Cravath, Swaine & Moore LLP in New York is known for ‘subject matter expertise, professionalism and extraordinary service’, and clients describe the practice as ‘professional, expert, and highly respectful of process, people and the law’. Co-heads of the litigation department Gary Bornstein and Kevin Orsini are key members of the securities litigation practice, which is highly regarded for the work of its standout partners Daniel Slifkin, Antony Ryan and Karin DeMasi. ‘Their knowledge of the law and securities litigation specifically is unmatched’, remarks one client. The firm’s presence in new and emerging areas of the market is shown by the work of Orsini and Ryan in the defense of Robinhood Markets in high-profile “meme stock” litigation, in which it has won the dismissal of two of three tranches of claims brought against the company. Ryan and Rachel Skaistis are representing Qualcomm in a shareholder class action securities suit in California, and Bornstein is working with Ryan in the defense of Deutsche Telekom in putative class action and derivative litigation. Emerging partner talents Lauren Rosenberg, who worked with Ryan and Orsini in the class action defense of Dfinity USA Research, and Lauren Moskowitz are key members of the practice.

Gibson, Dunn & Crutcher LLP’s securities litigation and SEC enforcement practice groups have a strong track record in defending high-stakes cases for large corporations, among them Marriott and HP. Brian Lutz in San Francisco is one of the lead partners, and he continues to be involved in some of the most high-profile cases in the market. A prime example is his work for Meta Platforms, formerly Facebook, in one of the biggest securities cases of all time. It arose from news in March 2018 that Cambridge Analytica had misappropriated Meta user data and then lied to Meta about deleting that data, leading plaintiffs are seeking billions of dollars in damages. The firm has secured three motions to dismiss, though derivative litigation is ongoing. Monica Loseman in Denver and Craig Varnen in Los Angeles are the other practice co-heads. Loseman is defending ViewRay, Inc., in a case that alleges the company made misleading statements or omissions relating to its reported backlog. Varnen is defending First American Financial Corp. in investor lawsuits that were filed in the wake of a data security incident. The case was ultimately dismissed.

At Kirkland & Ellis LLP, ‘the depth and breadth of knowledge and experience is exceptional’. Clients remark that the firm is ‘highly strategic and tactical, achieving excellent and practical outcomes’. The team is led by Sandra Goldstein in New York and Mark Filip in Chicago. Goldstein is among the most successful securities litigators in the country, and she is currently handling more than twelve 10b-5 stock drop and derivative suits, as well as a substantial volume of M&A-related cases. The firm’s New York office is home to outstanding talent, including Stefan Atkinson who has been particularly prominent in the wave of SPAC-related cases. Atkinson and Goldstein achieved a major victory for Textron Inc., which was accused of deceiving the market about the growth and earnings prospects of Arctic Cat, a recreational vehicle business that it had acquired. The case settled favourably in 2022. Rachel Fritzler handles a broad range of matters for Fortune 500 companies, including antitrust and securities cases. She worked with Goldstein on numerous cases, among the defense of Honeywell International in a multibillion-dollar securities class action concerning the company’s asbestos-related liabilities. Matthew Solum is ‘highly responsive and even-keeled’. Joshua Rabinovitz in Washington DC acted for Boeing Company in a derivative suit arising out of Boeing’s 737 MAX jet aircraft’s October 2018 Lion Air Flight crash into the Java Sea and the March 2019 Ethiopian Flight crash minutes after takeoff.

Latham & Watkins LLP has a national securities litigation practice, combining an intimate understanding of the needs of major corporate issuers, among them Meta and Twitter, with in-depth experience in every stage of the litigation process from initial negotiations through discovery, motion practice, trial and appeal. It is one of the very few firms to have achieved successful jury verdicts in securities litigation in recent history. The practice is led by Andrew Clubok in Washington DC, New York partner Blair Connelly, and up-and-coming partner Colleen Smith in San Diego. For Twitter, Clubok was part of a large team that is defending a series of class actions alleging that the company misappropriated contact information collected for security purposes, and in turn, used that information for advertising purposes without consent. He is also acting for Meta in a securities class action concerning a stockdrop allegedly caused by the impact of Apple’s iOS privacy changes on the company’s advertising business. Matthew Rawlinson in Silicon Valley frequently handles cases in the technology sector, among them a series of lawsuits for Coinbase Global, Inc. arising out of the company’s innovative direct listing in 2021. In New York, Jeff Hammer, who is acting for Farfetch Limited in a securities class action that followed a nearly 45% decline in the company’s stock price, and emerging talent Jason Hegt are standout partners.

Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York has a strong bench of experienced securities litigators who are frequently involved in the most high-profile matters in the market. Firm chair Brad Karp is one of many standout partners, and his work in defeating an attempt to assert derivative claims on behalf of public pension funds against asset managers hired by those funds, following a landmark victory in Kentucky State Court, will have significant repercussions. Co-chairs of securities litigation Susanna Buergel, Andrew Ehrlich and Audra Soloway are also among the most sought-after counsel for securities matters. Soloway and standout partner Daniel Kramer are representing Amazon.com, Inc., and various executives in a putative class action alleging false and misleading statements or omissions were made regarding the company’s interactions with third-party sellers in its marketplace. Buergel is Morgan Stanley’s lead counsel in private and regulatory securities matters. The list of key practitioners is extensive and includes Ken Gallo and Jane O’Brien, who are both involved in high-stakes matters for Citigroup; Theodore Wells, who is advising ExxonMobil on a securities case concerning climate change; and Gregory Laufer, who is a key advisor to Goldman Sachs. Richard Rosen retired from the practice.

