Cravath Publishes Summer 2026 Issue of Alumni Journal
Securities Litigation
Cravath’s preeminent securities litigation practice leads the field’s most significant and precedent‑setting cases, successfully defending individual and class action litigation in jurisdictions across the country. We take on—and win—consequential securities matters, having eliminated claims in excess of $60 billion in recent years. Though securities cases rarely reach trial, we draw on our extensive capabilities to successfully try these matters when they do. Over the past several years, we have tried nearly a dozen actions across the full spectrum of securities and shareholder litigation, including winning the first public market purchase case in which the presumption of reliance was successfully rebutted at a trial on the merits and securing one of the only post-trial defense verdicts decided under the entire fairness standard.
A “dominant presence” representing clients “at the forefront of the most complex disputes,” Cravath’s securities team handles prominent and high-stakes matters for every key category of defendant: issuers, financial institutions and audit firms. (Chambers USA) We have secured landmark resolutions and established important precedent impacting companies operating in all major industries, including consumer products; energy and natural resources; financial services; healthcare and life sciences; media and entertainment; and technology. Our “deep bench of securities litigators” crafts innovative strategies from the boardroom to the courtroom, giving corporate defendants and boards the requisite tools to protect critical business interests and leveling the litigation playing field. (The Legal 500 US)
Our experience with the largest and most complex cases makes us particularly adept at coordinating the defense—and often global resolution—of parallel related actions. Our securities litigation practice also extends to internal and governmental investigations and related proceedings, such as shareholder derivative actions and Employment Retirement Income Security Act (ERISA) cases.
Repeatedly named “Securities Practice Group of the Year” by Law360, as well as “Securities Litigation Firm of the Year” by Benchmark Litigation, our practice consistently ranks in the top tiers of Benchmark Litigation, Chambers USA, The Legal 500 US and Best Lawyers Best Law Firms. The Firm has also been honored as New York Law Journal’s overall “Litigation Department of the Year,” “Class Action Litigation Department of the Year” and “Finance Litigation Department of the Year.”
In addition, our securities litigators have earned repeated praise from clients and the market, including:
- “Their knowledge of the law and securities litigation specifically is unmatched. They brought their absolute best to the table for our matter.” Client, The Legal 500 US
- “Cravath, Swaine & Moore possesses an esteemed civil litigation practice, highly sought after for sophisticated business disputes and securities actions.” Chambers USA
- Cravath’s securities litigation group is “one of the truly outstanding teams in the country” and has “a long history of involvement in the most high-profile engagements.” Chambers USA
- “Cravath has an exceptional litigation practice, including but not limited to its defense of securities litigation matters. They have a particularly deep bench of securities litigators, and they can be trusted to outthink and outwork their adversaries. They are also tremendously creative.” Testimonial, The Legal 500 US
- “Cravath has built a reputation as one of the top law firms that companies rely on for representation when faced with derivative lawsuits, investor class actions and other securities‑related litigation.” Law360
- “The attention to detail, knowledge of the intricacies of our case, and the ability to manage individuals at every level of our organization was wildly impressive. . . . This team was dedicated and invested in our matter, they showed a level of care, compassion and professionalism that is lacking at other firms. This matter was not a check to them, it was an opportunity to build a lasting relationship and make things right for a client that was in a challenging position with litigation.” Client, The Legal 500 US
A “dominant presence” representing clients “at the forefront of the most complex disputes,” Cravath’s securities team handles prominent and high-stakes matters for every key category of defendant: issuers, financial institutions and audit firms. (Chambers USA) We have secured landmark resolutions and established important precedent impacting companies operating in all major industries, including consumer products; energy and natural resources; financial services; healthcare and life sciences; media and entertainment; and technology. Our “deep bench of securities litigators” crafts innovative strategies from the boardroom to the courtroom, giving corporate defendants and boards the requisite tools to protect critical business interests and leveling the litigation playing field. (The Legal 500 US)
Our experience with the largest and most complex cases makes us particularly adept at coordinating the defense—and often global resolution—of parallel related actions. Our securities litigation practice also extends to internal and governmental investigations and related proceedings, such as shareholder derivative actions and Employment Retirement Income Security Act (ERISA) cases.
