Four Decades for Justice
Securities Litigation
Cravath’s preeminent securities litigation practice plays a leading role in the field’s most significant and precedent‑setting cases, successfully defending individual and class action litigation across industries. We consistently take on and win consequential securities matters for our clients, having eliminated claims in excess of $60 billion in recent years. While securities cases rarely go to trial, we draw on our extensive experience to successfully try these matters when necessary. In 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 achieved notable 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 devises innovative strategies from the boardroom to the courtroom, giving corporate defendants greater ammunition to protect critical business interests and leveling the litigation playing field. (The Legal 500 US)
Because of our experience handling the largest and most complex cases, we have particular expertise in coordinating the defense, and often global resolution, of parallel related actions, as well as in advising clients and their boards of directors in dealing with such litigation. Our securities litigation practice also extends to internal and governmental investigations and related proceedings, such as shareholder derivative actions and ERISA cases.
Repeatedly named “Securities Litigation Firm of the Year” by Benchmark Litigation and “Securities Practice Group of the Year” by Law360, our securities litigation practice has been consistently ranked in the top tier by Benchmark Litigation, Chambers USA, The Legal 500 US and U.S. News–Best Lawyers “Best Law Firms.” The Firm also was named New York Law Journal’s “Litigation Department of the Year” in 2022 and 2019; its “Class Action Litigation Department of the Year” in 2021; and its “Finance Litigation Department of the Year” in 2018.
In addition, our securities litigators have earned repeated praise from clients and the market, including:
- Cravath “fields a strong bench of market-leading attorneys known for their extensive courtroom experience” with a “dominant presence in defending against RMBS claims, shareholder derivative actions relating to M&A and securities fraud class actions.” Chambers USA
- Cravath is “always outstanding” and “very impressive, a top firm with great team players who are smart and practical” such that “no firm demonstrates better teamwork in complex litigation or can muster the same cohesive intellectual firepower.” Clients, The Legal 500 US
- “Cravath is a cut above the rest. Their client service is superior. In a bet the company case I would select them as my top pick.” Client, 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
- “I think that Cravath is the best single law firm I know. They have really deep talent, really a lot of great lawyers, they write well, they can try cases, they are just up and down the line excellent. They also act with total credibility.” Client, Chambers USA
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 achieved notable 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 devises innovative strategies from the boardroom to the courtroom, giving corporate defendants greater ammunition to protect critical business interests and leveling the litigation playing field. (The Legal 500 US)
Because of our experience handling the largest and most complex cases, we have particular expertise in coordinating the defense, and often global resolution, of parallel related actions, as well as in advising clients and their boards of directors in dealing with such litigation. Our securities litigation practice also extends to internal and governmental investigations and related proceedings, such as shareholder derivative actions and ERISA cases.
Repeatedly named “Securities Litigation Firm of the Year” by Benchmark Litigation and “Securities Practice Group of the Year” by Law360, our securities litigation practice has been consistently ranked in the top tier by Benchmark Litigation, Chambers USA, The Legal 500 US and U.S. News–Best Lawyers “Best Law Firms.” The Firm also was named New York Law Journal’s “Litigation Department of the Year” in 2022 and 2019; its “Class Action Litigation Department of the Year” in 2021; and its “Finance Litigation Department of the Year” in 2018.
In addition, our securities litigators have earned repeated praise from clients and the market, including:
- Cravath “fields a strong bench of market-leading attorneys known for their extensive courtroom experience” with a “dominant presence in defending against RMBS claims, shareholder derivative actions relating to M&A and securities fraud class actions.” Chambers USA
- Cravath is “always outstanding” and “very impressive, a top firm with great team players who are smart and practical” such that “no firm demonstrates better teamwork in complex litigation or can muster the same cohesive intellectual firepower.” Clients, The Legal 500 US
- “Cravath is a cut above the rest. Their client service is superior. In a bet the company case I would select them as my top pick.” Client, 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
- “I think that Cravath is the best single law firm I know. They have really deep talent, really a lot of great lawyers, they write well, they can try cases, they are just up and down the line excellent. They also act with total credibility.” Client, Chambers USA
Deals & Cases
June 28, 2023
First Solar Wins Dismissal of Putative Securities Class Action
On June 23, 2023, Judge Michael T. Liburdi of the U.S. District Court for the District of Arizona dismissed with prejudice all claims brought against Cravath clients First Solar, Inc. and its executives (collectively, “First Solar”) in a purported securities class action litigation concerning the company’s Series 6 solar module and its Project Development business.
