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David M. Stuart

Partner, Litigation

David M. Stuart represents and advises public and private companies, executives and board members in their most sensitive and complex civil, criminal and internal investigations and related securities and derivative litigation. His matters regularly involve allegations of accounting fraud, foreign corruption, insider trading, market manipulation, money laundering, trade sanctions, illicit cyber activity and sexual harassment. Mr. Stuart has also conducted comprehensive reviews of corporate compliance programs and advised organizations on implementation of best practices in regulatory compliance. He participates in the Firm’s efforts related to blockchain and financial technology (FinTech).

Examples of his recent representations include:

  • United States v. Telia Company AB, No. 17‑cr‑00581 (S.D.N.Y.); In the Matter of Telia Co. AB, File No. 3‑18195 (SEC). Represented Telia Company in connection with foreign corruption investigations by the SEC, DOJ and Swedish and Dutch authorities, resulting in one of the most significant coordinated resolutions among multiple international law enforcement authorities, which was settled without imposition of a compliance monitor.
  • In the Matter of Qualcomm Incorporated, File No. 3‑17145 (SEC). Represented Qualcomm in investigations by the SEC, DOJ and U.S. Attorney’s Office for the Southern District of California related to accounting, disclosure and FCPA issues concerning the company’s operations in China, which was settled without action by criminal authorities or imposition of a compliance monitor.
  • In the Matter of Insys Therapeutics, Inc. Represented Insys Therapeutics in an SEC investigation related to its financial restatement and disclosures, sales and marketing practices and compliance program. The SEC closed its investigation without any enforcement action.
  • In re Insys Therapeutics Securities Litigation, No. 17‑cv‑01954 (S.D.N.Y.); In re Insys Therapeutics, Inc. Derivative Litigation, No. 12696‑VCMR (Del. Ch.). Represented Insys Therapeutics and certain former members of management in securities class action lawsuits and related shareholder derivative suits arising from alleged improper off-label marketing.
  • SEC v. Akorn, Inc., et al., No. 18‑cv‑2150 (N.D. Ill.). Represented Akorn in an investigation by the SEC and U.S. Attorney’s Office for the Southern District of New York concerning its accounting restatements, reaching a resolution pursuant to which Akorn was charged with non‑scienter‑based violations and did not pay any financial sanctions.
  • In re Akorn, Inc. Securities Litigation, No. 15‑cv‑01944 (N.D. Ill.); Safriet v. Rai, et al., No. 15‑cv‑7275 (N.D. Ill.). Represented Akorn in a securities class action and shareholder derivative litigation in Illinois federal court related to alleged accounting errors. The parties in the class action reached a settlement in June 2018, and the derivative action was dismissed in August 2017.
  • In the Matter of Barnes & Noble, Inc. Represented Barnes & Noble in an SEC investigation related to an accounting restatement and financial disclosure issues and emerging issues under the Dodd‑Frank Act’s whistleblower rules. The SEC closed its investigation without any enforcement action.
  • In the Matter of First Solar, Inc.: Represented First Solar in an SEC investigation regarding Regulation FD issues. The SEC concluded its investigation without any enforcement action against the company.
  • Represented a multinational e‑commerce corporation in an SEC investigation related to its accounting and disclosures. The SEC closed its investigation without any enforcement action.
  • Represented an American pharmaceutical company in an SEC investigation related to its accounting and data integrity disclosures. The SEC closed its investigation without any enforcement action.
  • Represented a major entertainment company in an SEC investigation into its accounting for the impairment of film values. The SEC closed its investigation without any enforcement action.
  • Represented an advertising company in an SEC investigation into allegations of accounting fraud. The SEC closed its investigation without any enforcement action.
  • Represented a global beverage company and its CEO in an SEC insider trading investigation. The SEC closed its investigation without any enforcement action.
  • Represented a global technology company in an SEC investigation into public statements made by its CEO. The SEC closed its investigation without any enforcement action.
  • Led an internal investigation for the Board of Directors of an advertising company related to allegations of misconduct by senior management.

From 2000 to 2006, Mr. Stuart served in the Division of Enforcement at the Securities and Exchange Commission in Washington, D.C. While at the SEC, he supervised a team in the SEC’s Financial Fraud Task Force and regularly coordinated multinational investigations with the FBI, the Department of Justice, and multiple international regulators and law enforcement agencies. For this work, Mr. Stuart twice received the Director’s Award for outstanding contribution to the enforcement of the federal securities laws. After leaving the SEC, Mr. Stuart served as Senior Counsel of Investigations and Regulatory Affairs for the General Electric Company before returning to Cravath.

For the past several years, Mr. Stuart has been recognized by multiple publications such as Chambers USA, The Legal 500 US, Benchmark Litigation, The Best Lawyers in America and Ethisphere for his work in securities regulation and enforcement and white collar criminal investigations and defense.

Mr. Stuart is a frequent speaker, expert columnist and author on the subjects of regulatory compliance and corporate investigations. He is the Managing Editor of four editions of the SEC Compliance and Enforcement Answer Book, published by the Practising Law Institute. In 2020, Mr. Stuart was selected to serve as a member of Law360’s Compliance Editorial Advisory Board.

Mr. Stuart was born in Dearborn, Michigan. He received a B.A. with high honors in 1990 from Wesleyan University, where he was elected to Phi Beta Kappa, and a J.D. in 1995 from New York University School of Law, where he was Senior Staff Editor of the Environmental Law Journal. After graduating from law school, Mr. Stuart served as a law clerk to Hon. John Gleeson of the U.S. District Court for the Eastern District of New York.

Mr. Stuart is a fellow of the American Bar Foundation. He is a member of the American Bar Association, the International Bar Association, the Association of SEC Alumni and the SEC Historical Society.

Mr. Stuart is admitted only in New York and Connecticut.

Contact
+1 (212) 474-1519
+1 (212) 474-3700