The securities litigation practice at Shearman & Sterling LLP is ‘at the forefront of creative solutions’ and clients remark that it has ‘a deep bench of creative thinkers who often take a novel approach’. The firm is particularly active in matters involving the financial services and life sciences sectors, and its work for underwriting syndicates stands out from the crowd. Adam Hakki and Richard Schwed in New York lead the team along with Patrick Robbins in San Francisco. Hakki and Houston-based Mallory Brennan achieved a significant victory for Jefferies in a securities litigation related to the acquisition of Waite Holdings by special purpose acquisition company Landcadia Holdings – one of the first cases to arise from the SPAC boom. ‘His grasp of the law and his aplomb in advocating for clients is unmatched’, say clients of Daniel Laguardia in San Francisco, who worked with New York partner Daniel Lewis to secure a favourable settlement for underwriters of CannTrust Holdings. Up-and-coming partners Grace Lee in Washington DC and Agnès Dunogué in New York are pivotal to the practice, which continues to expand its roster of talent. Samuel Cooper in Houston joined from Paul Hastings LLP, and he is currently representing various entities in the Arbor Venture Fund family in a complex matter. Class action and internal investigations specialist Emily Westridge Black in Austin joined from Haynes and Boone, L.L.P., and former federal prosecutor Patrick Hein in San Francisco joined from the US Attorney’s Office in New York.

At Simpson Thacher & Bartlett LLP, ‘the team has great industry experience, which puts them in a position to provide deep insight into risks and opportunities associated with securities litigation matters’. One client remarks that the lawyers are ‘very thorough and provide timely advice’ and benefit from ‘extensive experience and a sensitivity to clients’ practical needs and goals’. The firm has a stellar roster of clients, among them major corporates such as Alibaba Group and financial institutions such as Morgan Stanley. New York partners Jonathan Youngwood, who is ‘superior in securities litigation’, leads the practice with Lynn Neuner. Youngwood and senior counsel Janet Gochman are representing Twitter in a derivative action alleging breach of fiduciary duty by founder Jack Dorsey. Also in New York, Peter Kazanoff is ‘second to none in his experience, attention to detail and practical guidance’. He is currently handling a complex derivative action for KKR Biomet, which alleges that the company’s board knew it was facing regulatory compliance challenges concerning one of its facilities, but hid those facts from the market. Emerging partner talents Stephen Blake in Palo Alto (‘a very practical lawyer who is able to apply deep experience and substantive knowledge to very difficult problems’) and Craig Waldman in New York play pivotal roles in the practice. Palo Alto-based James Kreissman is now of counsel.

Weil, Gotshal & Manges LLP in New York has ‘a dedicated team specializing solely in securities litigation’ and each team member ‘drives exceptional results for their clients’. The firm is highly regarded for its work on behalf of corporate issuers and private equity clients. John Neuwirth and Caroline Zalka are co-heads of the securities litigation practice. Neuwirth and Joshua Amsel are ‘recognized as national leaders in this area, and are at the top of the list for securities cases no matter how big or complicated’ . They advised Churchill Capital Corp. III on a case arising from an $11bn deSPAC transaction. Zalka and Jonathan Polkes are ‘terrific commercial litigators, with a strong strategic sensibility’ . They worked with the ‘consistently knowledgeable, practical and accessible’  Stacy Nettleton to secure a complete victory for Morgan Stanley in a $4bn breach of fiduciary duty dispute. Evert Christensen is another emerging talent in the New York office. Robert Stern in Washington DC, who joined from Orrick, Herrington & Sutcliffe LLP, is a nationally recognized first-chair trial lawyer and highly rated securities and enforcement attorney. Clients remark that he ‘provides excellent, strategic and candid counsel and a great advocate’  and is ‘a good man to be on your side in a difficult situation’ .

Cooley LLP is ‘very creative in how to approach defense’, according to clients, and is a key advisor to the life sciences and technology industries on securities litigation. Practice head Patrick Gibbs and John Dwyer, both based out of Palo Alto, are representing NVIDIA in a case arising from the company’s $25bn loss in market capitalisation in 2018. Koji Fukumura in San Diego, who frequently acts for some of California’s largest corporations, secured the dismissal dismiss of a federal securities class action for Qualcomm related to Broadcom, Inc.’s $105bn dollar failed hostile takeover bid, with the court finding that plaintiffs had failed to adequately plead two essential elements of a securities fraud claim—scienter and loss causation. Luke Cadigan in Boston, who leads the business litigation department for the East Coast, worked with Fukumura in the defense of Inovio Pharmaceuticals, which is accused defrauding investors about a proposed coronavirus vaccine. Aric Wu in New York, (who is ‘outstanding, very creative and thinks outside the box’) and Michael Tu in LA are also key members of the practice.

Debevoise & Plimpton LLP is ‘very knowledgeable in securities litigation matters, as well as collaborative, and creative in advocating’.  The firm has a strong track record of success in representing corporations and their officers and directors in challenging, high-stakes securities litigation in federal and state courts around the country, including those involving simultaneous stock drop class actions, derivative actions alleging breaches of fiduciary duty, and related regulatory investigations by federal and state authorities. Maeve O’Connor in New York (who is ‘excellent in this field’) and Jonathan Tuttle in Washington DC jointly lead the practice. O’Connor and up-and-coming New York partner Susan Reagan Gittes acted for a special litigation committee of FirstEnergy Corp. in derivative actions arising from a bribery scheme in which former senior executives of FirstEnergy allegedly bribed elected officials in Ohio. O’Connor and emerging partner talent Elliot Greenfield in New York are key advisors to insurance company MetLife in a class action alleging that the company had inadequate internal controls over financial reporting. Tuttle focuses predominantly on regulatory enforcement matters involving the SEC, DOJ, FINRA and others.

