EXPERIENCE

Significant representations of corporations and boards of directors in securities litigation, including:

• AEA Investors in a class action filed by shareholders in Evoqua Water Technologies, alleging that AEA, as a private equity investor in Evoqua, is liable under the Exchange Act and Securities Act for Evoqua’s alleged misstatements and engaged in insider trading when it sold shares of Evoqua;
• AIG, in a shareholder lawsuit concerning allegations of accounting fraud and bid rigging;
• Alexion Pharmaceuticals, the country’s then-largest orphan drug company, in a federal derivative action and a class action alleging misrepresentations and omissions about Soliris—a drug used to treat certain rare blood disorders;
• Amazon.com, Inc. and various executives and employees in the dismissal of a class actions filed by Amazon shareholders alleging that defendants made false and misleading statements or omissions regarding Amazon’s private-label business practices, including the use of third party seller data, and the capacity of Amazon’s fulfillment network;
• AR Global Investments, LLC, and current and former top executives, in the dismissal of shareholder lawsuits, affirmed on appeal, in New York state and federal courts challenging statements in the proxy issued in the 2017 merger of two AR Global-sponsored REITs, American Finance Trust (AFIN) and Retail Centers of America;
• Bank of America, in litigations by shareholders, the SEC, and the New York Attorney General arising out of its $50 billion merger with Merrill Lynch;
• Bank of New York Mellon in the dismissal of a high-stakes investor class action filed in the wake of a pyramid scheme involving purported cryptocurrency OneCoin;
• Biogen Inc., and certain current and former executives, in the dismissal of a class action alleging that Biogen made false and misleading statements about its Alzheimer’s drug aducanumab during the FDA approval process;
• Carnival plc and certain Carnival officers in the dismissal of a shareholder derivative suit alleging that Carnival’s board failed to prevent U.S. environmental law violations committed by Princess Cruise Lines;
• The Citco Group of Companies in litigation filed by investors in hedge funds that collapsed during the credit crisis;
• Citigroup in multiple matters, including:
  • Regulatory investigations and civil litigations relating to the sales and marketing of the ASTA/MAT and Falcon hedge funds;
  • Class action litigation filed by investors in the CSO hedge fund, concerning its disclosures to investors following a significant debt transaction;
  • A series of FINRA arbitrations and federal and state court actions by issuers of auction rate securities alleging that Citigroup had failed to disclose the risks of these products in advance of the market collapse in 2008; and
  • Defense of securities fraud class actions against Citigroup and Jack Grubman relating to research coverage of the telecommunications industry, including WorldCom;
• Goldman Sachs in its victory at the U.S. Supreme Court in a securities class action involving the standard for disproving price impact in connection with class certification in a securities class action;
• GOL Linhas Aereas Inteligentes SA, a Brazilian airline, in the dismissal of a securities class action alleging the Company misstated the adequacy of its internal controls and ability to continue as a going concern;
• HCP, Inc., a REIT invested primarily in real estate serving the healthcare industry, in the dismissal of a securities class action and derivative litigation alleging that HCP and its current and/or former directors failed to make sufficient disclosures about the company’s financial condition and portfolio;
• The outside directors of JPMorgan Chase in the dismissal of:
  • a shareholder derivative lawsuit stemming from the bank’s 2020 resolutions with various regulators over various financial “spoofing” trading violations; and
  • a shareholder derivative lawsuit alleging our clients breached their fiduciary duties in connection with the bank’s prior relationship with former client Jeffrey Epstein;
• PayPal Holdings, Inc., and several of its directors and executives, in the dismissal of a securities class action alleging that PayPal and certain officers made misrepresentations and omissions about the Company’s regulatory compliance;
• Steven A. Cohen and SAC Capital (now Point72 Asset Management), in civil and regulatory matters alleging insider trading, including class action litigation filed by a class of contemporaneous traders alleging insider trading in the securities of Elan and Wyeth;
• Portola Pharmaceuticals and certain of its officers and directors, in a securities class action alleging the company made misrepresentations by improperly recognizing revenue for its lead drug, Andexxa;
• Restaurant Brands International (RBI), 3G Capital, and certain of their executives and board members in the dismissal on appeal of a ’33 Act securities class action in New York state court alleging that the company misrepresented and/or failed to disclose that several Tim Hortons initiatives were not having a positive impact on sales in the quarter of the offerings.  The New York Supreme Court Appellate Division directed the Supreme Court to enter judgment dismissing the complaint after unanimously reversing the order denying RBI’s motion to dismiss;
• Riskified, Ltd., and its officers and directors in the dismissal, with prejudice, of a securities class action in New York federal court based on purported omissions and misleading statements issued in connection with Riskified’s July 2021 IPO.;
• Santa Barbara Hospitality, a Curacao hotel owner, in obtaining a victory at arbitration in a dispute with Hyatt concerning the hotel’s management;
• Sealed Air Corporation, a Fortune 500 packaging company, in class action litigation filed by shareholders alleging misstatements about potential liabilities related to its acquisition of the W.R. Grace packaging business;
• Snap, Inc., and several of its directors and executives, in the dismissal of a securities class action and ongoing defense of related shareholder derivative actions concerning Snap’s preparation for Apple’s rollout of new privacy changes;
• Teladoc Health in the dismissal of:
  • a class action and derivative claims filed by shareholders alleging that the company misstated its policies governing workplace conduct following a #MeToo scandal, which led to the resignation of a senior executive;
  • a securities class action in New York state court alleging that the registration statement and prospectus issued in connection with Teladoc’s merger with Livongo Health contained material misstatements and omissions about Teladoc’s potential membership growth after the merger; and
  • a securities class action in New York federal court alleging that Teladoc made materially false and misleading statements concerning the integration process following its merger with Livongo Health;
• Vanda Pharmaceuticals in a class action and derivative litigation filed by shareholders alleging that Vanda made misstatements concerning its risk disclosures for the company’s drugs and its off-label sales practices; and
• Vertiv Holdings Co., and its directors and officers, in a securities class action alleging false and misleading projections, which were revealed to be false when it failed to meet its guidance due to supply chain issues and inflation.