Deals & Cases
June 09, 2023
Tesla CEO Elon Musk Wins Delaware Supreme Court Decision Affirming $13 Billion Trial Victory Over Tesla’s SolarCity Deal
On June 6, 2023, the Delaware Supreme Court affirmed the Delaware Court of Chancery’s judgment in favor of Cravath client Elon Musk on all counts in a stockholder derivative suit related to Tesla, Inc.’s (“Tesla”) 2016 acquisition of SolarCity Corp. (“SolarCity”).
Deals & Cases
April 07, 2023
Viatris Wins Summary Judgment in Securities Class Action
On Thursday, March 30, 2023, the U.S. District Court for the Southern District of New York granted summary judgment in favor of Cravath client Viatris (formed in 2020 from a combination of Mylan and Pfizer’s Upjohn division). The shareholder class action asserted numerous violations of the federal securities laws, all premised on other allegations related to Mylan’s marketing, pricing and classification of EpiPen as well as alleged conduct concerning generic drug price fixing and market allocation.
Deals & Cases
April 01, 2023
Root Wins Dismissal of Putative Securities Class Action
On March 31, 2023, the U.S. District Court for the Southern District of Ohio granted a motion to dismiss with prejudice all claims brought against Cravath clients Root, Inc. and certain of its officers and directors (collectively, “Root”). Root is an insurance company, primarily focused on automobile insurance, with a “mobile‑first”, data‑driven business model that makes risk assessments, in part, based on complex behavioral data, including an individual’s actual driving behavior.
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.
Accolades
September 11, 2023
Cravath Partners Named to Lawdragon’s 2024 List of “500 Leading Litigators in America”
On September 8, 2023, Lawdragon announced the inclusion of 38 Cravath partners in its second edition list of the “500 Leading Litigators in America.” The list, assembled based on research and vetting by peers, recognizes the “array of talent in America’s great trial teams” who represent entities in cases spanning the areas of antitrust, finance, government investigations, intellectual property, M&A and securities, among many others.
Activities & Publications
August 01, 2023
Cravath Emerging Company and Venture Capital Insights: 2023 Mid‑Year Market Update
On July 31, 2023, Cravath published the latest edition of its Cravath Emerging Company and Venture Capital Insights newsletter, entitled “2023 Mid‑Year Market Update,” which provides an overview of global venture capital activity during the first half of 2023. The newsletter examines key sectors for VC investment during the period and current exit trends, including limited IPOs with M&A still providing stronger exit opportunities. This edition also offers insights on the Securities and Exchange Commission’s continued focus on regulation of digital assets and how recent bank failures in the U.S. could potentially impact venture debt availability.
Activities & Publications
July 31, 2023
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2023
On July 31, 2023, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the second quarter of 2023. This edition also examines several recent litigation decisions, including in bankruptcy court, notable developments on digital asset regulation and a variety of SEC rulemaking, comment and enforcement updates.
Activities & Publications
July 31, 2023
Cravath Publishes Quarterly Review on Q2 2023 Trends in M&A, Activism and Corporate Governance
On July 31, 2023, Cravath published the latest edition of its Quarterly Review, which examines the Q2 2023 M&A, activism and corporate governance landscape. The Review provides an overview of activity in those areas, highlights notable cases in the M&A space, shares trends in activism activity and notes key developments in corporate governance over the second quarter of 2023. This edition also examines the Federal Trade Commission and Department of Justice’s proposed changes to the merger guidelines and other antitrust enforcement and policy developments, alongside recent Delaware cases and pronouncements related to corporate governance matters.