The trial, investigations and securities practice at Dechert LLP has a deep bench of partners who represent a diverse range of clients, among them leading mutual funds and corporate issuers of securities. Practice head David Kistenbroker and key partner Joni Jacobsen, who work out of both the Chicago and New York offices, are highly praised by peers. They are currently handling a class action against Antares Pharma, Inc. that alleges the company provided insufficient information to the FDA in support of testosterone replacement therapy Xyosted and subsequently overstated the drug’s approval prospects, rendering public statements false and misleading. Regulatory enforcement specialist Michael Doluisio in Philadelphia and New York litigation partner Andrew Levander are acting for AmerisourceBergen Corp. in a shareholder derivative suit filed in Delaware Chancery Court accusing the company breaching its fiduciary duties by failing to oversee compliance with federal regulations concerning distribution of controlled substances and their contributing to the opioid epidemic. Matthew Larrabee, Andrew Levander and Linda Goldstein are the key practitioners in New York. In San Francisco, corporate governance litigation partner Richard Horvath and securities and antitrust partner Josh Hess are the main contacts.

Freshfields Bruckhaus Deringer LLP in New York continues to blaze a trail for Magic Circle firm in US securities litigation, thanks to its ‘whip-smart, creative lawyers who are very focused on getting the best result for the client’. Indeed, clients praise the firm’s ‘extraordinary creativity, experience and domain expertise in the fields of securities litigation and corporate governance litigation’. Meredith Kotler and Mary Eaton are co-heads of the securities and shareholder litigation practice, which was founded only three years ago, but is already at the forefront of the market. Kotler and Eaton successfully represented AstraZeneca, its CEO, and several other executives in a putative securities class action challenging disclosures regarding its COVID-19 vaccine, including alleged problems with its clinical trials and prospects for FDA emergency use authorization. Boris Feldman in Silicon Valley, who is noted for ‘a very celebrated career as a brilliant and creative lawyer’, gives the firm a strong presence on the West Coast and in the technology sector. Among his clients is Google’s parent company Alphabet. In the same office, emerging partner talent Doru Gavril is a key advisor to the technology and electric vehicles industries. Together, they secured a complete victory in a putative securities class action for image-sharing platform Pinterest.

Goodwin is known as one of the leading life sciences firms in the US, as well as a prominent player in matters concerning technology companies and REITs. The firm is handling a growing volume of class actions, derivative cases and SEC investigations, particularly for tech companies. Clients note that the firm’s ‘judgement, subject knowledge and guidance is outstanding’ and are ‘impressed with their technical insights combined with practical experience’. Deborah Birnbach leads the practice from Boston, where Adam Slutsky and Caroline Bullerjahn are among the standout partners. Birnback and Bullerjahn obtained full dismissal of a securities class action against biopharma company Alkermes plc, which was accused of making misstatements and omissions regarding the development program for a clinical stage drug for a major depressive disorder. Daniel Roeser in New York is representing underwriting syndicates in a putative securities class action filed in Florida federal court against Axogen. Key partner Brian Pastuszenski retired, but Jonathan Shapiro in San Francisco from Baker Botts L.L.P. (who is ‘a highly capable attorney with a dynamic and empathetic personality’) reinforces the firm’s stronghold in its key sectors. Jonathan Hecht in Washington DC joined from the SEC and is ‘a transformative presence’ in enforcement matters.

Jones Day is ‘a top-notch firm that delivers results’. It has a large securities litigation and SEC enforcement practice that spans the US, with offices across the country and a deep bench of talent. Henry Klehm in New York leads the practice and brings decades of experience to the defense of boards, corporations, and financial institutions. Cleveland-based Geoffrey Ritts plays a central role in the practice, and he secured the dismissal of a class action for Conagra Brands, Inc., in which it is accused of making misleadingly optimistic statements about the expected results of Conagra’s merger with Pinnacle Foods. John Tang in San Francisco is ‘an excellent and intelligent litigator, but he is also extremely skilled in understanding the business realities of litigation’. He is currently defending represents Wells Fargo in a class action arising from alleged risky commercial lending practices, including deficient underwriting practices and inflation of borrower income and expected cash flows. The ‘efficient, level-headed and calm’ Mike McConnell and returning partner Walter Davis, who served as the first judge in the state of Georgia’s newly established Business Court, are the key attorneys in Atlanta.

Milbank has a deep bench of experienced partners in New York, whose track record in some of the most influential, high-stakes, and high-profile cases ever brought under federal and state securities laws sees the firm climb the ranking. The firm frequently acts for issuers, underwriters, banks, broker-dealers, investment advisers, accounting firms, and individuals in securities class actions and derivative suits. Global head of litigation and arbitration George Canellos and practice group leader Daniel Perry oversee the firm’s securities litigation work, for which Sean Murphy is a standout partner. Murphy has tried most of the private securities cases to go to trial under the Investment Company Act of 1940 Act in the last 20 years, winning all of them. Firm chair Scott Edelman handles high-stakes litigation in diverse areas of law, including securities, commercial and white collar. David Gelfand and up-and-coming partners Jed Schwartz and Robert Hora are also key partners in the practice. Edelman, Gelfand and Hora are acting for AXA Equitable Life Insurance Company in eight cases in federal and state courts, including putative class actions, that challenge the company’s 2016 increase in the cost of insurance rates on a block of universal life insurance policies.

Morgan, Lewis & Bockius LLP is highly regarded not only for its work in issuer-based class actions, but also high-profile regulatory matters before the SEC and the DOJ. Timothy Burke in Boston and Philadelphia-based partners Jeff Boujoukos and Kelly Gibson lead the securities enforcement and litigation practice. Gibson, who joined in 2022 from the SEC, is a key advisor on regulatory enforcement matters. Charlene Shimada in San Francisco is the firm’s standout partner for securities litigation defense, corporate governance, class actions, and complex commercial litigation. She is representing JP Morgan Securities LLC and nine other underwriters in a case arising out of Bloom Energy’s $270m IPO, in which plaintiffs allege that the offering documents contained false or misleading statements about the company’s products and operations. She has already narrowed the case by securing dismissals of restatement-related securities claims. Jordan Hershman in Boston is the lead litigation partner in the practice, and he recently secured the dismissal of a derivative suit against Synchronoss Technologies, Inc., which was accused of breaching its fiduciary duties in its sale of a business line. Also noteworthy is Michael Kichline in Philadelphia.

