insurance Company on multi-hundred million dollar claims by the Erie Insurance Exchange in state, federal and administrative proceedings.

M&A Litigation. The litigation of disputes arising in all phases of M&A transactions, including disputed auctions, proxy contests and claims by disappointed suitors and disgruntled shareholders seeking to enjoin transactions. Representations include the defense of proxy claims and breach of fiduciary duty claims in Nationwide’s $800 million acquisition of Harleysville Insurance (injunction trial); First Niagara Corporation’s $300 million acquisition of Harleysville Financial Corporation; the defense of the special committee in Insignia Financial Service’s $420 million sale to CB Richard Ellis; the defense of Select Medical in its $2.3 billion “going private” transaction; the defense of private equity purchasers in Vertrue’s $800 million “going private” transaction; and the defense of Elsag Bailey in multi-district/multi-state tortious interference litigation arising out of its takeover of Fischer & Porter Company. Mr. Kichline has also litigated numerous post-closing disputes, including the successful trial of claims for Teleflex arising out of the acquisition of a business from Danaher Corp. and the prosecution of fraud and RICO claims for the Riverside Company arising out of an acquisition.

Catastrophic Business Failure. The defense of actions brought by parties in control of bankrupt or defunct entities, including the defense of JPMorgan and Bear Stearns in an action by the Chapter 7 Trustee of American Business Financial Services, a failed sub-prime lender, alleging fraud and seeking more than $1 billion in alleged damages; the defense of the officers and directors of Genaera, a defunct pharmaceutical company, on claims alleging breach of fiduciary duty and seeking $1 billion in alleged damages; and the defense of directors and officers of Advanta Bank on massive claims brought by the FDIC.

Lender Liability. The defense of financial institutions in lender liability matters, including the defense of RBS/Citizens in an action brought by a real estate developer alleging breach of alleged financing commitments and fraud and alleging hundreds of millions of dollars in damages.

Legal Malpractice. The defense of lawyers and law firms, including the defense of Hon. Louis Freeh on defamation claims asserted by the former President of Penn State University; the defense of a major law firm on claims alleging failure to properly document a loan and security agreement; the defense of a law firm on malicious prosecution claims arising from the Luzerne County juvenile justice scandal; the defense of a major law firm on alleged conflict claims by a prominent labor leader; and the defense of a law firm on claims by Jackson National Life Insurance seeking hundreds of millions of dollars in damages for malpractice and aiding and abetting fraud, breaches of fiduciary duty and usurpation of a corporate opportunity.

Consumer Class Actions. The defense of consumer class actions alleging common law claims and/or violations of consumer statutes, including the defense of Signal Holdings, the largest provider of cell phone insurance, in a nationwide consumer fraud class action; Conectiv Energy in class action litigation arising out of its exit from the Pennsylvania energy market; Rent-A-Center in class actions alleging RICO violations; and Information Leasing Corporation, a national ATM leasing business, in a nationwide class action alleging fraud and consumer protection violations.

Complex Commercial Litigation. The representation of plaintiffs and defendants in complex commercial disputes, including the representation of Crown Holdings on contract claims against Level 3 Communications; Navistar on claims by and against Caterpillar; Air Products and Chemicals on claims by and against Lyondell Chemical; MetLife in contract and tortious interference litigation brought by a start-up business; and Elsag Bailey in massive contract litigation with the City of Detroit.

Appellate Advocacy. The briefing and argument of numerous appeals in the Pennsylvania state and federal appellate courts, including, most recently, oral argument in Freeh v. Spanier (stay of criminal proceedings) in the Pennsylvania Superior Court and oral argument in Skolas v. Schmidt (statute of limitations on fiduciary duty claims) in the Third Circuit Court of Appeals. Mr. Kichline is often retained by leading industry groups to represent their interests in major appeals before the Pennsylvania Supreme Court, including the representation of the Marcellus Shale Coalition in Butler v. Powers (interpretation of mineral rights in natural gas leases), the Pennsylvania Business Council and Pennsylvania Chamber of Business and Industry in Grimes v. Enterprise Car Rental (requirement of reliance under the PA Unfair Trade Practices and Consumer Protection Law), and a consortium of more than a dozen prominent Pennsylvania law firms in Kirschner v. K&L Gates, LLP (scope of representation of counsel to a special committee of a board of directors).

