Fraud-on-the-Market Theory: Significant Issues and Updates for 2014 and Beyond

John Schreiber, a litigation partner in Winston & Strawn’s New York and Los Angeles offices, was recently identified by Law360 as a “Rising Star” in the area of securities litigation. In addition to the defense of federal securities class actions, his practice areas focus on M&A-related litigation, corporate governance matters, class and derivative actions and insurance litigation. He has first-chair trial experience and has represented firm clients in a variety of industries, including commercial and investment banking, private equity, insurance, renewable energy, biotech, health care, pharmaceuticals, infrastructure and sports and entertainment.

Dr. Jordan Milev is a Vice President in NERA's Securities and Finance Practice. He has testified in both federal and state cases and consulted in a number of matters involving SEC and DOJ investigations, securities class action litigations, private-party disputes, and international arbitrations. He has opined on the materiality of disclosures and conducted event study analyses of price impact in numerous matters. He has analyzed market efficiency, including economic evidence regarding the applicability of the fraud-on-the-market presumption, in many complex securities class actions involving issuers in the US and cross-border litigations relating to issuers in Canada, China, Germany, India, Switzerland, and The Netherlands.

Deborah Renner chairs BakerHostetler's class action practice in New York. Deborah focuses her practice on complex commercial litigation, including the defense of consumer fraud, data breach, ERISA, and securities class actions. She defends companies in nationwide, multidistrict and state class actions.  Deborah has defeated class certification in courts around the country and has won the dismissal of class claims at the outset of numerous actions. She frequently advises companies on class action defense and regulatory inquiries. Among Deborah’s areas of knowledge and experience, she is certified in information privacy.  Deborah frequently speaks and writes on class action defense issues and strategies, and has taught class action law at Fordham University School of Law.

Michelle Reed is a partner in the litigation department of Akin Gump Strauss Hauer & Feld LLP, where she represents public companies, officers and directors in securities class actions, derivative lawsuits, M&A litigation, and adversary proceedings in federal and state court. Ms. Reed has successfully defeated class certification in proposed securities class actions and regularly defends allegations of accounting and financial fraud, insider trading, investment fund / advisor fraud, and FCPA violations.  Ms. Reed also represents companies and company insiders in internal investigations and in enforcement actions by the SEC, FINRA, and the CFTC.

Ms. Reed has been recognized as a “Rising Star” in securities litigation by Texas Monthly and she currently serves as co-chair of the Derivative Suits Subcommittee of the American Bar Association’s Class Actions and Derivative Suits Committee.

Mike McConnell has extensive complex litigation experience regarding many types of business disputes, with special emphasis on securities litigation and corporate governance matters. The matters litigated include securities fraud class actions, investigations and inquiries by the Securities and Exchange Commission, derivative cases, proxy fraud litigation, and other matters that are often ancillary to shareholder litigation, including shareholder inspection actions, disputes under shareholder voting agreements, internal corporate investigations, and other special committee matters.

Mike's recent representations include defending WL Ross & Co. and certain current and former officers and directors of International Textile Group (ITG) in class and derivative shareholder litigation arising from the merger of ITG and Safety Components International; defending Attachmate Corporation in connection with shareholder litigation filed in Delaware and Massachusetts challenging its acquisition of Novell Corporation; defending officers and directors of Georgia Gulf Corporation in shareholder litigation filed in Georgia challenging the board's rejection of a merger proposal by a third-party bidder; defending former officers and directors of Security Bank of Bibb County in an action filed by the FDIC; and defending members of a Special Committee of BlueLinx Holdings in connection with shareholder litigation filed in Delaware, Georgia, and New York challenging a tender offer proposed by private equity investor.

Mike is a member a member of the board of directors of the March of Dimes (Georgia Chapter; chairman, 2012), the Midtown Atlanta Rotary Club (president, 2013-2014), and the Leadership Atlanta Class of 2007.