Securities Enforcement and Regulation

Defending your plans, protecting your business

Companies and individuals rarely face regulatory and criminal securities investigations in silos. Challenges are often accompanied by pending or threatened class action and derivative litigation, the need to satisfy outside auditors, and the importance of maximizing insurance coverage or indemnity for the cost of the investigation and defense.

Securities enforcement actions can include allegations of inadequate disclosure practices, insider trading, Foreign Corrupt Practices Act (FCPA) violations, and misstatements regarding the use of artificial intelligence and ESG initiatives. Our team of former SEC enforcement lawyers – including trial counsel and senior counsel from the SEC’s Division of Enforcement – and former Assistant US Attorneys brings deep insight into agency priorities and processes.

An integrated approach to enforcement and compliance

Our Securities Enforcement and Regulation team delivers more than defense. We help clients anticipate emerging risks and implement governance practices that reduce exposure. We advise on best practices in corporate governance, disclosure controls, and internal investigations, helping ensure alignment with global regulatory expectations.

Our coordinated approach includes early risk assessment and resolution strategies, collaboration with civil litigation and corporate governance teams, guidance on insurance coverage and indemnity strategies, and support for auditor and board communications during investigations.

• Represented Cognizant in its internal investigation and resulting government investigation focused on whether certain substantial payments in connection with the company’s India operations violated the FCPA and other applicable laws. Our work resulted in a declination of prosecution letter from DOJ and resolution of the SEC matter on a no-admit/no-deny basis for approximately $28 million.


• Represented Plug Power in an SEC investigation related to the company’s announcement regarding its intent to restate certain prior period financials. Settled with the SEC for books and records and internal control violations and a penalty of $1.25 million.


• Represented a clinical stage life sciences company in an SEC investigation concerning potential fraud related to material revenue recognition and a resulting restatement. Matter settled with no action taken and SEC issued a close-out letter.


• Represented a Chinese food and beverage company in an internal investigation into whistleblower complaints against senior executives concerning alleged self-dealing and retaliation that arose during discussions regarding resolution with the SEC and DOJ related to disclosure of revenue-inflation fraud, in contest of ongoing liquidation and restructuring. DOJ and SEC took no action related to the investigation and settled original revenue recognition issue with SEC on very favorable terms and persuaded DOJ to take no action.


• Represented a public company accounting firm in connection with various SEC and criminal investigations and trials involving stock-option backdating


• Represented multiple former officers of Workhorse Group in an SEC investigation related to alleged false statements about the likelihood of being awarded a contract to design and manufacture a new vehicle for the USPS, revenue recognition, and the status of certifications for new electric delivery vans. The investigation concluded with the staff not recommending an enforcement action against anybody.


• Obtained SEC termination letter after two-year investigation for a publicly traded healthcare company following a restatement and allegations of false and misleading statements in its public filings.


• Representing an investment advisor in an SEC investigation of investor disclosures relating to US trade sanctions placed on certain Russian investors in the fund. We also advised the client regarding 5th amendment implications of SEC request for testimony in context of parallel DOJ investigation.