Speaking and Writing

Mr. Kichline is a frequent speaker and presenter on legal topics and served on the faculty for PLI’s “Securities Litigation 2015:  From Investigation to Trial.”  He has also presented on corporate governance topics to the National Association of Corporate Directors and presented “The Perfect Storm:  The Convergence of Criminal and Civil Litigation” to the Greater Philadelphia Chapter of the Association of Corporate Counsel.  He also serves on the Advisory Board for Ohlbaum on the Pennsylvania Rules of Evidence.

Civil Justice Reform Efforts

Mr. Kichline is active in efforts to curtail predatory and abusive litigation. He often represents the Washington Legal Foundation in advocacy before appellate courts. Mr. Kichline has authored or co-authored amicus briefs in support of the defense in several securities-related cases before the United States Supreme Court: Dura Pharmaceuticals (loss causation); Tellabs (scienter); and Merck (statute of limitations). He also co-authored briefs in United States v. Nacchio (materiality) in the U.S. Court of Appeals for the Tenth Circuit, and United States v. Pacific Gas & Electric (environmental crime) in U.S. Court of Appeals for the Ninth Circuit.

Pro Bono Trial Work

Mr. Kichline is often appointed by the U.S. District Court for the Eastern District of Pennsylvania to try cases on a pro bono basis, including Capers v. Kraynak (trial verdict for a prisoner alleging constitutional violations) and Hatchett v. Ayers (trial verdict for prisoner alleging constitutional violations).  He has also been appointed to serve as a Special Prosecutor by the District Attorney of Chester County and in that role has tried several criminal cases to jury verdict.

Education

Temple University, B.A., 1988, magna cum laude
Temple University Beasley School of Law, J.D., 1991, magna cum laude, member of the Moot Court Honor Society

Court Admissions

Supreme Court of Pennsylvania
Supreme Court of New Jersey
Supreme Court of the United States
United States Court of Appeals for the Third Circuit
United States District Court for the Eastern District of Pennsylvania

Memberships

National Association of Corporate Directors
ABA Section of Litigation
Business Litigation Committee of the Philadelphia Bar Association (former Chair)
Philadelphia Bar Foundation
Supreme Court Historical Society
Eastern District of Pennsylvania Historical Society
Pennsylvanians for Modern Courts
Pennsylvania Business Council


Paul Gluckow is a Partner in Simpson Thacher’s Litigation Department. His practice focuses on securities litigation—including class and derivative actions, disputes in connection with mergers and acquisitions, and government and internal investigations—as well as antitrust litigation, defense of law firms in legal malpractice and related matters, and other complex commercial litigation matters.  He is recognized by The Legal 500 in Securities: Shareholder Litigation, Financial Services Litigation, Commercial Litigation, and M&A Litigation, where clients have described him as “very responsive and client-friendly.” He is also recognized by Euromoney’s Benchmark Litigation.

Paul regularly represents financial institutions, corporations, and individuals in high-profile securities and shareholder litigations, and other related matters, including government and internal investigations. He also has substantial experience in litigation arising out of corporate acquisitions and other transactions. Paul is active in antitrust and competition matters, litigating on behalf of both plaintiffs and defendants, including cases alleging monopolization, price-fixing, and other restraints of trade.

Paul is an editor of the Firm’s Securities Law Alert, a monthly newsletter that reports on developments in securities litigation and related areas.

