Deborah R. Meshulam chairs DLA Piper’s Securities Enforcement practice. Based in Washington, DC, she has more than two decades of securities enforcement experience trying the full range of cases arising from allegations of securities law violations and related breaches of fiduciary duty and advising on securities law, Foreign Corrupt Practices Act, regulatory and corporate governance issues.

Ms. Meshulam provides defense in SEC enforcement matters; securities class actions and derivative lawsuits; financial, accounting, and corporate disputes; and FINRA (formerly NASD) and Exchange proceedings. She also represents clients in rulemaking proceedings and in SEC inquiries from the Divisions of Corporate Finance and Trading and Markets, the Office of Chief Accountant and the Office of Compliance Inspections and Examinations.

She regularly conducts internal investigations on behalf of public companies or their audit committees, often relating to FCPA questions, accounting issues, alleged securities law violations and employee misconduct. She also regularly advises clients on securities law compliance and litigation avoidance. She has written on securities law issues for legal publications and is a frequent speaker at professional programs on securities-related issues.

Ms. Meshulam's securities practice includes counseling on a wide range of corporate governance and regulatory matters, including financial reporting and disclosure issues, design and implementation of compliance programs under the securities laws and the FCPA as well as issues faced by brokers/dealers, investment advisers and other regulated entities.

Before coming to DLA Piper, Ms. Meshulam served as Assistant Chief Litigation Counsel of the SEC’s Enforcement Division, a senior-level position. As lead trial counsel, she prosecuted a number of securities enforcement cases, involving complex financial fraud, accounting, market manipulation, insider trading, sales practice fraud, and public offering fraud and disclosure issues. She also helped develop securities enforcement policy in conjunction with other agency divisions.

Ms. Meshulam represents corporations and individuals in all stages of federal and state civil proceedings, as well as in internal corporate investigations, legislative proceedings, compliance examinations, securities enforcement proceedings and other regulatory inquiries. She has tried cases in the federal and state courts in a number of jurisdictions. She has also represented clients before FINRA in arbitrations and securities enforcement matters, including administrative appeals and delisting hearings.

She has been named a Washington, DC Super Lawyer.

Sample Representations

• Representation of a public defense industry company in DOJ/SEC investigations of possible FCPA issues
• Representation of a global manufacturing company in connection with FCPA compliance issues
• Representation of global technology company conducting investigation of possible FCPA issues, including presentation to SEC/DOJ
• Representation of senior corporate officer in SEC financial fraud investigation
• Representation of senior corporate officer in SEC insider trading investigation
• Representation of foreign nationals in SEC market manipulation investigation
• Representations of several public companies, audit committees, and individuals in DOJ and SEC enforcement investigations of option grant practices, and in related private securities fraud class actions and derivative lawsuits
• Representation of audit committees of two public companies conducting independent investigation into possible option issues. Cases closed with no SEC enforcement action
• Compliance review of finite reinsurance transactions on behalf of a multinational financial services company. No securities enforcement issues
• Representation of a charitable organization in connection with SEC/FINRA/NYSE rulemaking proceedings related to travel and entertainment rules for regulated entities and persons
• Representation of a senior corporate officer in a Freddie Mac SEC enforcement investigation and related shareholder derivative action and ERISA class action alleging breach of fiduciary duty. Favorable resolution of all matters
• Representation of corporation in securities class actions and shareholder derivative class actions arising from restatement of financial statements. All cases dismissed
• Representation of a foreign private issuer before the Division of Corporate Finance in connection with a public reporting inquiry. Successfully resolved with no securities enforcement action
• Ongoing representation of government (at request of the SEC) as Receiver locating and collecting assets of an individual who committed securities fraud
• Representation of eight public companies in NASDAQ delisting hearings and subsequent appeals. All received extensions and currently remain listed
• Ongoing representation of the former CEO of the UK subsidiary of a US company in an SEC enforcement investigation relating earnings restatement
• Representation of WorldCom/MCI Inc. in private securities class actions, DOJ investigation and state securities enforcement investigations, and select bankruptcy proceedings arising from 2002 earnings restatement. The client successfully emerged from bankruptcy with no prosecution and elimination of class action liability
• Representation of a foreign private issuer before the Division of Corporate Finance in securities enforcement inquiry into disclosure of accounting errors and restatement. Resolved with no action
• Defense of Ken Lay before Congress and in SEC enforcement investigation
• Defense of corporate directors and corporation in a shareholder class action alleging breach of fiduciary duty and challenging fairness of a self tender offer. After winning partial summary judgment, negotiated a favorable settlement
• Representation of former corporate controller in an SEC accounting fraud investigation. Case closed with no securities enforcement action against client
• Representation of an accounting firm under investigation by SEC for improper professional conduct in violation of SEC rules of practice and for alleged participation in corporate fraud. Persuaded SEC to drop the case against the accounting firm
• Internal investigation of alleged improper revenue recognition practices. Persuaded the independent auditor that revenue was properly recognized
• Internal investigation of alleged earnings management responding to an SEC enforcement inquiry. Persuaded SEC not to pursue investigation
• Internal investigation of alleged improper destruction of documents during an SEC investigation. Successfully persuaded SEC that no improprieties occurred
• Representation of public company in an SEC accounting practice investigation. Successfully persuaded SEC that client’s accounting practices were proper
• Representation of financial services provider in SEC enforcement investigation regarding alleged improper sales practices, inadequate reporting, and inadequate recordkeeping. Successfully persuaded SEC that client’s revised procedures (designed by Ms. Meshulam) resolved any issues. SEC closed the matter with no action
• Defense of a financial services provider in a case alleging employee misconduct and improper sales practices. Conducted internal investigation into employee conduct. Case settled with no payments by or liability of the client
• Representation of a public company in SEC earnings management investigation. Conducted an internal investigation and successfully persuaded SEC to close the matter with no action
• Representation of several public companies developing Sarbanes-Oxley compliance programs and procedures
• Successful representation of reclamation and trade creditors in In Re Fleming Companies, Inc., pending in the United States Bankruptcy Court for the District of Delaware. Preserved value of claims, enabling clients to negotiate more favorable treatment in the reorganization plan
• Representation of a parent and subsidiary sued for $76 million in a fraud and breach of contract case involving acquisition and development of technology. Obtained the parent company’s dismissal from the case; won summary judgment in favor of the subsidiary
• Representation of a public company in SEC inquiry into auditor independence. Successfully concluded the matter with no action by SEC
• Representation of a corporate officer under securities enforcement investigation for possible violation of disclosure requirements under the securities laws. Successfully concluded the matter with no action by SEC against the client
• Representation of an investment company officer and director under securities enforcement investigation for possible violations of the Investment Company Act. Successfully concluded the matter with no action by SEC
• Representation of an individual under securities enforcement investigation for possible insider trading. Successfully concluded the matter with no action by SEC
• Representation of foreign broker-dealers regarding extra-territorial application of US securities laws and NASD (now FINRA) regulations
• Representation of public companies responding to inquiries from SEC and Philadelphia Stock Exchange concerning unusual trading activity. No securities enforcement action brought
• Representation of nonprofit corporation directors sued by association members for fraud and breach of fiduciary duty. After defeating a motion for preliminary injunction, won dismissal of the case with prejudice
• Representation of a foreign telecommunications company alleging securities fraud by seller in purchase of a US telecommunications company subsidiary. Conducted internal investigation into the scope of the alleged accounting fraud. The client received a substantial reduction in the purchase price of the securities