Securities Class Actions: Trends & Developments in 2017 & Beyond
Securities class actions litigation continues at record levels due, in part, to continued enforcement activity of the U.S. Securities and Exchange Commission (SEC). With the U.S. Supreme Court having ruled or about to rule on several important issues to securities law practitioners, this webinar will explore such issues as the availability of §10(b) fraud claims based on disclosure requirements relating to known trends, uncertainties, and risks under Items 303 and 503 of SEC Reg. S-K, statutory standing to assert Section 11 claims against issuers and underwriters in 1933 Act cases, whether state courts continue to enjoy concurrent subject matter jurisdiction under the 1933 Act in light of SLUSA, the use of “confidential witnesses” in securities litigation, application of the “superiority” requirement of Rule 23 at the class certification stage, and attempts to circumvent Morrison’s bar on foreign-based claims, among other issues.
In this LIVE Webcast, a panel of distinguished professionals and thought leaders brought together by The Knowledge Group will help counsel and companies understand the evolving backdrop of securities class actions. They will also provide an in-depth discussion of the recent litigation trends and developments and will offer tips on best risk mitigation practices.
Key topics include:
- High Securities Class Actions – Contributory Factors
- Opportunities and Pitfalls
- Notable Cases
- Best Risk Mitigation Practices
Mary Eaton, Partner
Willkie Farr & Gallagher LLP
- Removal of 1933 Act cases, including the Supreme Court’s recent decision in Cyan and FireEye to take certiorari to address whether SLUSA abolished state court subject matter jurisdiction over 1933 Act class actions;
- “Confidential witness” allegations, including increasing judicial skepticism about such allegations and defense strategies available in 1933 Act cases as well as 1934 Act cases;
Inez Friedman-Boyce, Partner
- The disclosure requirements relating to known trends, uncertainties, and risks in Items 303 and 503 of SEC Reg. S-K, including increasing assertion of Item 303/503 claims by the plaintiffs’ bar and the Supreme Court’s decision in Leidos to address whether an Item 303 violation can trigger a §10(b) fraud claim;
- Statutory standing to assert Section 11 claims against issuers and underwriters in 1933 Act cases, including the potentially significant impact of the First Circuit’s recent, watershed decision in ARIAD Pharmaceuticals;
- Tolling of the 1933 Act’s three-year statute of repose, including the Supreme Court’s recent decision in CalPERS v. ANZ.
Alexander Reus, Managing Partner
- Recent Second Circuit ruling applying the “superiority” requirement of Rule 23 of the Federal Rules of Civil Procedure at the class certification stage, requiring foreign plaintiffs to prove that the courts in their home jurisdiction(s) would recognize a U.S. class action judgment (in order for the class action procedure to be a superior method of resolving disputes). Application of this ruling to foreign subsidiaries and affiliates of U.S. entities.
- Tolling agreements in securities cases (to confirm whether Inez will also discuss).
- Failed attempts to circumvent the Morrison decision, including by bringing state claims or foreign law claims. Issue of SLUSA limits in these cases.
- Overall effect of Morrison and Vivendi and the growth of non-US cases.
Matthew Aharonian, Senior Associate
The Brattle Group
- Recall Basic: Market Efficiency and Presumed Reliance
- Halliburton II Also Created New Potential for Defense….
- Economic Evidence of “Lack of Price Impact”?
- But Rebutting the Presumption This Way has Proven Challenging for Defense
- Increased Technical Scrutiny Has Also Raised Issues for Plaintiffs
- Asymmetric Nature of Classical Event Study is a Challenge for Affirmative Evidence of Price Impact
- Consequences for Recent Decisions
- Low Power Concerns Have Also Surfaced
- Low Power Concerns in Litigation Event Study
- Multiple Comparisons in Establishing Efficiency / Price Impact of Multiple Disclosures
Who Should Attend:
- Securities Lawyers
- Financial Fraud Practicing Lawyers
- Senior Financial Management
- Compliance Officers
- Legal Counsel
- Finance Lawyers
- Financial Crime Attorneys & Consultants
- White Collar Attorneys
- Securities Litigation Attorneys
- Corporate Attorneys
- Litigation Officers
- Corporate Executives
- Public and Private Companies
Inez Friedman-Boyce, a Securities Litigation + White Collar Defense partner at Goodwin Procter LLP, has spent over two decades defending securities class action and shareholder litigation matters against financial institutions and publicly-traded and privately-held operating companies. Ms. Friedman-Boyce also has significant experience in litigating, arbitrating, and mediating securities and shareholder-related matters, and she has represented numerous clients in investigatory proceedings brought by the SEC, FINRA, and other agencies. Her clients include banks, mutual funds, hedge funds, venture capital firms, computer hardware and software manufacturers, pharmaceutical, biotechnology and life sciences companies, and other high technology companies.
Her practice is national in scope, and she has represented U.S. and foreign-based issuers, directors and officers in securities matters across the country. In addition to defending shareholder litigation matters, Ms. Friedman-Boyce advises companies on how to minimize securities liability, and how best to manage such exposure when it arises. Ms. Friedman-Boyce also writes and speaks nationally to the legal and business communities on securities and shareholder litigation, risk management, and corporate governance matters.
Inez Friedman-Boyce, a Securities Litigation + White Collar Defense partner at Goodwin Procter LLP, has spent over two decades defending …
Mary Eaton is a partner in Willkie's Litigation Department and Chair of the firm's Business and Corporate Litigation Practice Group. Mary has extensive experience in complex commercial litigation, with a focus on shareholder litigation (including securities class actions and shareholder derivative claims) and other complex business disputes. Mary has represented corporate issuers, underwriters, registered investment companies, registered investment advisors, private equity companies, officers, directors, trustees and executives in a wide variety of disputes in federal and state courts across the country. In addition to her substantial trial experience, Mary regularly counsels clients on corporate governance matters and litigation avoidance.