Repeatedly named “Securities Practice Group of the Year” by Law360, as well as “Securities Litigation Firm of the Year” by Benchmark Litigation, our practice consistently ranks in the top tiers of Benchmark Litigation, Chambers USA, The Legal 500 US and Best Lawyers Best Law Firms. The Firm has also been honored as New York Law Journal’s overall “Litigation Department of the Year,” “Class Action Litigation Department of the Year” and “Finance Litigation Department of the Year.”
In addition, our securities litigators have earned repeated praise from clients and the market, including:
- “Their knowledge of the law and securities litigation specifically is unmatched. They brought their absolute best to the table for our matter.” Client, The Legal 500 US
- “Cravath, Swaine & Moore possesses an esteemed civil litigation practice, highly sought after for sophisticated business disputes and securities actions.” Chambers USA
- Cravath’s securities litigation group is “one of the truly outstanding teams in the country” and has “a long history of involvement in the most high-profile engagements.” Chambers USA
- “Cravath has an exceptional litigation practice, including but not limited to its defense of securities litigation matters. They have a particularly deep bench of securities litigators, and they can be trusted to outthink and outwork their adversaries. They are also tremendously creative.” Testimonial, The Legal 500 US
- “Cravath has built a reputation as one of the top law firms that companies rely on for representation when faced with derivative lawsuits, investor class actions and other securities‑related litigation.” Law360
- “The attention to detail, knowledge of the intricacies of our case, and the ability to manage individuals at every level of our organization was wildly impressive. . . . This team was dedicated and invested in our matter, they showed a level of care, compassion and professionalism that is lacking at other firms. This matter was not a check to them, it was an opportunity to build a lasting relationship and make things right for a client that was in a challenging position with litigation.” Client, The Legal 500 US
Deals & Cases
September 14, 2026
Oddity Wins Dismissal of Putative Securities Class Action
On September 9, 2026, the U.S. District Court for the Southern District of New York granted a motion to dismiss all claims in their entirety on behalf of Cravath client Oddity Tech Ltd. (“Oddity”) and individual defendants in a putative securities fraud class action.
Deals & Cases
February 19, 2026
Dfinity’s Appellate Win Affirming Summary Judgment in Securities Class Action
On January 30, 2026, the California Court of Appeal affirmed the Superior Court of California, County of San Mateo’s grant of summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity”) in a putative securities class action related to Dfinity’s Internet Computer Protocol (“ICP”) master governance tokens. Dfinity is a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications.
Deals & Cases
February 13, 2025
Dfinity Wins Summary Judgment in Purported Securities Class Action
On February 10, 2025, the Superior Court of California, County of San Mateo, granted summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity), a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications, in purported class action securities litigation.
Deals & Cases
November 15, 2023
Robinhood Defeats Certification of Proposed Class Asserting Securities Claims in Sprawling “Meme Stock” Litigation
On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).
Deals & Cases
July 26, 2022
Dfinity Defendants Win Motion to Stay Pursuant to PSLRA in Purported Securities Class Action, Addressing Application in State Court
On July 25, 2022, Judge Danny Y. Chou of the Superior Court of the State of California, County of San Mateo, issued a decision holding that the automatic discovery stay pursuant to Section 77z‑1(b)(1) of the Private Securities Litigation Reform Act (the “PSLRA Stay”) applies not only in federal court, but also in state court. Judge Chou therefore granted Cravath clients Dfinity Foundation and Dfinity USA Research, LLC’s (together, the “Dfinity Defendants”) motion to stay discovery pending resolution of the Dfinity Defendants’ demurrer.
Publications
September 10, 2026
Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance
On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Publications
June 26, 2026
HLS Forum on Corporate Governance Publishes Cravath’s Q1 2026 Newsletter on M&A, Activism and Corporate Governance
On June 24, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape during the first quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.
