Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Client News
Goldman Sachs Wins Supreme Court Appeal in Securities Class Action
Paul, Weiss won an 8-1 victory at the U.S. Supreme Court representing the Goldman Sachs Group and former executives in a case that may have significant implications for plaintiffs’ ability to achieve class certification in putative securities class actions.
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SDNY Dismisses Securities Claims Against Canaan IPO Underwriters
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Paul, Weiss won the dismissal of securities fraud claims brought against our clients, underwriters of an IPO by China-based company Canaan Inc., which manufactures computer hardware used for mining Bitcoin.
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Supreme Court Holds That Courts Must Consider “All Evidence” Relevant to Price Impact in Securities-Fraud Class Actions
The Supreme Court recently held that courts must consider the generic nature of alleged misstatements when determining whether those statements affected a stock’s price—and thus whether a presumption of class-wide reliance on those statements is warranted.
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Carnival Wins Dismissal of Securities Class Action
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Paul, Weiss achieved a significant victory for Carnival Corp. & plc, the world’s largest cruise operator, and Carnival’s CEO, Arnold Donald, when the U.S. District Court for the Southern District of Florida granted a motion to dismiss a securities class action complaint alleging that defendants had defrauded investors in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.
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Shutterfly Wins Appeal Affirming Dismissal of Securities Class Action
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Paul, Weiss achieved a victory for Shutterfly, Inc. when the U.S. Court of Appeals for the Third Circuit unanimously affirmed dismissal of a securities lawsuit against Shutterfly and certain of its officers and directors challenging statements in a proxy statement issued in connection with the 2019 acquisition of Shutterfly by funds managed by Apollo Global Management.
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Morgan Stanley Wins Dismissal of Class Action Concerning U.S. Treasury Securities Trading
Paul, Weiss achieved a major victory for Morgan Stanley when District Judge Paul G. Gardephe of the Southern District of New York dismissed a class action against several financial institutions that participate in the auction and trading of securities issued by the U.S. Treasury.
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Paul, Weiss Receives Benchmark Litigation’s “Impact Case Award”
Paul, Weiss was recognized with a 2021 “Impact Case Award” by Benchmark Litigation as part of its annual U.S. awards program.
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Underwriters of Venator’s IPO Win Dismissal of Securities Claims
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Paul, Weiss secured the dismissal of Securities Act claims against our clients, underwriters of an IPO by UK-based pigment maker Venator Materials PLC, when the New York Supreme Court dismissed a putative class action as time-barred.
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Teladoc Secures Magistrate’s Recommendation of Dismissal of Derivative Action
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In a decision likely spelling the end of the case, a magistrate judge recommended that a shareholder derivative action against 17 current or former directors and officers of Teladoc Health, Inc. be dismissed with prejudice. Paul, Weiss is defending the Teladoc defendants in the case.
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Update: Mitigating Securities Litigation Risks Related to the Coronavirus
As an update to our earlier alert, “Mitigating Securities Litigation Risks Related to the Coronavirus,” we look at key takeaways from the first two securities fraud class action filings related to COVID-19 disclosures and outline additional steps companies can take to mitigate the risks associated with COVID-19-linked shareholder litigation.
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SEC Charges Company with COVID-19-Related Securities Fraud, Reaffirming its Focus on Public Statements and Disclosures Relating to COVID-19
The SEC recently brought its first enforcement action arising out of the COVID-19 pandemic. The action reaffirms the Commission’s laser focus on companies’ statements concerning, and responses to, the pandemic.
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Federal District Court Determines That Pharmaceutical Company Has No Standalone Obligation to Disclose Interim FDA Feedback on Form 483
A federal district court dismissed a putative securities class action lawsuit against Nabriva Therapeutics and several of its officers alleging that the company had fraudulently misled investors about its prospects for getting FDA approval for its new drug, CONTEPO.
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Paul, Weiss Wins Dismissal of Securities Class Action Against Ericsson
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Paul, Weiss secured the dismissal of a putative securities class action brought against our clients Telefonaktiebolaget LM Ericsson and various Ericsson executives relating to Ericsson’s accounting for various long-term service contracts.
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Paul, Weiss Wins Dismissal of Securities Claims Against CBS Lead Independent Director Arising From Former CEO’s Alleged Sexual Misconduct
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Paul, Weiss secured a major victory for Bruce Gordon, the former lead independent director of the board of CBS Corporation, in a putative securities class action arising from former CEO and Chairman Leslie Moonves’ and others’ sexual misconduct.
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Mitigating Securities Litigation Risks Related to the Coronavirus
The spread of coronavirus has disrupted global businesses and triggered severe U.S. stock market declines. These events raise the risk that shareholders will convert these stock drops into litigation. We address the securities litigation risks and suggest steps companies may decide to take to mitigate these risks.
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