Ropes & Gray LLP climbs the ranking this year having continued to bolster its practice with new hires and promotions, and having secured key roles in high-profile matters. It is particularly active in the asset management and private equity space, as well as representing investment banks, life sciences companies and public corporations in securities cases and regulatory enforcement matters. David Hennes in New York and Peter Welsh in Boston are the lead partners. Hennes and New York partner Martin Crisp are advising banks on a federal securities class action filed in connection with the IPO of Jianpu Technology Inc. Gregg Weiner in New York secured the dismissal of securities class action claims against underwriters including Morgan Stanley and Citigroup, which concerned alleged misstatements by AmTrust Financial Services in connection with certain equity offerings. The matters are currently on appeal in the Second Circuit. Robert Skinner is one of the country’s leading asset management litigators in the United States, frequently scoring high-profile victories for the most prominent asset managers. He is acting for Eaton Vance Funds and Nuveen Funds in cases against activist investor Saba Capital. Amy Jane Longo, formerly head of the trial unit at the SEC’s Los Angeles Regional Office, joined the practice, which also made up three new partners in 2022. Emerging talent in San Francisco Anne Johnson Palmer is highly recommended.

New York-based firm Wachtell, Lipton, Rosen & Katz is widely recognised as one of the leading corporate practices in the country, hence its stellar client base. Among its clients are Amazon, Bayer AG, Facebook and Twitter. As well as Fortune 500 companies, the firm also acts for financial institutions in securities fraud class actions, books-and-records demands, and IPO- and proxy-related disclosure claims. This gives the firm a role in high-stakes securities and merger-related cases. William Savitt, who is co-chair of the litigation practice and is focused predominantly on M&A and corporate governance disputes, as well as securities cases, leads the practice with Jonathan Moses, who handles complex commercial, securities and antitrust litigation. Savitt and Sarah Eddy acted for a special committee of independent directors of L Brands, the parent company of Victoria’s Secret, to handle issues arising from accusations of sexual harassment and misconduct at the company.

Willkie Farr & Gallagher LLP has a track record of precedent-setting victories and favorable settlements involving securities litigation and shareholder class actions. The firm frequently acts for underwriters in the defense of high-stakes matters, particularly cases arising from IPOs, as well as regulatory investigations and inquiries from the SEC. The practice is led from New York by head of litigation Tariq Mundiya and co-charis for securities litigation Todd Cosenza and Antonio Yanez. Mundiya handled putative derivative and class action cases for Xerox, Cosenza acted for Wells Fargo in a high-profile case alleging alleged failures by the bank to comply with consent orders issued by regulators in the aftermath of its high-profile 2016 customer account fraud, and Yanez is currently representing alternative asset management and investment firm GWG Holdings in matters arising out of an SEC investigation into its accounting and capital raising practices. Craig Martin in Chicago remains a lynchpin of the practice and recently acted for Ulta Beauty in putative nationwide consumer class action, securities fraud, and shareholder derivative litigation cases concerning an alleged practice of reselling used beauty products that have been returned by customers. In 2022, partners Kristina Littman and Adam Aderton joined the Washington DC office from the SEC’s Division of Enforcement.

WilmerHale’s deep bench of securities litigators and regulatory enforcement specialists is frequently involved in high-stakes matters involving securities laws and rules of corporate governance actively litigated by government agencies, regulatory bodies and private parties. The firm has a presence across the US, notably in its California, New York, Boston and Washington DC offices. Stephanie Avakian in DC is chair of the securities and financial services department. Michael Bongiorno in New York and DC-based Matthew Martens co-chair the securities litigation and enforcement group. Kevin Muck and Susan Muck in San Francisco represented AnaptysBio in a class action alleging that its officers made false and misleading statements regarding one of the its drugs, etokimab, and in a derivative suit claiming that the directors breached their fiduciary duties. Up-and-coming partner Timothy Perla in Boston worked with Bongiorno to defend IVERIC bio, Inc. in a class action alleging that the company issued deceptively positive results about the success and potential of its treatment Fovista despite knowing that the Phase 3 clinical trial of the drug would be unsuccessful in achieving its primary endpoint.

Akin is known for its expertise in representing leading financial institutions and public companies, including private investment funds, broker dealers, and public accounting firms in private litigation arising under the federal securities and commodities laws, as well as regulatory investigations. Practice head Stephen M. Baldini in New York and key partner Neal Marder in LA achieved a landmark victory for Eastman Kodak Company by securing a motion to dismiss a purported direct stockholder class action. Marder also represented Armistice Capital in a high-stakes securities fraud class action involving biotech firm Vaxart, which is working on oral vaccine technology, including an oral COVID-19 vaccine. New York-based Douglas Rappaport is acting for Inclusive Capital Partners Spring Master Fund in a case alleging that is aided and abetted in breach of fiduciary duty by officers and directors of Nikola Corporation who failed to prevent, intervene or ameliorate various allegedly false or misleading statements made by its former CEO. Scott Barnard and Michelle Reed in Dallas also play key roles in the practice. They both acted for former directors of FTS International and Chesapeake Energy in a securities class action arising from Chesapeake’s IPO.

Arnold & Porter has a very broad practice that handles high-stakes federal and state class action securities and derivative actions, as well as SEC, DOJ, PCAOB, CFTC, and FINRA investigations. Veronica Callahan in New York is chair of the securities enforcement and litigation practice. She worked closely with Kathleen Reilly to defend RSM US LLP, a national accounting firm, in a complex case involving assessed unpaid taxes and penalties associated with one of Yorkville Global Ltd. offshore entities exceeding $100 million. Callahan and Aaron Miner served as independent counsel to the special committee of the board of directors of the Western Union Company charged with reviewing and investigating shareholder demand letters alleging breaches of directors’ and officers’ duty to oversee anti-money laundering and fraud compliance related to the cross-border transfer of funds. In Washington DC, up-and-coming partner Jane Norberg, former Chief of the Office of the Whistleblower for the SEC, is prominent in corporate and regulatory investigations as well as securities litigation. Michael Trager  has retired.