Paul is very active in pro bono. Among other things, since 2007 he has supervised the Firm’s work with co-counsel The Legal Aid Society in the Immigration Removal Defense Project, through which the Firm and Legal Aid have represented numerous clients in removal/deportation cases in Immigration Court.

Paul joined Simpson Thacher in 1996. He received his J.D. summa cum laude from Seton Hall University School of Law in 1994, where he was also Editor-in-Chief of the Seton Hall Law Review. He received his M. Phil. with highest distinction in 1992 from the University of Glasgow and his B.A., magna cum laude, from the University of Notre Dame in 1988. In 1994–95, Paul served as a law clerk to the Hon. William G. Bassler of the U.S. District Court for the District of New Jersey, and in 1995–1996 he clerked for the Hon. Samuel A. Alito, Jr., of the U.S. Court of Appeals for the Third Circuit.


Sandra M. Hanna represents public companies, boards of directors, senior officers, broker-dealers, investment advisers and other companies and individuals in civil, criminal and regulatory matters, including investigations by the Securities and Exchange Commission, Department of Justice, FINRA, SIGTARP and various other state and federal agencies.  Her recent representative matters include cases concerning public company financial reporting and disclosure, the Foreign Corrupt Practices Act, and insider trading.  Ms. Hanna has significant experience counseling broker-dealers and hedge funds in connection with regulatory and compliance issues, and has successfully guided clients through extensive examinations by the SEC and FINRA.  Ms. Hanna also maintains an active civil litigation practice in securities class action and related commercial matters.

Ms. Hanna is recognized as a nationwide leader in securities enforcement matters in the 2014 and 2015 editions of Chambers USA: America’s Leading Lawyers for Business and was recognized as a leading attorney in the area of Securities Regulation in the 2016 edition of The Best Lawyers in America®.  She has authored articles on securities enforcement matters and is a regular speaker at industry conferences.  Ms. Hanna serves as the Co-Chair of the DC Bar Committee on Broker-Dealer Regulation and SEC Enforcement.

Prior to co-founding the firm, Ms. Hanna worked at Willkie Farr & Gallagher LLP, Foley & Lardner LLP and Morrison Foerster. During law school, Ms. Hanna participated in the Summer Honors Program at the Securities and Exchange Commission, in the Division of Enforcement.  Prior to attending law school and business school, she ran an entertainment company, where she managed the professional and business careers of a number of Grammy Award-winning artists.

Ms. Hanna graduated from the United Nations International School in New York City, and from Tufts University (B.A. Sociology, 1993).  She received a law degree and her MBA from Georgetown University in 2001.She is active in the Georgetown MBA Alumni Advisory Counsel, several charitable organizations and also devotes time to pro bono activities.


Dr. Conroy is a Managing Director and Chair of NERA's Securities and Finance Practice. He specializes in the economic analysis of securities and finance issues. His work at NERA has included expert testimony and consulting involving securities fraud, mutual and hedge fund issues, exchange-traded fund disclosure and trading, securities lending, broker-dealer-related disputes, derivatives, swaps, and ERISA matters. He has also provided opinions on damages in bribery cases under the Foreign Corrupt Practices Act. Dr. Conroy has testified in US federal and state court, and has appeared at mediations and arbitrations.

Prior to joining NERA, Dr. Conroy was an economist at the US Securities and Exchange Commission (SEC) and developed new products for FolioInvesting, an online brokerage firm. While at the SEC, he conducted research on electronic communications networks, foreign securities, IPOs and underwriting, mutual funds, securities fraud, Social Security, broker/customer disputes, and market microstructure trading issues. While at FolioInvesting, he designed initial content and functionality, and developed new products relating to performance, tax-efficient trading, and margin.

Dr. Conroy has provided analysis for a variety of securities cases including United States v. Blankenship, Veleron Holding BV v. BNP Paribas SA, Securities and Exchange Commission v. Cuban, and U.S. v. Alcoa World Alumina LLC.


Layn R. Phillips, founder of Phillips ADR Enterprises (PADRE), is both a former United States Attorney and a former United States District Judge.