Mary Eaton is a partner in Willkie's Litigation Department and Chair of the firm's Business and Corporate Litigation Practice Group. …
Alexander Reus, Managing Partner at DRRT, has over 20 years of experience in international litigation and alternative dispute resolution in the area of investor protection and loss recovery. He advises and represents some of the world’s largest institutional investors in U.S. and international shareholder compensation litigation, involving class actions, group actions, derivate action, appraisal actions in merger or take-over situations. He is one of the global leaders and pioneers in shareholder rights, protection, compensation and corporate governance matters as well as funding global loss recovery efforts in non-traditional non-class action jurisdictions.
Alexander has been and continues to be involved in the largest non-U.S. securities litigation cases against companies such as Royal Bank of Scotland in England, Volkswagen in Germany, Vivendi in France, Toshiba in Japan and has successfully negotiated settlements with Olympus in Japan (JYP 11 billion) and Fortis in the Netherlands (€1.2 billion).
Alexander is a Board Certified International Lawyer (Florida Bar) with German and U.S. law degrees. He is licensed to practice law New York, Florida, and the District of Columbia, as well as in England and Wales as a solicitor, and in Germany as a European attorney. A frequent international lecturer on international legal matters, he also serves on numerous boards of directors and committees. Alexander is a native German speaker, speaks fluent English and has conversational knowledge of Portuguese, French, and Spanish.
Alexander Reus, Managing Partner at DRRT, has over 20 years of experience in international litigation and alternative dispute resolution in …
Dr. Aharonian has extensive consulting and research experience with financial issues involving securities pricing, business valuation, risk management, capital markets, and corporate finance. During his tenure at Brattle, he has led teams providing economic analysis in high profile domestic and international disputes stemming from the financial crisis, in complex tax transactions on behalf of both taxpayers and the government, and has supported settlement negotiations and testimony in securities class actions and other commercial litigations.
In Canada, he has supported testimony before provincial and federal regulators, including co-authoring a report for the Canadian Transportation Agency on cost of capital methodology in 2010. More recently, Dr. Aharonian has provided expert testimony on damages and irreparable harm in U.S. Superior and Circuit Courts.
Dr. Aharonian has extensive consulting and research experience with financial issues involving securities pricing, business valuation, risk management, capital markets, …
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Method of Presentation:
Experience in securities law
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Willkie Farr & Gallagher LLP is an elite international law firm of approximately 700 lawyers located in nine offices in six countries: New York, Washington, Houston, Paris, London, Frankfurt, Brussels, Milan and Rome. For more than 125 years, the firm has represented companies and individuals worldwide across a wide spectrum of businesses and industries, most notably financial services. The firm is comprised of attorneys who are individually and as a group recognized as some of the world’s foremost practitioners in their respective areas of concentration. Willkie’s collaborative approach is entrepreneurially inspired and client focused, delivering practical solutions for business-critical transactions and bet-the-company litigation.
DRRT is an international law firm and market leader in the client-oriented global loss recovery industry. DRRT focuses on the recovery of losses resulting from misstatements, misrepresentations or fraud by public companies and engages in securities litigation, arbitration and other alternative dispute resolution methods around the world.
DRRT’s team of multinational attorneys and financial analysts has been pioneering global shareholder protection, specifically investor loss recovery and corporate governance improvements. DRRT is known for exploring new jurisdictions and developing creative approaches to obtain what matters most to DRRT’s clients: fair compensation for investment losses stemming from a company’s violations of disclosure obligations and transparency rules, as well as corporate governance improvements to protect assets in the future.
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Group plc, Ageas S.A./N.V. (f/k/a Fortis S.A./N.V.) Enron Corporation, Sky Deutschland AG/Premiere AG, Hypo Real Estate Holding AG, Bank of America Corporation, Olympus Corporation, Merck & Co., Inc., Vivendi S.A., Royal Ahold, N.V., Royal Dutch Shell plc, AOL Time Warner, Inc., General Motors Corporation, Lehman Brothers Holdings, Inc., Bernard L. Madoff Investment Securities LLC, Petroleo Brasileiro S.A., Volkswagen AG and Toshiba Corporation.
DRRT’s institutional claims filing team offers first-in-class service and state-of-the-art technical setup to recover the maximum amount possible for its clients. With offices in Miami, Frankfurt, London and Paris, DRRT’s multilingual team is uniquely equipped to service institutional investors around the world. Asset and investment managers, mutual fund companies, insurance and reinsurance companies, sovereign wealth funds and other institutional investors with collective assets under management of over $11 trillion have entrusted DRRT with the monitoring, claims filing and handling of international securities litigations.
About The Brattle Group
The Brattle Group provides consulting and expert testimony in economics, finance, and regulation to corporations, law firms, and governments around the world. We are distinguished by our credibility and the clarity of our insights, which arise from the stature of our experts, affiliations with leading international academics and industry specialists, and thoughtful, timely, and transparent work. Our clients value our commitment to providing clear, independent results that withstand critical review. We advise clients and provide expert testimony in a range of matters involving alleged violations of federal securities laws. Our experience includes work in class actions, derivatives, executive compensation, stock options, asset-backed securities, ERISA actions, breach of fiduciary duty, valuation, and bankruptcy. Our expertise is grounded in a thorough understanding of finance and economic theory, accounting, financial products, capital markets, regulation, and industry custom and practice.