DLA Piper is a leader in securities litigation defense. We represent public corporations, individual officers and directors of corporations, underwriters, accounting firms, and investment advisers in every area of securities litigation. Our practice is national, but we have a substantial presence in the busiest jurisdictions for privately litigated securities claims, including Silicon Valley and New York.
When securities litigation arises in the context of a broader corporate crisis, we work closely with our white collar and securities enforcement teams to assist clients in related civil and criminal investigations, enforcement proceedings, congressional inquiries and criminal trials.
SECURITIES CLASS ACTIONS
In the litigation of securities fraud claims under the Securities Exchange Act of 1934 and claims for violations of the Securities Act of 1933 in connection with
public offerings, we have an outstanding track record in obtaining dismissal at
the pleadings stage before the costs and intrusions of discovery.
We have defended cases resulting in landmark decisions, including the first
reported defense win under the Private Securities Litigation Reform Act of
1995, Zeid v. Kimberley (Firefox), 930 F.Supp. 431 (N.D. Cal. 1996), and the first
reported appellate decision affirming the dismissal of an accounting fraud case
under that statute, In re The Vantive Corporation Securities Litigation, 283 F.3d
1079 (9th Cir. 2002).
In addition to defending claims of securities fraud, our securities litigators have
had extensive experience and success in defending non-fraud based securities
claims registration statements in public and private offerings, where scienter
is not an element of the claim. In Krim v. pcOrder.com, Inc., 402 F.3d 489 (5th
Cir. 2005), we obtained a groundbreaking decision strictly limiting the potential
claimants who can pursue a class claim under section 11 of the Securities Act of
1933 that has been followed in jurisdictions around the nation.
In cases that have not been dismissed, our trial lawyers have the experience and
creativity necessary to resolve these matters to our clients' satisfaction, whether
by obtaining summary judgment, by defeating a motion for class certification, or
by trying the matter to verdict.
STOCKHOLDER DERIVATIVE AND CORPORATE GOVERNANCE CLAIMS
We regularly defend stockholder
derivative lawsuits and actions
asserting claims of breach of fiduciary
duty against corporations, limited
liability companies, partnerships, and
their directors, officers and managers.
Lawyers in our office in Wilmington,
Delaware regularly defend these
actions in the Delaware courts making
us one of the few international
firms that can provide such onestop
representation in this important
jurisdiction. Beyond Delaware,
however, we have corporate
governance litigators with deep knowledge of the corporate laws of other US
jurisdictions under which large
numbers of businesses are organized,
including California, Maryland,
Massachusetts and New York.
We advise boards of directors on the
complex issues they must address
when a derivative claim is asserted.
We help directors understand whether
a stockholder derivative claim is a
corporate asset that should be pursued
or a strike suit that represents a
potential drain on corporate assets and
Our experience in stockholder
derivative litigation also enables us to
coordinate the defense of derivative
claims asserted in conjunction with
claims of alleged securities fraud.
Securities litigation often is
accompanied by investigations and
enforcement proceedings brought by
the SEC, the Department of Justice
or self-regulatory organizations.
We regularly assist our clients in
formal and informal government
proceedings, internal investigations
and congressional and grand jury
proceedings. We apply our experience
and judgment to determine whether
such actions call for a cooperative
approach or a more aggressive
strategy. When litigation is necessary
and advisable, we have the experience
to get results.
We staff multi-faceted matters with
experienced lawyers, including
securities class action professionals,
former federal prosecutors and former
enforcement staff from the SEC.
Our experience enables us to guide
clients through each phase of a matter
as regulatory proceedings evolve
into civil litigation. Our cohesive,
integrated teams ensure that clients are
defended on many fronts consistantly