Five years ago, we surveyed a decade’s worth of federal district court decisions on motions to dismiss securities claims brought against development-stage biotech companies to answer an important question: are these cases more likely to survive a motion to dismiss—and therefore riskier to insure against—than other securities class actions, as D&O insurers have traditionally assumed?
Three Key Takeaways from Second Circuit’s Latest Section 10(b) Securities Class-Action Decision
This week, my team and I again had the honor of writing for Washington Legal Foundation’s Legal Backgrounders series.
In this article, Zach Taylor, Gen York-Erwin, and I discussed the Second Circuit’s recent decision in Arkansas Pub. Emps. Ret. Sys. v. Bristol-Myers Squibb Co., 28 F.4th 343 (2d Cir. 2022).
Securities and Governance Litigation Risks from COVID-19
The history of securities litigation is marked by waves: from the IPO laddering cases, to the Sarbanes-Oxley era corporate scandal cases, to stock options backdating, to the credit crisis, to the Chinese reverse-merger cases, to event-driven/lawsuit blueprint cases, certain types of cases have predominated at different times.
Are we entering a wave of COVID-19…
D&O Discourse’s 5th Anniversary
In my law practice, I defend particular clients in particular securities and governance cases. My mission is to get them through the litigation safely and comfortably.
But I’ve always had a broader interest in securities law and practice as well. After Congress passed the Private Securities Litigation Reform Act of 1995, I read and chronicled…
US Supreme Court Securities-Fraud Jurisprudence: An Emerging New Direction?
How will the 2017 arrival of Justice Neil Gorsuch influence the US Supreme Court’s securities-fraud jurisprudence?
My colleague Kristin Beneski and I discuss this question in a Washington Legal Foundation Working Paper titled “US Supreme Court Securities-Fraud Jurisprudence: An Emerging New Direction?”
In our Working Paper, we analyze whether Justice Gorsuch may urge…
Myths & Misconceptions of Biotech Securities Claims: An Analysis of Motion to Dismiss Results from 2005-2016
By Doug Greene, Genevieve York-Erwin, Michael Tomasulo
Small, development stage biotech companies are widely considered to be attractive targets for securities actions given the inherent risks of the industry and the volatility of their stock prices. As a result, many of these companies have relatively limited D&O insurance options. But are…
3 Key Securities Litigation Developments of 2016
Following is an article I wrote for Law360, which gave me permission to republish it here:
Among securities litigators, there is no consensus about the importance of developments in securities and corporate governance litigation. For some, a Supreme Court decision is always supreme. For others, a major change in a legal standard is the most…
5 Wishes for Securities Litigation Defense: Effective Use of the Supreme Court’s Omnicare Decision
In this installment of the D&O Discourse series “5 Wishes for Securities Litigation Defense,” we discuss the third of five changes that would significantly improve securities litigation defense: to make the Supreme Court’s Omnicare decision a primary tool in the defense of securities class actions.
As a reminder, in Omnicare, Inc. v. Laborers…
5 Wishes for Securities Litigation Defense: A Defense-Counsel Interview Process in All Cases
One of my “5 Wishes for Securities Litigation Defense” (April 30, 2016 post) is to require an interview process for the selection of defense counsel in all cases.
When a public company purchases a significant good or service, it typically seeks competitive proposals. From coffee machines to architects, companies invite multiple vendors to…
5 Wishes for Securities Litigation Defense
I am committed to helping shape a system for securities litigation defense that helps directors and officers get through securities litigation safely and efficiently, without losing their serenity or dignity, and without facing any real risk of paying any personal funds.
But we are actually moving in the opposite direction of this goal, and unless…