Baker Botts L.L.P. is best known for its work for clients in the energy sector, though it continues to extend its focus in securities litigation to include the technology, financial services, healthcare and consumer products sectors. The firm is known for ‘professionalism, client communication, focus and sustained effort over lengthy periods of time’. Danny David (who has ‘outstanding oral and written communication skills’) and Amy Hefley in Houston lead the practice alongside Bridget Moore in Washington DC and Jessica Pulliam in Dallas. David, Pulliam and Moore handled a putative securities class action lawsuit against Hallmark Financial Services, its CEO and CFO, securing the dismissal of claims that the company made misleading public disclosures related to its financial performance, including its loss reserves. Former litigation chair David Sterling in Houston and newly promoted partner Brian Kerr in New York also have pivotal roles in the practice. They worked with Hefley on securing the dismissal of a 10b-5 class action against Insperity, which alleged the company misrepresented the risk of large medical claims.

Cadwalader, Wickersham & Taft LLP in New York is a go-to firm for financial services disputes and transactions. It frequently acts for commercial and investment banks, private equity firms and hedge funds in securities litigation. The practice is led by chair of the global litigation group Jason Halper, who has a strong focus on financial services, securities law and corporate governance, and prominent commercial and antitrust litigator Nicholas Gravante. Halper is the firm’s standout securities litigator and he is currently handling complex matters arising from the implosion of Archegos Capital Management, a private investment firm that borrowed extensively from major financial institutions – including Goldman Sachs, Credit Suisse and Morgan Stanley – in transactions involving total return swaps. Ellen Holloman frequently acts for financial institutions, corporations and individuals in civil litigation and at trial, and she maintains a very active securities litigation practice. Holloman is currently involved in SPAC-related litigation for electric vehicle company Nikola Motors that alleges federal securities law violations and breaches of fiduciary duties by the company’s directors following investigations by the SEC, DOJ and other regulators. Kenneth Breen and Phara Guberman, who both joined from Paul Hastings LLP, bring valuable experience in white-collar matters and civil litigation.

Clifford Chance’s New York team includes four former federal prosecutors, and former senior regulators and prosecutors from US regulatory agencies such as the New York State Department of Financial Services (DFS) and the Commodity Futures Trading Commission (CFTC). The New York practice is tightly integrated with the Washington DC office to provide seamless coverage for global and domestic clients, among them large global financial institutions and companies. The firm has ‘top-notch capabilities – the CC securities litigators routinely handle bet-the-company cases’. Lead partner Robert Houck in New York ‘has great APAC and European experience meaning he is able to cover multiple regions as part of global projects’. Houck, John Friel and senior counsel David Yeres acted for NatWest Markets in class actions and investigations alleging manipulation of LIBOR and other benchmarks.

At Cohen & Gresser LLP, the team is ‘superb, has substantial experience defending securities matters, and has a long track record of success’. The firm’s work spans securities, shareholder and derivative litigation, particularly in cases concerning complex financial products and the defense of broker-dealers, investment advisors, hedge funds, and private equity funds in securities litigation and FINRA arbitration. Practice head Mark Cohen, who handles securities litigation and white-collar matters, ‘is a superb lawyer, very versatile, smart and experienced’. He is currently defending Oren Frank, co-founder and former CEO of Talkspace, Inc., in a federal securities class action and shareholder derivative litigation arising from disclosures concerning the company’s de-SPAC business combination and public listing in 2021. Gale Dick, who similarly has broad practice, is currently representing several former employees of major financial institutions in domestic and cross-border cases, and Jonathan Abernethy is acting for John Tavlarios, a former outside director of now-bankrupt Aegean Marine Petroleum Network, in a consolidated securities class action seeking damages in connection with an alleged $300m fraud scheme that forced the company into bankruptcy in 2018.

Dentons is experienced in high-stakes securities matters, including class actions, complex securities-related disputes and related national or global investigations, and its strong bench of partners handles both litigation and regulatory enforcement matters. Sandra Hauser leads the practice from New York, where global co-head of financial services Douglas Henkin and co-chair of the Global Compliance and Investigations practice David Kornblau  also play key roles in major matters. The firm is increasingly involved in new and emerging areas of the market, notably cryptocurrency cases, and Henkin and Chicago-based Stephen Senderowitz are defending Terraform Labs and its co-founder Do Kwon in cases related to the stablecoin TerraUSD, the cryptocurrency Luna, and its decentralized finance platforms Mirror Protocol and Anchor Protocol. Hauser and Senderowitz are currently acting for Canadian Imperial Bank of Commerce in a securities fraud and market manipulation suit. Kenneth Pfaehler in Washington DC focuses on securities class action litigation, which currently includes the defense of Innocoll Holdings PLC in a case alleging misrepresentations in connection with the FDA review of its product Xaracoll.

DLA Piper LLP (US) has a diverse national corporate and securities litigation practice that spans the US, with offices in New York, California, Texas, Delaware and other key jurisdictions. It is particularly active in cases involving the life sciences, financial services, insurance, and technology sectors, hence a client base that includes Goldman Sachs, Abengoa and AxoGen, Inc. John Clarke in New York and Melanie Walker in Los Angeles are co-chairs of the practice. Clarke is representing Bristol-Myers Squibb Company in an action alleging breaches of a contingent value rights agreement. Caryn Schechtman in New York led the defense of AxoGen, which creates innovative nerve repair products, and achieved the dismissal of claims arising from its IPO. John Hillebrecht in New York and Jason Lewis in Dallas also play key roles in the practice. Experienced LA-based practitioner Richard Zelichov joined the firm from Katten in July 2023.