Judge Phillips joined the United States Attorney’s office in Los Angeles in 1980 as an Assistant United States Attorney, serving as a federal prosecutor in the Central District of California for four years. During the Reagan administration, he returned to his home state of Oklahoma, where, at age 31, he was nominated to serve as a United States Attorney.

At age 34, he again was nominated by President Reagan to serve as a United States District Judge in Oklahoma City. During his four years on the bench, he presided over more than 140 federal trials in Oklahoma, New Mexico, and Texas. He also sat by designation on the United States Court of Appeals for the Tenth Circuit in Denver, Colorado, where he participated in numerous panel decisions and published multiple opinions.

For his years of commitment to public service, in 1989 he was named as one of the 10 Outstanding Young Americans by the U.S. Junior Chamber of Commerce. In 1991, he resigned from the federal bench and joined Irell & Manella, where for 23 years he specialized in complex civil litigation, internal investigations, and alternative dispute resolution. As a result of his trial work, in 1997 Judge Phillips was elected into the American College of Trial Lawyers. He has the dual honor of being named by LawDragon in 2006 as one of the “Leading Judges in America” and as one of the “Leading Litigation Attorneys in America.”

Judge Phillips received both his B.S. and J.D. from the University of Tulsa. He also completed two years of an LLM program at Georgetown University Law Center in the field of antitrust and economic regulation of industry.

Judge Phillips has also been inducted into the University of Tulsa Athletic Hall of Fame. He was a four-year letter winner in tennis, serving as the captain of the men’s varsity team and winning the NCAA Missouri Valley Conference Championship at #1 singles. Judge Phillips has a passion for travel and has visited every continent. He currently resides in Laguna Beach, California, with his wife Kathryn. He has three grown children Amanda, Parker and Graham and a granddaughter, Stella.


One of the leaders of BLB&G’s esteemed Corporate Governance litigation practice, Mr. Wales prosecutes a variety of derivative, class, and private litigation arising from breaches of fiduciary duty and other misconduct by boards of directors and senior executives at public companies.

An experienced trial attorney who has recovered billions of dollars on behalf of his institutional investor clients, Mr. Wales has litigated both cutting-edge governance issues impacting shareholders as well as major securities fraud class actions. 

Some of his recent prosecutions include the In re 21st Century Fox Derivative Action, an unprecedented shareholder derivative litigation against Fox News parent 21st Century Fox, Inc. arising from the systemic sexual and workplace harassment at the embattled network, which resulted in a $90 million recovery and the creation of the first-ever board-level watchdog council of experts expected to serve as a model for public companies in all industries; as well as In re Sorrento Therapeutics, Inc. Derivative Litigation, in which his team challenged an alleged scheme to grant large amounts of options and warrants in subsidiaries of the Company to the Board of Directors and executives of the Company, without shareholder approval. The Sorrento litigation resulted in the cancellation of all options and warrants in the subsidiaries issued to the Defendants, with all stock from the exercise of the options and warrants being returned to Sorrento, and the new governance procedures being established to prevent future such self-dealing.

Examples of Mr. Wales’ major securities litigation recoveries include a recovery of $1.06 billion in In re Merck & Co., Inc. Securities Litigation, and a $730 million recovery in In re Citigroup Inc. Bond Litigation.

Mr. Wales is rated AV, the highest rating possible from Martindale-Hubbell, and has been regularly recognized by Legal 500 as a top practitioner, and by Thomson Reuters as a New York Super Lawyer for his work in securities litigation. A former Assistant United States Attorney for the Southern District of New York, Mr. Wales has tried numerous cases both as a prosecutor and in private practice, and is a frequent speaker on corporate governance and securities fraud matters. 


With more than 25 years of experience, Jonathan Gardner leads one of the litigation teams at the Firm and prosecutes complex securities fraud cases on behalf of institutional investors. He has played an integral role in securing some of the largest class action recoveries against corporate offenders since the global financial crisis. Jonathan also serves as Chair of Litigation for the Firm.

