Patterson Belknap’s Securities Litigation group has defended, prosecuted and arbitrated hundreds of disputes and performed numerous internal and independent investigations. Our team is led by H. Gregory Baker, a former senior counsel for the U.S. Securities & Exchange Commission’s (SEC) Division of Enforcement with extensive experience investigating and litigating securities laws violations.

Working with a cross-section of highly skilled members of our Litigation department, including members of our Complex Commercial Litigation, Structured Finance Litigation, and White Collar Defense and Investigations teams, our Securities Litigation group handles a broad spectrum of highly complex lawsuits and internal investigations involving violations of federal securities and commodities laws, as well as state shareholder and fraud statutes and shareholder derivative actions. Financial institutions, asset management firms and other public companies, in addition to individuals, including executives, officers and directors of Fortune 500 corporations, call on us to lead investigations into troubled financial transactions. We regularly defend clients in investigations conducted by the New York Stock Exchange (NYSE), Financial Industry Regulatory Authority (FINRA), U.S. Department of Justice (DOJ), SEC, U.S. Commodity Futures Trading Commission (CFTC), and state attorneys general, as well as trials and arbitrations resulting from these investigations.

Our securities litigators’ experience includes:

  • Representing a hedge fund and its executives in an SEC enforcement action in U.S. District Court for the Northern District of Illinois concerning issues of alleged mismarking of fund assets and GAAP compliance.
  • Representing the board of directors of a leading hospitality company in a shareholders’ derivative action in federal court over a series of security breaches.
  • Represented the Board of Directors of a Fortune 500 pharmaceutical company in a shareholder derivative lawsuit that alleged that eleven members of the company’s Board had violated their fiduciary duties to the organization. A judge in the District of New Jersey dismissed the lawsuit without prejudice.
  • Represented the Board of Directors of a Fortune 500 pharmaceutical company in a shareholder derivative action filed in the U.S. District Court for the District of New Jersey that alleged breaches of fiduciary duties in connection with the manufacturing, production, distribution and marketing of various medical and consumer products and devices.
  • Successfully defended a FinTech company, its Chief Financial Officer, Chief Executive Officer, and Board of Directors in a putative shareholder securities fraud class action and three related derivative actions. 
  • Successfully defended the Chief Designer of a major retailer in a derivative action brought against him and the Company in the Supreme Court for the State of New York.
  • Successfully defended a provider of wireless device services and its Chief Executive Officer in an action brought against him and the company following announcement of a proposed merger.
  • In response to a derivative demand, conducted an internal investigation into compensation practices at a Fortune 100 financial institution. Following disclosure of our investigative report to counsel, the putative plaintiff chose not to move forward with its lawsuit.
  • In response to a derivative demand, conducted an investigation into an exclusive licensing agreement entered into between a large telecommunications company and a leading manufacturer of smart phones. Following disclosure of our investigative report to counsel, the putative plaintiff chose not to move forward with his lawsuit.
  • Represented the Chief Executive Officer and Founder of a company in an investigation commenced by the SEC regarding the CEO’s alleged violation of the U.S. securities laws. On the eve of trial, the matter settled on favorable terms, with a penalty that was a small fraction of that which had originally been sought.
  • Represented a Technical Accounting Advisor at a Fortune 500 company in an SEC investigation. The investigation was concluded without any enforcement action being taken by the Commission.
  • Represented the Chief Financial Officer of a Fortune 500 company in defense of a securities fraud class action as well as an SEC investigation. The class action was dismissed as to the client, with that dismissal being affirmed on appeal. The SEC investigation was concluded without any enforcement action being taken by the Commission.