At Greenberg Traurig LLP provides ‘quality representation and a high degree of knowledge’ and clients report that the firm stands out for its ‘focus on communication and collaboration with clients, streamlined staffing and cost-effectiveness’. The firm has handled hundreds of securities class actions, derivative lawsuits, SEC investigations and enforcement actions, bringing to bear its extensive trial experience as well as significant skill in defeating class certification. Brad Kaufman and Tracy Gerber in West Palm Beach, William Briendel in Westchester County, Robert Horowitz in New York and Daniel Tyukody in Los Angeles are co-chairs of the securities litigation practice. Gerber handled the defense of Morgan Stanley in counterclaims for bad faith, constructive discharge, breach of the covenant of good faith and fair dealing, and violation of FINRA Rules, achieving full dismissal with prejudice. Tyukody is representing speedster Apolo Ohno in connection with a federal securities fraud case concerning a new cryptocurrency token. Karl Dial in Dallas provides ‘high-value personalized service and is incredibly prompt to respond to any inquiry’.

Katten has a strong and long-established reputation across the US for its defense work in litigation cases and regulatory matters requiring, including matters that involve novel points of law. Bruce Vanyo, who works from both Los Angeles and New York, leads a practice that handles securities class actions, stockholder derivatives cases, M&A litigation, proxy disclosure suits and SEC investigations and enforcement actions. Vanyo has been involved in cases arising from SPAC transactions, among them the defense of orbital space launch vehicle company Astra Space in a 10b5 case concerning allegations that the company made misleading statements in its public disclosures and SEC filings concerning its addressable market and plans for diversification. Michael Diver, a former Enforcement Branch Chief of the SEC’s Chicago office, and Michael Lohnes – both based in Chicago – are acting for Inotiv, Inc. in a class acting claiming that it made false and misleading statements issued in press releases and SEC filings regarding the acquisition of Envigo, a business that provides research-quality animals for use in laboratory tests, and potential risks associated with Envigo’s animal-housing facilities. Christina Costley is a standout practitioner in LA. Richard Zelichov  has left the firm.

Mayer Brown ‘astutely staffs matters, engages the right diverse pool of lawyers, and applies exceptional judgment to achieve solid results for clients’. The firm handles both domestic and cross-border securities litigation, drawing on its outstanding compliance, investigation, enforcement, litigation, and appellate capabilities. The firm is involved in matters arising from the global financial crisis, in part due to its close ties with major financial institutions, among them Bank of New York Mellon and Nomura Securities. Joe De Simone in New York (who is ‘brilliant and still has the common touch with street smart, good judgment’) and Glenn Vanzura in Los Angeles are the lead partners. De Simone and New York-based Matthew Ingber settled a federal securities class action for Frontier Communications Corporation arising from its acquisition of Verizon accounts in California, Texas and Florida. Richard Spehr, also based in New York, continues to act for Bank of Montreal as successor to M&I Bank in the aftermath of a $3bn Ponzi scheme, the bank being accused of aiding and abetting.

Morrison Foerster has experienced securities litigators across the country handling class actions, derivative cases, merger-related matters and SEC investigations. Jordan Eth San Francisco leads the securities litigation, enforcement, and white-collar defense group along with co-chair of the fintech and cryptocurrency task force Haimavathi Marlier in New York and co-head of the FCPA and global anti-corruption practice James Koukios in Washington DC. Eth is ‘a superstar with actual trial experience, who is even-handed, calm and very direct’. In San Francisco, Anna Erickson White ‘advises with confidence and ease on difficult issues and decisions throughout the litigation process’. She is handling parallel securities class actions for enterprise data platform company Cloudera, Inc., concerning statements about its products’ cloud capabilities and its merger with its former rival, Hortonworks. Jamie Levitt and Michael Birnbaum in New York also play key roles in the practice. Joel Haims and Mark Foster have left the firm.

Orrick, Herrington & Sutcliffe LLP’s managing partner Michael Torpey in San Francisco leads the practice now that former practice head Robert Stern in Washington DC moved to Weil, Gotshal & Manges LLP. Torpey is highly experienced in SEC investigations, securities class actions and breach of fiduciary duty-related matters. The firm retains outstanding talent James Kramer and emerging partner talent Alex Talarides in San Francisco, who both acted for Apple in a securities class action and parallel shareholder derivative action arising from Apple’s announcement in January 2019 that it was lowering its revenue guidance for the first quarter of FY2019 to $84bn from the previously-provided range of $89-93bn. Paul Rugani, who works out of the New York, Los Angeles and Seattle offices, is another up-and-coming partner with experience in advising financial institutions, accounting firms, and public companies on securities litigation.

Vinson & Elkins LLP represents issuers, underwriters, accounting firms, financial institutions, and directors and officers in securities fraud class actions and other claims associated with stock-price declines. Most prominent in the energy sector, the firm is increasingly involved in cases arising from a diverse range of industries, among them financial services. Michael Holmes in Dallas and Michael Charlson in San Francisco lead the securities and shareholder litigation and enforcement group. Clifford Thau in New York is currently acting for Stronghold Digital Mining, a bitcoin mining company. Also in New York, Lawrence Elbaum has ‘a calm, analytical demeanor coupled with astute business acumen’. He worked with Charlson on the defense of Genius Brands International in securities class actions alleging the company made materially false and misleading statements concerning the its business and business prospects. Dallas-based Craig Zieminski is a lynchpin of the practice. John Wander has left the firm.

Winston & Strawn LLP is ‘highly skilled in securities litigation, with strong brief writing and client counselling skills’, best known for representing companies in parallel or civil proceedings following governmental investigations, qui tam lawsuits, and other corporate trauma matters in heavily regulated sectors, such as healthcare and financial services. It also has a strong track record in challenging class certification in securities class actions, which is historically a challenging process. James Smith leads the securities litigation practice and ‘instills confidence – he can be put before senior management and board with confidence they will be impressed’. Key partner Matthew DiRisio provides ‘accurate, practical advice delivered in a timely, efficient manner’. Smith is currently representing global medical technology company Becton, Dickinson and Company in a securities fraud class action alleging that the company made material misrepresentations and omissions surrounding the regulatory status of its Alaris infusion pump.