Accolades
June 09, 2023
The Legal 500 United States Ranks Cravath in Top Tier Across 16 Practice Areas and Recognizes 68 Cravath Attorneys
The 2023 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 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; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 68 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Deals & Cases
June 28, 2023
First Solar Wins Dismissal of Putative Securities Class Action
On June 23, 2023, Judge Michael T. Liburdi of the U.S. District Court for the District of Arizona dismissed with prejudice all claims brought against Cravath clients First Solar, Inc. and its executives (collectively, “First Solar”) in a purported securities class action litigation concerning the company’s Series 6 solar module and its Project Development business.
Deals & Cases
June 09, 2023
Tesla CEO Elon Musk Wins Delaware Supreme Court Decision Affirming $13 Billion Trial Victory Over Tesla’s SolarCity Deal
On June 6, 2023, the Delaware Supreme Court affirmed the Delaware Court of Chancery’s judgment in favor of Cravath client Elon Musk on all counts in a stockholder derivative suit related to Tesla, Inc.’s (“Tesla”) 2016 acquisition of SolarCity Corp. (“SolarCity”).
Deals & Cases
April 07, 2023
Viatris Wins Summary Judgment in Securities Class Action
On Thursday, March 30, 2023, the U.S. District Court for the Southern District of New York granted summary judgment in favor of Cravath client Viatris (formed in 2020 from a combination of Mylan and Pfizer’s Upjohn division). The shareholder class action asserted numerous violations of the federal securities laws, all premised on other allegations related to Mylan’s marketing, pricing and classification of EpiPen as well as alleged conduct concerning generic drug price fixing and market allocation.
Deals & Cases
April 01, 2023
Root Wins Dismissal of Putative Securities Class Action
On March 31, 2023, the U.S. District Court for the Southern District of Ohio granted a motion to dismiss with prejudice all claims brought against Cravath clients Root, Inc. and certain of its officers and directors (collectively, “Root”). Root is an insurance company, primarily focused on automobile insurance, with a “mobile‑first”, data‑driven business model that makes risk assessments, in part, based on complex behavioral data, including an individual’s actual driving behavior.
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.
Accolades
September 11, 2023
Cravath Partners Named to Lawdragon’s 2024 List of “500 Leading Litigators in America”
On September 8, 2023, Lawdragon announced the inclusion of 38 Cravath partners in its second edition list of the “500 Leading Litigators in America.” The list, assembled based on research and vetting by peers, recognizes the “array of talent in America’s great trial teams” who represent entities in cases spanning the areas of antitrust, finance, government investigations, intellectual property, M&A and securities, among many others.
Activities & Publications
August 01, 2023
Cravath Emerging Company and Venture Capital Insights: 2023 Mid‑Year Market Update
On July 31, 2023, Cravath published the latest edition of its Cravath Emerging Company and Venture Capital Insights newsletter, entitled “2023 Mid‑Year Market Update,” which provides an overview of global venture capital activity during the first half of 2023. The newsletter examines key sectors for VC investment during the period and current exit trends, including limited IPOs with M&A still providing stronger exit opportunities. This edition also offers insights on the Securities and Exchange Commission’s continued focus on regulation of digital assets and how recent bank failures in the U.S. could potentially impact venture debt availability.
Activities & Publications
July 31, 2023
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2023
On July 31, 2023, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the second quarter of 2023. This edition also examines several recent litigation decisions, including in bankruptcy court, notable developments on digital asset regulation and a variety of SEC rulemaking, comment and enforcement updates.
Activities & Publications
July 31, 2023
Cravath Publishes Quarterly Review on Q2 2023 Trends in M&A, Activism and Corporate Governance
On July 31, 2023, Cravath published the latest edition of its Quarterly Review, which examines the Q2 2023 M&A, activism and corporate governance landscape. The Review provides an overview of activity in those areas, highlights notable cases in the M&A space, shares trends in activism activity and notes key developments in corporate governance over the second quarter of 2023. This edition also examines the Federal Trade Commission and Department of Justice’s proposed changes to the merger guidelines and other antitrust enforcement and policy developments, alongside recent Delaware cases and pronouncements related to corporate governance matters.
Accolades
June 09, 2023
The Legal 500 United States Ranks Cravath in Top Tier Across 16 Practice Areas and Recognizes 68 Cravath Attorneys
The 2023 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 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; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 68 Cravath attorneys were individually recognized by The Legal 500 United States this year.
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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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