Securities litigation and enforcement 

A&O Shearman represents the most prominent corporate issuers and financial institutions in the world. Companies like PayPal, Uber, Lumen Technologies, and the major global financial institutions can hire any law firm to handle their securities matters, but they increasingly turn to us because of our unparalleled record of success.

Indeed, our team has represented clients in matters related to some of the most notable market crises and public events in recent history, including the IPO laddering scandal, the subprime mortgage crisis, and the recent collapses of Archegos and Silicon Valley Bank.

The key to our success is our recognition that every securities matter is also a business matter. Securities matters can potentially pose a significant corporate threat, and – if not handled with the appropriate care and sensitivity – can lead to severe reputational risks. We work with our clients to ensure that each matter is resolved in a way that meets their legal and business goals.

Our approach includes providing strategic advice on how to respond to complex issues both inside and outside the courtroom, and we have significant experience operating in the public relations arena – a skill that has become critical to addressing today’s legal challenges.

A&O Shearman also is uniquely positioned to achieve positive results throughout the world. With top-tier litigation attorneys in more than 40 offices across the United States, Europe, the Middle East, Africa and Asia-Pacific, our team can assist in any type of securities litigation or enforcement action in almost any jurisdiction. And our global corporate footprint allows us to concurrently offer related business and regulatory advice as needed.

Issuer representation

We help our issuer clients stay ahead of the curve, proactively identifying securities risks and working to manage them. Our comprehensive and focused approach to positioning securities matters for success – including efficiently gathering the facts, diving deep into legal arguments, seeking early dismissals, and bringing other motions to limit or resolve the matter before it is fully engaged – distinguishes us in the market.

Indeed, our approach has yielded unparalleled success in U.S. securities class actions, with complete dismissals and favorable resolutions in dozens of notable cases. These decisions include recent complete dismissals for Altice USA/Altice Europe, Paramount Global, Lumen Technologies, Uber, and SAP. Our team also has been at the forefront of establishing favorable law for securities litigation defendants, including the landmark Millennial Media decision on the use of confidential witnesses.

Finally, we are particularly well-positioned to handle cases on behalf of foreign issuers with dual stock listings (U.S. and foreign jurisdictions) and our team has worked on some of the largest global resolutions for these types of companies, including settlements involving the use of European collective action statutes.

Underwriter representation

When multiple financial institutions need to agree on one law firm to represent them in a securities class action arising out of a significant underwriting, they choose A&O Shearman more than any other firm.

Our market-leading position allows us to make uniquely well-informed decisions about how to handle each case efficiently and effectively, no matter where the case is located or what industry it involves.

Our experience spans sectors from tech to media, life sciences, manufacturing, and mining, and we have represented underwriters in some of the most significant securities cases in recent history, including those stemming from the collapses of Enron, MF Global, SunEdison, and Silicon Valley Bank.

Securities enforcement

A&O Shearman also has a strong track record in major securities enforcement matters. We have persuaded authorities to decline to file charges or claims in cases on behalf of global companies, and have consistently demonstrated our readiness to go to court where our lawyers have prevailed in some of the most significant enforcement trials in recent years (with particular success handling insider trading matters).

Thought leadership

We produce cutting edge thought leadership on securities litigation and enforcement. Our team’s “Need-To-Know Litigation Weekly” provides real time updates on key court decisions. In addition, our partners are editors and authors of “Securities Litigation – A Practitioner’s Guide”, the leading treatise in this area of the law.

Our team also has submitted numerous amicus briefs to the U.S. Supreme Court on behalf of public interest groups, including successfully supporting the defendants in the recent Goldman decision on class certification in securities fraud cases.

Representative matters 

• Paramount Global (formerly ViacomCBS) in a closely-watched securities class action litigation arising from the collapse of Archegos Capital Management.
• Toyota Motor Corporation in a securities class action related to certification issues.
• PayPal Holdings, Inc. in a major securities class action litigation related to its performance metrics, as well as related shareholder derivative litigation.
• Uber Technologies Inc. and certain of the company’s senior executives and directors in various securities class action and derivative lawsuits.
• Lumen Technologies, Inc. in two securities class actions and nine derivative actions related to a major product rollout and its use of lead-sheathed cables.

• Underwriters, including Bank of America and Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan and dozens of others in separate securities class actions arising out of recent stock offerings of companies such as Silicon Valley Bank, Nikola, SunEdison, TerraForm Global, Norfolk Southern Railroad, The Honest Company, Phoenix Tree, Coupang, Ping Identity, Agilon Health, Synchrony, Shoals Technologies, CannTrust, Alnylam, Xponential Fitness, electroCore, Domo, and Centessa Pharmaceutical.
• Bank of Montreal, BNP Paribas, Mizuho, and Canaccord in SEC enforcement investigations and settlements involving compliance with recordkeeping rules.
• National Energy Services Reunited in an SEC investigation and settlement following a financial restatement.