Representations of various senior executives defending fraud claims, including:

• Carlos Ghosn, the former chairman of Nissan Motor Company, in a class action filed by shareholders alleging that executives misstated the value of their compensation;
• Nicholas Schorsch, the founder and former CEO of American Realty Capital Properties (ARCP), in class action and individual securities fraud cases and derivative litigations concerning ARCP’s accounting restatement; and
• Chip Wilson, the founder and former CEO of Canadian athletic-wear manufacturer lululemon athletica, in securities fraud class action and derivative litigation concerning disclosures of product recalls.

Representations of numerous syndicates of underwriters, in Securities Act class actions arising from public offerings of debt and equity, including:

• 37 underwriters, led by Citigroup, Goldman Sachs, Morgan Stanley and Barclays, in the successful dismissal by a Michigan state court of Securities Act claims arising from the initial public offering of Ally Financial;
• the underwriters, led by Citigroup, Carnegie AS and China Internal Capital Corporation, in securing the dismissal of a class action suit arising from the initial public offering of Norwegian software company Opera Limited in 2018;
• 14 underwriters, led by Citigroup, Goldman Sachs, JPMorgan and Bank of America/Merrill Lynch, in the defense of Securities Act claims arising from the initial and secondary offerings of Venator Materials PLC in Texas state court; and
• 16 underwriters, led by Citigroup, Credit Suisse, and Goldman Sachs, in the defense of Securities Act claims arising from the initial public offering of the oil drilling company Jagged Peak in Colorado state court.

Audra is also active in pro bono work and the community. She co-chairs the firm’s Public Matters Committee and oversees our Community Outreach Program, “Paul, Weiss Cares.” She devotes hundreds of hours each year to pro bono work, and has secured important victories in particular for organizations and families involved in the New York City child welfare system. Audra also serves on the Board of Directors of The Legal Aid Society and the City Bar Fund.