Activities
June 11, 2026
Legal 500 United States Ranks Cravath in Top Tier Across 14 Practice Areas and Recognizes 71 Cravath Attorneys
The 2026 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 14 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 71 Cravath attorneys were individually recognized by Legal 500 United States this year.
Activities
June 04, 2026
Chambers USA Ranks Cravath in Top Tier for 2026 Across Corporate, Litigation and Tax Practice Areas
The 2026 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate Crime & Investigations (Highly Regarded); Corporate/M&A (The Elite); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eleven areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Employee Benefits & Executive Compensation; Environment (Mainly Transactional); Intellectual Property (Patent: Transactional); Media & Entertainment (Corporate); Litigation (General Commercial: The Elite); Litigation (Securities); Tax; and White‑Collar Crime & Government Investigations (Highly Regarded). Fifty‑one Cravath lawyers were ranked across nineteen practice categories.
Publications
May 22, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2026
On May 22, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2026. Highlights from this edition include:
Deals & Cases
September 14, 2026
Oddity Wins Dismissal of Putative Securities Class Action
On September 9, 2026, the U.S. District Court for the Southern District of New York granted a motion to dismiss all claims in their entirety on behalf of Cravath client Oddity Tech Ltd. (“Oddity”) and individual defendants in a putative securities fraud class action.
Deals & Cases
February 19, 2026
Dfinity’s Appellate Win Affirming Summary Judgment in Securities Class Action
On January 30, 2026, the California Court of Appeal affirmed the Superior Court of California, County of San Mateo’s grant of summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity”) in a putative securities class action related to Dfinity’s Internet Computer Protocol (“ICP”) master governance tokens. Dfinity is a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications.
Deals & Cases
February 13, 2025
Dfinity Wins Summary Judgment in Purported Securities Class Action
On February 10, 2025, the Superior Court of California, County of San Mateo, granted summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity), a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications, in purported class action securities litigation.
Deals & Cases
November 15, 2023
Robinhood Defeats Certification of Proposed Class Asserting Securities Claims in Sprawling “Meme Stock” Litigation
On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).
Deals & Cases
July 26, 2022
Dfinity Defendants Win Motion to Stay Pursuant to PSLRA in Purported Securities Class Action, Addressing Application in State Court
On July 25, 2022, Judge Danny Y. Chou of the Superior Court of the State of California, County of San Mateo, issued a decision holding that the automatic discovery stay pursuant to Section 77z‑1(b)(1) of the Private Securities Litigation Reform Act (the “PSLRA Stay”) applies not only in federal court, but also in state court. Judge Chou therefore granted Cravath clients Dfinity Foundation and Dfinity USA Research, LLC’s (together, the “Dfinity Defendants”) motion to stay discovery pending resolution of the Dfinity Defendants’ demurrer.
Publications
September 10, 2026
Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance
On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Publications
June 26, 2026
HLS Forum on Corporate Governance Publishes Cravath’s Q1 2026 Newsletter on M&A, Activism and Corporate Governance
On June 24, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape during the first quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.
Activities
June 11, 2026
Legal 500 United States Ranks Cravath in Top Tier Across 14 Practice Areas and Recognizes 71 Cravath Attorneys
The 2026 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 14 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 71 Cravath attorneys were individually recognized by Legal 500 United States this year.
Activities
June 04, 2026
Chambers USA Ranks Cravath in Top Tier for 2026 Across Corporate, Litigation and Tax Practice Areas
The 2026 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate Crime & Investigations (Highly Regarded); Corporate/M&A (The Elite); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eleven areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Employee Benefits & Executive Compensation; Environment (Mainly Transactional); Intellectual Property (Patent: Transactional); Media & Entertainment (Corporate); Litigation (General Commercial: The Elite); Litigation (Securities); Tax; and White‑Collar Crime & Government Investigations (Highly Regarded). Fifty‑one Cravath lawyers were ranked across nineteen practice categories.
Publications
May 22, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2026
On May 22, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2026. Highlights from this edition include:
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Cravath Bicentennial
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
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