Benchmark Litigation "Star" acknowledged by his peers as "engaged and strategic," Jonathan was also named an MVP by Law360 for securing hard-earned successes in high-stakes litigation and complex global matters. Recently, he led the Firm's team in the investigation and prosecution of In re Barrick Gold Securities Litigation, which resulted in a $140 million recovery. Jonathan also has served as the lead attorney in several cases resulting in significant recoveries for injured class members, including: In re Hewlett-Packard Company Securities Litigation, resulting in a $57 million recovery; Medoff v. CVS Caremark Corporation, resulting in a $48 million recovery; In re Nu Skin Enterprises, Inc., Securities Litigation, resulting in a $47 million recovery; In re Carter's Inc. Securities Litigation, resulting in a $23.3 million recovery against Carter's and certain of its officers as well as PricewaterhouseCoopers, its auditing firm; In re Aeropostale Inc. Securities Litigation, resulting in a $15 million recovery; In re Lender Processing Services Inc., involving claims of fraudulent mortgage processing which resulted in a $13.1 million recovery; and In re K-12, Inc. Securities Litigation, resulting in a $6.75 million recovery.

Recommended and described by The Legal 500 as having the "ability to master the nuances of securities class actions," Jonathan has led the Firm's representation of investors in many recent high-profile cases including Rubin v. MF Global Ltd., which involved allegations of material misstatements and omissions in a Registration Statement and Prospectus issued in connection with MF Global's IPO, and the case resulted in a recovery of $90 million for investors. Jonathan also represented the lead plaintiff in In re Lehman Brothers Equity/Debt Securities Litigation, which resulted in settlements exceeding $600 million against Lehman Brothers' former officers and directors, Lehman's former public accounting firm as well the banks that underwrote Lehman Brothers' offerings. In representing the lead plaintiff in an action against Deutsche Bank, Jonathan secured a $32.5 million recovery for a class of investors injured by the bank's conduct in connection with certain residential mortgage-backed securities.

Jonathan has also been responsible for prosecuting several of the Firm's options backdating cases, including In re Monster Worldwide, Inc. Securities Litigation ($47.5 million settlement); In re SafeNet, Inc. Securities Litigation ($25 million settlement); In re Semtech Securities Litigation ($20 million settlement); and In re MRV Communications, Inc. Securities Litigation ($10 million settlement). He also was instrumental in In re Mercury Interactive Corp. Securities Litigation, which settled for $117.5 million, one of the largest settlements or judgments in a securities fraud litigation based on options backdating. Jonathan also represented the Successor Liquidating Trustee of Lipper Convertibles, a convertible bond hedge fund, in actions against the fund's former independent auditor and a member of the fund's general partner as well as numerous former limited partners who received excess distributions. He successfully recovered over $5.2 million for the Successor Liquidating Trustee from the limited partners and $29.9 million from the former auditor.

He is a member of the Federal Bar Council, New York State Bar Association, and the Association of the Bar of the City of New York. He graduated from American University and earned his J.D. from St. John’s University Law School.

 


With over twenty years of experience, Felipe J. Arroyo has successfully litigated high-profile shareholder derivative cases and securities fraud class actions against top executives of publicly-traded companies who participated in misconduct that includes stock option backdating, the global subprime meltdown, insider trading, misappropriation, and making materially false or misleading statements. The litigation teams led by Mr. Arroyo have recovered hundreds of millions of dollars for companies and shareholders—including some of the largest monetary recoveries in the history of shareholder litigation.

Prior to joining Robbins Arroyo LLP in 2006, Mr. Arroyo practiced complex commercial litigation for over a decade with a top tier international law firm headquartered in Los Angeles, where he represented a diverse client base of Fortune 500 companies in varied industries. He also served as general counsel to a fitness company where he prosecuted a global patent infringement litigation campaign, and practiced complex commercial litigation and securities fraud at the Washington DC offices of a global New York-based firm.

