Craig Varnen is a litigation partner in the Los Angeles office of Gibson Dunn. Craig serves as a Co-Chair of the Firm’s National Securities Litigation Practice Group, which is consistently recognized as one of the best securities litigation groups in the country. While Craig is an experienced trial attorney who has represented clients in a broad range of “bet the company” commercial disputes, his practice focuses securities litigation. Craig has decades of experience representing public companies and their officers/directors in the defense of federal and state securities class actions, derivative actions and government proceedings. These cases often involve claims related to public offerings, accounting and disclosure practices, mergers and acquisitions, insider trading, corporate governance issues or allegations of breaches of fiduciary duties. Craig is also regularly retained to conduct high-profile internal investigations, as well as advise boards and officers on fiduciary duty and corporate governance issues. He has also handled a wide range of other business and class action litigation, including many different types of consumer class actions, cases involving the misappropriation of trade secrets, employment litigation, and insurance matters. He also often counsels clients in employment contract-related matters.
Craig is currently ranked by Chambers USA in the category of Securities Litigation. He is frequently asked to speak on a variety of topics relating to securities and complex commercial litigation, and is listed as pre-approved panel counsel for the major D&O insurance carriers. He has been selected by his peers for inclusion in the Securities Litigation category as one of The Best Lawyers in America every year since 2021. From 2012-2024, he was recognized by Southern California Super Lawyer for his business litigation expertise. He was also named a Southern California Rising Star by Super Lawyers.
Recent Experience Includes:*
- Represented a prominent European conglomerate in obtaining rare pleading-stage dismissal of entire fairness claims filed in the Delaware Court of Chancery regarding an allegedly conflicted acquisition.
- Defended, including acting as lead counsel in a successful two-week trial, a publicly traded Fortune 500 company in a complex merger litigation arising from its acquisition by way of mergers of several limited partnerships in which it served as the general partner.
- Defended Fortune 500 multinational lender in securities fraud lawsuits and multiple government investigations.
- Defended CFO of a Fortune 500 media company in high profile securities fraud and derivative lawsuits.
- Defended the former chairman/CEO of Countrywide Financial Corporation in a series of securities fraud and regulatory lawsuits arising from the demise of the mortgage banking industry.
- Defended one of the largest technology investors and operators in the world in high profile derivative litigation in Delaware.
- Defended a national bank in a securities fraud lawsuit relating to multiple auto loan-backed securitizations.
- Represented Fortune 500 financial services company in securities fraud and derivative lawsuits filed in both federal and state court.
- Represented Fortune 500 biopharmaceuticals company in high-profile securities fraud and derivative lawsuits.
- Defended the world’s largest event promoter/venue operator in a high-profile consumer class action lawsuit.
- Represented a prominent casino in a high-profile litigation brought by a director alleging corporate governance and breach of fiduciary duty related claims.
- Represented the CFO of a prominent publicly traded interactive entertainment company in securities fraud and derivative lawsuits filed in both federal and state court.
- Represented numerous companies and board committees in responding to shareholder litigation demand letters.
- Defended one of the country’s largest cable operators in a complex securities class action lawsuit and government investigations relating to accounting and reporting practices.
- Defended a regional bank and its board of directors in a complex class action litigation resulting from a $851 million business combination with another bank.
- Defended one of the country’s largest oil companies and its board of directors in a complex class action litigation resulting from its $18 billion merger with another oil company.
- Defended the CFO of a publicly traded software company in a complex securities class action lawsuit and government investigation relating to accounting and reporting practices.
- Defended a technology company in a complex securities class action lawsuit resulting from its $2 billion acquisition of a competing company.
- Defended one of the nation’s preeminent private wealth managers in a FINRA arbitration.
*Includes representative matters handled prior to joining Gibson, Dunn & Crutcher LLP.
Craig served as a law clerk for the Hon. Cynthia Holcomb Hall in the United States Court of Appeals for the Ninth Circuit.
Craig graduated from the University of California San Diego with a Bachelor of Arts in Economics. He graduated summa cum laude and Phi Beta Kappa. He earned his law degree from University of California, Berkley School of Law where he was an editor of the California Law Review, and was elected to the Order of the Coif.
Craig serves as Chairman of the board of trustees of the Curtis School.
Craig is admitted to practice law in the state of California, before the United States District Court for the Central and Northern Districts of California, and the U.S. Court of Appeals for the Ninth Circuit.
Capabilities
- Securities Litigation
- Class Actions
- Litigation
- Mergers and Acquisitions
- Securities Enforcement
- Securities Regulation and Corporate Governance
- White Collar Defense and Investigations
Credentials
Education:
- University of California, Berkeley - 1993 Juris Doctor
- University of California, San Diego - 1990 Bachelor of Arts
Admissions:
- California Bar
Clerkships:
- US Court of Appeals, 9th Circuit, Cynthia Holcomb Hall, 1993 - 1994