Since arriving in 2018, practice head Douglas Greene of BakerHostetler in New York has built a securities and governance litigation group that works closely with the firm’s government enforcement, bankruptcy, class action defense, electronic discovery and trial practices to handle high-stakes matters. He is currently acting for Uphold Inc. and its affiliates in a case brought by investors in an offshore initial coin offering conducted by the Universal Protocol Alliance, who allege that tokens promoted and sold by Uphold were actually securities under US securities law, and thus statements to the contrary in the TSAs were misleading. Greene and Genevieve York-Erwin, who works in both Seattle and New York, are defending Eagle Bancorp and current and former executives in a securities class action alleging that the Company’s 10-K reports and other public statements and disclosures contained materially false or misleading statements. Greene and Cleveland-based Douglas Shively are defending electric vehicle start-up Lordstown Motors Corp. in a consolidated securities class action in Ohio.

Hughes Hubbard & Reed LLP ‘has excellent legal skills and deep knowledge in multi-jurisdictional matters, combining a direct approach in communication with both the court, counterparties and the client with the ability to come up with solutions to complex problems that do not increase the level of conflict’. Kevin Abikoff in Washington DC and, in New York, Shahzeb Lari and Marc Weinstein lead the 18-partner securities litigation group. Weinstein and New York-based Daniel Weiner are defending Stuart Fraser, Vice Chairman of Cantor Fitzgerald, in aiding-and-abetting liability claims as part of a securities fraud class action civil suit accusing two cryptocurrency mining companies. Weinstein and key partner William Maguire, who is acting for Deloitte and Touche LLP in a class action alleging it fraudulently misstated its financial statements, are ‘experienced litigators who are able to come up with alternatives on strategy and negotiations’.

Boutique litigation firm Kaplan Hecker & Fink LLP in New York has a reputation for securing favourable results for its clients, among them leading financial institutions and commercial businesses, in securities enforcement proceedings and complex securities litigation matters. For regulatory mandates, the firm calls upon six former federal prosecutors, among them Jenna Dabbs  and Mike Ferrara who served as members of the Securities and Commodities Fraud Task Force. For securities litigation, the practice is led by Sean Hecker, who continues to represent Stefan He Qin, the founder of cryptocurrency hedge fund manager Virgil Capital, in a securities fraud case and a parallel SEC enforcement action. Up-and-coming partner Shawn Crowley also plays a key role in that case. Key litigators Roberta Kaplan and John Quinn continue to act for Natixis S.A. in a residential mortgage-backed security repurchase lawsuit. Marshall Miller left to take up the post of Principal Associate Deputy Attorney General at the DOJ.

The securities litigation practice at Kasowitz Benson Torres LLP in New York is ‘incredibly knowledgeable about the cases they work on but what sets them apart is the focus on resolution strategy’. Sheron Korpus, Michael Hanin and Stephen Tountas are the lead partners. Korpus and emerging partner talent Andrew Schwartz ‘work well as a team, Andrew having the detail at his fingertips whilst Sheron is able to focus on the strategy’. They negotiated a $420m settlement in a major securities class action and numerous direct actions for Teva Pharmaceuticals, the world’s largest generic drug manufacturer, which was accused of misleading disclosures regarding the pricing of its drugs. Highlights for Tountas include defending Prem Parameswaran, the former CFO of Eros Int’l, in connection with a putative securities class action arising from a series of alleged misrepresentations.

McDermott Will & Emery LLP has an ‘outstanding securities litigation defense team, both in SEC regulatory and civil litigation matters’. The firm is best known for its work in class action matters in the key fora of New York, Delaware, Massachusetts, California, Illinois and Washington DC. Its client base spans a range of industries including energy, venture capital, investment banking, entertainment and accounting. Timothy Hoeffner in New York and Steven Scholes in Chicago are the lead partners. Scholes and ‘outstanding defense attorney’ Paul Helms, in Washington DC, are acting for seven former officers and directors of PG&E in a high-profile breach of fiduciary duty action originally filed as several shareholder derivative actions arising from the 2017 and 2018 wildfires in Northern California. Hoeffner achieved the dismissal of claims against accounting firm BDO in In re AmTrust Financial Services Inc., Securities Litigation. Seth Friedman is also recommended for defending accounting firms. New York’s Joel Haims  joined the team from Morrison Foerster in June 2022.

New York firm Morvillo Abramowitz Grand Iason & Anello P.C. is a long-established litigation boutique that handles white-collar defense, regulatory enforcement, business and securities litigation. Its work in class action, derivative suits and civil securities fraud cases, as well as its prowess in SEC enforcement matters, is based on the strength of its trial capability. More than a quarter of the firm’s partners are Fellows of the American College of Trial Lawyers. ‘They are zealous advocates and have obtained excellent results’, remark clients. Practice head Edward Spiro and ‘go-to lawyer’ Robert Anello are represented the founder and CEO of a public company in approximately 20 class action and derivative suits relating to allegations of stock manipulation. All matters were settled in 2022. Leading white-collar criminal defense partner Elkan Abramowitz also plays a pivotal role in both civil and criminal cases, and former federal prosecutor Christopher Harwood is also prominent in both investigations and litigation.

Proskauer Rose LLP has seen many changes to its practice recently with the retirement of key partners Ann Ashton and Ralph Ferrara in 2022, but the firm retains significant expertise across its office network. Practice head Timothy Mungovan in Boston has an international practice that combines securities litigation and complex commercial litigation on behalf of public and private companies. He obtained the dismissal of claims against Shamrock Capital Advisors arising from its investment in FanDuel, a bookmaker and fantasy sports provider. Jonathan Richman in New York represented Bed Bath & Beyond in a securities class action alleging that the defendants had made false or misleading statements about its plans to manage and reduce inventory – a strategy that purportedly caused the company to incur losses during the 2019 holiday season.