Mr. Arroyo frequently speaks on shareholder litigation and corporate governance topics to investor and legal communities. He is the Co-Chair of the Class Actions & Derivative Suits Subcommittee of the American Bar Association Section of Litigation, Securities Litigation Committee, and a former member of the Board of Governors of the Business Trial Lawyers of San Diego. While in Los Angeles, he directed a Trial Advocacy Prosecution Program, supervising, training, and advising attorneys on trial strategy and practice while they litigated misdemeanor jury trials pro bono for a municipal client. Mr. Arroyo earned his Juris Doctor from Yale Law School in 1992, where he served as a senior editor of Yale Law Journal and a director of Yale Moot Court of Appeals. He earned his Bachelor’s in Economics from the University of California, Los Angeles, where he was a member of the A.S.U.C.L.A Finance Committee.


C. Evan Stewart's practice focuses principally on the financial services industry, where he handles litigation matters for domestic and international clients before federal and state trial and appellate courts, in arbitration forums, as well as before the Judicial Panel on Multidistrict Litigation and the U.S. Supreme Court. He advises clients on a range of complex commercial matters, including antitrust, bankruptcy, class action defense, ethics, intellectual property, internal investigations, securities litigation, and tax controversies.

Mr. Stewart was featured by the New York Law Journal in the "Top Trials of 2005" for his successful representation of Theodore Sihpol, the first person in U.S. history to be criminally charged for "late trading" mutual funds. More recently, Mr. Stewart successfully represented Gary Prince against the U.S. Securities and Exchange Commission. In May of 2013, after a three week bench trial in federal court, the judge dismissed all six charges of securities fraud against Mr. Prince.

Mr. Stewart previously served twelve years as Executive Vice President and General Counsel for The Nikko Securities Co. International Inc., and as a director of Nikko Financial Services Inc. Additionally, Mr. Stewart served as First Vice President, Associate General Counsel, and Head of Litigation at E.F. Hutton & Company Inc.  Since 2003, Mr. Stewart has been tasked by Goldman, Sachs & Co. to, among other things, oversee and litigate all of the disputes arising out of the company's Private Wealth Management Division.

Recognized as a Super Lawyer for Securities Litigation since 2009, Mr. Stewart has also been hailed as a "Local Litigation Star" by Benchmark Litigation since 2010. In 2016, Mr. Stewart received the Sanford D. Levy Award from the New York State Bar Association's Ethics Committee for having "significantly contributed to an understanding of professional ethics by the publication of an article, commentary or a series of articles or commentaries on the subject." In 2008, he received the Modaq Content Award for writing the most popular article in the United States. Since 1980, Mr. Stewart has been AV(R) Peer Review Rated by Martindale-Hubbell.

Mr. Stewart is a visiting professor at Cornell University and an adjunct law professor at Fordham Law School. He has been a regularly contributing columnist for the New York Law Journal since 1990, the New York Business Journal since 2006, and has published approximately 300 articles on diverse legal subjects.  He is also frequently featured in the national media and regularly speaks across the country on securities professional responsibility and complex litigation issues.


Amanda T. Perez received her J.D. from Yale Law School in 1998. After graduating from law school, Ms. Perez clerked for the Honorable Joseph Irenas in the United States District Court for the District of New Jersey.  Ms. Perez spent nine years practicing law at the New York office of Simpson Thacher & Bartlett LLP, and subsequently joined Schering-Plough Corporation (now Merck &  Co., Inc.) as a Senior Legal Director Ms. Perez is currently a Senior Corporate Counsel for Pfizer Inc. in New York City and is part of the civil litigation group. Ms. Perez is responsible for a diverse portfolio of litigations for Pfizer, including securities litigation, mass tort, product liability, consumer fraud and general commercial matters.