Litigation
Securities Litigation
Unparalleled legal prowess for securities litigation success
8X Winner
Law360’s Securities Practice Group of the Year & 2023 Securities MVP
Top-Tier Ranking
In all major league tables for securities litigation
Global Reach
250+ practice lawyers across 15 offices around the globe
Ranked #3
Most active firm representing defendants in securities cases from 2021 to 2023
– Lex Machina
Overview
Gibson Dunn’s Securities Litigation Practice Group is consistently recognized as a top-tier practice by esteemed legal publications, including Chambers USA, The Legal 500 United States, Benchmark Litigation, and U.S. News – Best Law Firms.
With a history of success in high-stakes securities class actions, shareholder derivative actions, M&A disputes and board investigations, Gibson Dunn’s securities litigators have established an unparalleled reputation in both the courtroom and the boardroom.
The firm’s securities litigators have deep experience managing a diverse range of securities and shareholder disputes. Their expertise covers securities class actions, derivative suits, M&A litigation, corporate control contests, SEC and other regulatory investigations and enforcement proceedings, board representations, and internal investigations. Representing some of the world’s largest and most sophisticated companies, Gibson Dunn handles their most significant matters with a deep understanding of the complexities involved.
In high-exposure securities fraud class actions, derivative suits targeting directors and officers, challenges to major corporate transactions, sensitive SEC inquiries, or government enforcement actions that threaten reputations and assets, Gibson Dunn’s securities litigators bring to bear their knowledge, reputation, capabilities, and a proven track record of winning the most consequential matters. Their experience and strategic approach are what leading companies and boards of directors rely on when confronted with their most pressing litigation challenges.
Our team of experienced litigation lawyers provides integrated solutions for crisis-related events including:
- securities class actions
- shareholder derivative suits
- books and records demands
- SEC enforcement actions and pre-enforcement proceedings
- DOJ investigations and litigations
- whistleblower complaints
- internal investigations
- M&A and takeover litigation
- foreign exposures and investigations
Holistic Litigation Solutions
At Gibson Dunn, we provide comprehensive litigation solutions by collaborating with our colleagues across various practice groups and global offices. This integrated approach is crucial in securities matters, which often demand a dynamic, multi-faceted strategy to manage civil litigation at both trial and appellate levels, alongside parallel regulatory enforcement actions, and cases that scrutinize the actions of founders, directors, officers, and major shareholders.
Securities Class Actions
Securities class actions represent a significant financial threat to both companies and their senior management, who are often named as defendants. Gibson Dunn has a distinguished record of securing favorable outcomes in these high-stakes cases across diverse industries and sectors, including those seeking billions in damages. Our experience spans the entire legal process, from achieving dismissals at the pleading stage to limiting discovery, defeating or narrowing class certification, winning summary judgments, and prevailing at trial.
Derivative Litigation
Derivative suits, filed on behalf of a company against its directors and officers, frequently coincide with other legal and corporate crises, presenting unique challenges. With decades of experience, Gibson Dunn has successfully litigated and resolved some of the most consequential derivative cases in the United States.
Mergers and Acquisitions Litigation
In collaboration with our corporate practice, we have a wealth of experience in litigating all types of M&A disputes. Our track record includes victories in shareholder strike suits following transactions, appraisal actions, hostile takeover disputes, and post-closing breach of fiduciary duty lawsuits. We consistently achieve success at the pleading stage, summary judgment, and trial.
Appellate Litigation
Leveraging our renowned Appellate and Constitutional Law Practice Group, Gibson Dunn stands as the preeminent firm in securities appellate litigation. We have secured landmark victories in securities cases before the U.S. Supreme Court, U.S. Courts of Appeals, and the Delaware Supreme Court. These triumphs have not only benefited our clients, but have also played a pivotal role in shaping the securities litigation landscape for companies, officers, and directors at large.
“It is hard to imagine a firm with better talent to handle the most complex securities-related matters.”
Chambers USA, client quote
Experience
Recent representations include:
- Meta: Representing Meta in securities class action and shareholder derivative litigation arising out of Cambridge Analytica misuse of user data and multi-billion-dollar FTC settlement. Secured dismissal of companion derivative cases filed in Northern District of California. The securities class action is on appeal to the U.S. Supreme Court.
- Slack Technologies: Won precedent-setting victory before the U.S. Supreme Court establishing that plaintiffs suing under Section 11 of the Securities Act of 1933 must plead and prove that they bought shares registered under the allegedly misleading registration statement.
- HP Inc.: Secured major win for HP and its senior officers in securities class action arising out of downturn in printer supplies business. After two successive motion to dismiss wins, the case was favorably resolved for HP during the appeal.
- Vale: Representing the world’s largest iron ore mining company in multiple shareholder actions arising out of the collapse of the Fundão and Brumadinho Dams. In connection with the Fundão Dam collapse, Gibson Dunn secured the dismissal with prejudice of a putative securities class action in the Southern District of New York against Vale S.A. The dismissal was affirmed on appeal by the Second Circuit.
- Marriott: Won motion to dismiss for Marriott of a securities class action and separate shareholder derivative suit arising from a significant data security incident. The securities class action dismissal was affirmed on appeal.
- Nike: Secured complete dismissal of multiple shareholder derivative complaints alleging that the Nike Board of Directors breached their fiduciary duties in connection with allegations of workplace misconduct by former senior officers.
- Immunomedics (Gilead): Achieved a favorable settlement for company and its senior officers in a securities class action based alleging misstatements and omissions regarding a data integrity breach that occurred during the approval process for a groundbreaking breast cancer drug.
- Block: Secured dismissal of a shareholder derivative action against the Board of Directors of Block Inc. (f/k/a Square) arising out of Square’s acquisition of the music streaming service, TIDAL. The decision granting the motion to dismiss was affirmed by the Delaware Supreme Court.
- Charles Schwab: Won dismissal of a putative securities class action alleging that Charles Schwab misrepresented how its robo-advisor investment product would allocate plaintiffs invested funds. The class action dismissal was affirmed in the Ninth Circuit.
- Edward Jones: Defending Edward Jones in a putative nationwide securities class action of broker dealer clients in the Eastern District of California after successfully narrowing the case to a single claim on a novel breach of duty theory.
- Empower Retirement: Successfully defended Empower Retirement, the nation’s second-largest retirement services provider, in a putative multi-million-member investor class action in the District of Colorado alleging that the company made misrepresentations or omissions to induce individuals to enroll in managed accounts, regarding the investments made through the managed accounts, and about the fees charged for the managed account service.
Practice Leaders
News & Insights
Client Alert
Supreme Court Holds That Pure Omissions Cannot Support A Cause Of Action Under Rule 10b-5(b)
Client Alert
Delaware Court of Chancery Invalidates Consent Rights and Certain Designation-Related Rights in a Stockholder Agreement
Client Alert
Securities Litigation 2023 Year-End Update