Schulte Roth & Zabel LLP has a long-standing reputation for representing clients in large securities class actions, and related derivative litigations and ERISA actions. The firm advises more than half of the world’s 100 largest hedge funds and thousands of funds globally, giving it a prominent role in investment funds matters. It has also become a key player in ‘short swing’ cases alleging violations of Section 16(b) of the Securities Exchange Act, and in matters involving structured finance and SPAC-related transactions. The practice is led by Michael Swartz and Gayle Klein in New York, along with Peter White in Washington DC. Swartz is acting for two former members of the Board of Directors of a special purpose acquisition company in a putative shareholder class action lawsuit alleging violations of numerous federal securities laws in connection with a merger between the publicly-traded SPAC and Arrival SA, a privately-held manufacturer of commercial electric vehicles. Charles Clark is recommended for SEC investigations and ensuing litigation.

Seyfarth Shaw LLP has ‘a strong team up and down the line – no gaps’, according to clients, who note that the firm has ‘impressive breadth of knowledge and experience’. William Prickett in Boston and New York partners Gregory Markel and Vincent Sama are co-chairs of the securities and fiduciary duty litigation practice. Markel, who is ‘among the most respected, learned and admired lawyers in the field of securities litigation’, acted for officers and directors of a tech company in Silicon Valleys in two 10b5 cases alleging misrepresentations and omissions concerning the prospects for the company. The case ultimately settled after five years of litigation. Sama is acting for inpatient and outpatient substance use treatment services provider AAC Holdings in a securities class action and a related litigation-trustee matter arising out of the company’s bankruptcy. Co-chair of the firm’s national whistleblower team Christopher Robertson is ‘incredibly calm through difficult and tumultuous times’.

White & Case LLP’s New York office is home to a large commercial litigation practice for which securities cases are an increasingly important feature. One client notes that ‘the litigation team has a unique sense of urgency and has demonstrated a deep understanding of international issues to deal with in US cases’. Practice head Glenn Kurtz has a strong reputation in this arena and is involved in cutting-edge mandates, such as handling a SPAC-related matter for FAST Acquisition Corporation. Key partner Kim Havlin, who continues her rapid rise as a first-chair trial lawyer, ‘has an outstanding level of response, is practical to deal with issues and resolves problems in fast-paced scenarios, and is always ready to help’. She is leading the defense of Loma Negra, Argentina’s largest manufacturer of cement, in a series of securities class actions alleging that it downplayed corruption scandals in its IPO materials.

The Philadelphia office of Ballard Spahr LLP is home to partners with extensive experience in securities litigation, who frequently advise companies and their officers and directors on everything, from derivative actions and regulatory or internal investigations to special committee representations and shareholder class actions. Practice leader David Axelrod (who is ‘an up-and-coming national legal star’) is the standout partner, having a long-standing reputation as a first-chair trial lawyer for the defense in government-facing litigation involving the SEC and DOJ. He is currently representing the former CFO of First Energy in a case arising from allegations that the company paid bribes for political influence. Norman Goldberger, who co-leads the firm’s municipal securities regulation and enforcement team, experienced regulatory litigator John Grugan and Timothy Katsiff (who ‘has terrific judgment, is extremely knowledgeable, and responds promptly’) are also pivotal figures in the practice. Goldberger assisted Wrap Technologies with securities fraud litigation in California, and shareholder derivative litigation.

Bracewell LLP in Texas frequently handles shareholder derivative lawsuits, as well as appearing before regulatory agencies and representing individuals providing grand-jury testimony and law-enforcement interviews. The team frequently handles high-stakes SEC and DOJ matters, as well as the consequent securities litigation on behalf of public and private companies, underwriters, boards of directors and individual executives and officers. Much of its work is for energy companies and their financial advisors. Practice head Tony Visage in Houston recently defended a class action against directors and founders of Think Finance, Inc., alleging that the company’s loans were improperly made through “tribal lending entities”. Stephen Benesh in Austin has a national securities litigation practice, and recently acted for The Bank of New York Mellon Trust in a securities class action concerning Pacific Coast Energy Company’s asset retirement obligation estimates. Bradley Benoit and chair of the financial institution litigation practice Bryan Dumesnil, both based in Houston, also play key roles in the practice.

New York firm Seward & Kissel LLP acts for domestic and foreign private issuers, investment advisers, investment funds, prime brokers, underwriters, financial institutions and private investors in a broad range of work that encompasses class actions, derivative claims, market manipulation cases and short swing profit matters. The firm has significant presence in the financial services and public shipping sectors, counting United Overseas Bank and US Bank National Association among its clients. Michael G Considine, who is advising United Overseas Bank on a putative class action concerning alleged manipulation of the Singapore Interbank Offered Rate and Singapore Swap Offer Rate, and Bruce G Paulsen are the lead partners. Jack Yoskowitz plays an increasingly prominent role in the practice and is currently acting for Tocqueville Management Corporation, its founder and minority shareholder asserts claims of breach of fiduciary duty and unjust enrichment.

Vedder Price’s Chicago office is well known for its prowess in SEC and DOJ investigations and enforcement actions, in which it is ‘very practical and strategic in its approach, as well as being excellent at collaboration and cost-efficient’. Thomas Cimino is chair of the firm’s overall litigation practice and also the financial services litigation practice group, of which the securities litigation practice is a key part. His experience in state and federal trial and appellate courts includes high-stakes securities fraud class actions and shareholder disputes. Randall Lending has extensive jury trial, bench trial, arbitration and class action experience. His recent work includes acting for independent directors of Great-West Funds connection with litigation under Section 36(b) of the Investment Company Act, alleging breach of fiduciary duty by the investment adviser. Regulatory enforcement specialist Junaid Zubairi is ‘a very effective advocate and has had major engagement in numerous civil securities matters’.