Securities Litigation

Securities Litigation

WilmerHale has defended clients in hundreds of class, derivative, shareholder and individual actions alleging securities fraud, breach of fiduciary duty and other corporate misconduct.

Key Contacts

Meet Our Team

Areas of Focus

Expand All Collapse All

Experience

  • GLOBAL RESOLUTION OF CLASS ACTIONS; STATE AG AND REGULATORY INVESTIGATIONS

    Successfully mediating—on behalf of a leading custody bank and foreign exchange market maker—a resolution to misrepresentation, contract, statutory and fiduciary duty claims brought by a putative class of custody customers related to alleged overcharging for foreign exchange transactions, as well as related False Claims Act claims brought by multiple state attorneys general. The lawsuits were brought amid investigations by the Department of Justice, the SEC, and the Department of Labor, as well as shareholder derivative litigation. After consolidating the putative class actions and securing the partial dismissal of the putative class complaint, our team mediated a resolution to the putative class’s claims as part of a global resolution with all of the state AGs and federal regulators.
  • DISMISSAL OF FRAUD CLASS ACTION CONCERNING FDA STUDY

    Successfully arguing for the dismissal of a class action in federal district court alleging that a biotech company deceived investors by omitting to disclose material information related to communications with the FDA on the timing of a study of a new biomaterials device. When the plaintiff appealed the decision to the First Circuit, we also argued the successful appeal.
  • TRIAL VICTORY AGAINST THE SEC

    Defending two former mortgage brokers in a lawsuit filed by the SEC accusing the officials of obscuring the company’s worsening financial condition during the collapse of the housing bubble that fueled the 2008 financial crisis. In federal district court, WilmerHale persuaded the jury to clear its clients, two executives, of half of the 10 charges. After the jury deadlocked on the remaining charges, the SEC dismissed the claims with prejudice on the eve of retrial.
  • REPRESENTATION OF SPECIAL COMMITTEE

    Representing 11 current and former independent directors of a major retailer in connection with shareholder derivative suits and demand letters arising out of a data breach and alleging breach of duty claims. Our clients include officers of major companies and financial institutions who comprise a Special Litigation Committee of the Board of Directors created to investigate and decide the claims and demands.
  • HIGH-STAKES LITIGATION FOR ENERGY YIELDCO

    Representing a renewable energy company in large-scale multidistrict litigation brought by shareholders in the wake of a historic downturn in the energy markets and the demise of its corporate parent. These events spawned the filing of more than a dozen bet-the-company securities and shareholder derivative litigation filings against our client and related defendants across the United States, now coordinated in a single MDL proceeding.
  • DISTRICT COURT VICTORY FOR FORMER CFO

    Winning a total defense verdict in favor of a former CFO of a government information service provider in federal district court after the SEC brought a civil enforcement action alleging securities fraud, violations of the Securities Exchange Act’s books and records and internal controls provisions, and aiding and abetting the company’s securities law violations.
  • MULTIDISTRICT LITIGATION: LIBOR

    Representing an international bank in more than 50 multidistrict class and individual actions concerning allegations of improper setting of the London Inter-Bank Offered Rate (LIBOR).
  • SEC DISMISSAL OF FRAUD CHARGES AGAINST STATE AG

    Persuading a federal judge to dismiss fraud charges brought by the SEC against a state attorney general for allegedly introducing potential investors to a technology company without disclosing that he would receive commission on investment dollars. WilmerHale obtained total dismissal with prejudice of all claims at the motion to dismiss stage.
  • DISMISSAL OF ALL CLAIMS IN SHAREHOLDER CLASS ACTION

    Securing the dismissal of all claims a class action lawsuit in which shareholders alleged securities fraud following a drop in the share price of a pharmaceutical company after its announcement of disappointing results in a Phase 3 clinical trial. The most significant portion of the ruling involved the court’s rejection of the plaintiffs’ insider trading argument.
  • SEC DISMISSAL OF CLAIMS IN ADMINISTRATIVE ACTION

    Persuading the SEC chief administrative law judge to dismiss all claims against a former financial services executive, including claims for alleged misstatements and omissions, scheme liability, and aiding and abetting in order to mislead investors. Following a three-week trial, the judge rejected the SEC’s legal theories, and even declared that the company itself did not engage in any violative conduct.
  • ALTERNATIVE ENERGY CLASS ACTIONS

    Representing renewable energy companies in the defense of a more than a dozen securities class actions and shareholder derivative cases brought in state and federal courts around the country.

Recognition

  • Award Text

    Litigation Department of the Year Finalist

    The American Lawyer

    2018

  • Award Text

     Nationwide Ranking for Securities: Litigation

    Chambers USA

    2018 

  • Award Text

      Metropolitan Tier 1 Firm
    for Litigation: Securities
    (Boston and Washington DC)

    U.S. News - Best Lawyers® “Best Law Firms” List

    2017, 2019 

  • Chambers USA: America’s Leading Lawyers for Business – Consistently recognizes WilmerHale in the category of Securities: Litigation. The 2018 guide notes our “impressive track record in cases involving issues such as allegations of insider trading, breaches of fiduciary duty and corporate misconduct.”
  • The Legal 500 United States – Consistently recognizes the firm in the area of securities litigation—defense. The 2017 guide recommended ten members of our Securities Litigation Practice, while the 2016 guide called us “best in class,” with “extraordinary service.”
  • The American Lawyer (2018) referred to our “series of high-profile wins against the SEC” in its coverage of the firm’s finalist honors in the 2018 Litigation Department of the Year competition.
  • LMG Life Sciences (2016) named WilmerHale one of the nation’s leading life sciences firms, recommending our team for Non-IP Litigation & Enforcement.

Insights & News