Our WorkSecurities Litigation
Our Securities Litigation practice is nationally recognized for its winning approach to the litigation, defense and resolution of securities law and corporate law claims. Our trial-tested securities litigators have successfully resolved a wide range of disputes, from representing single individuals in small-dollar matters to major corporations, officers and directors in front-page, bet-the-company litigation.
With experience in matters spanning virtually every segment of the U.S. economy, our practice encompasses private litigation arising from federal and state securities laws, including class action lawsuits; shareholder derivative and corporate governance litigation; mergers and acquisitions litigation; representation of companies and individuals in connection with inquiries, subpoenas and investigations by regulatory agencies or prosecuting authorities; internal corporate investigations and representation of special litigation committees; and advice and counseling in connection with directors and officers insurance issues.
Our strong track record is rooted in the creativity and efficiency we bring to complex securities litigation. As recounted by a longstanding client we have represented in dozens of private civil cases, class actions and regulatory investigations and proceedings, we are “a great team with a great law firm…that was able to separate the facts from fiction and, from the start of the case, provided me the confidence that at the end of the day I would be OK.”
While we are known for our work on high-stakes securities and corporate law, we are also committed to helping clients quickly and efficiently resolve straightforward cases. To that end, our clients appreciate our flexibility and willingness to work with them in considering alternative fee arrangements, which have often resulted in substantial client cost savings without sacrificing top-tier representation. For the more complex and higher-dollar matters, we enjoy longstanding relationships and serve as panel counsel with major directors and officers insurance liability carriers, which allows us to help our clients maximize coverage and navigate other challenging coverage issues.
Experience
- Uber Technologies Inc. Secured dismissal with prejudice at the pleading stage of a securities fraud class action brought against Uber seeking billions of dollars in damages. The case was one of the first of its kind, brought under California’s market manipulation statute. At the outset of the case and over the plaintiff’s vigorous opposition, Irell obtained a stay of discovery pending resolution of Uber’s motion to dismiss. Then Irell secured the complete dismissal of the plaintiff’s complaint, followed in July 2019 by a second complete dismissal of the amended complaint with prejudice.
- Countrywide Financial: representation of Angelo Mozilo. Served as lead counsel for the former chairman and CEO of Countrywide Financial Corporation in dozens of shareholder and regulatory lawsuits and government investigations, which arose from the 2008 global financial crisis and losses suffered in the mortgage banking industry. Our successful representation of Mr. Mozilo has been the subject of international media attention and positive commentary. Among the matters we handled were more than 90 separate civil lawsuits throughout the United States, several brought as investor class actions under federal and state securities laws, and several more pursued by attorneys general of various states. In a number of the lawsuits brought by institutional investors in Countrywide securities or mortgage-backed securities, we achieved dismissals at the pleading stage (one of which was affirmed on the merits by the Second Circuit Court of Appeal), and we also were successful on motions to dismiss civil lawsuits brought by state attorneys general of Florida and Illinois. We also defended Mr. Mozilo against claims brought by the U.S. Securities and Exchange Commission, which we settled on the eve of trial without our client admitting any liability and on terms widely reported to be exceptionally favorable to the defense. In an interview aired on 60 Minutes, a law professor described the settlement as a “slap on the wrist.” Other shareholder cases were settled without any personal contribution from our client, including a nationwide class action settlement totaling $624 million. Most recently, the U.S. Department of Justice determined, after several years of intense investigation and extensive presentations and submissions by Irell & Manella LLP lawyers addressing the merits, to close its investigation of possible claims against Mr. Mozilo.
- MGM Resorts International. Represented the current and former senior-most officers of MGM Resorts International—the worldwide hotel, resort and gaming company—including the company’s current and former CEO and chairman of the board, CFO, former general counsel and senior executive vice president. We successfully defended our clients in each of several shareholder class actions and derivative suits in federal and state trial and appellate courts. The claims concerned the company’s decline in financial performance and liquidity challenges during the global recession and following the construction and opening of the $9 billion CityCenter project in Las Vegas, the largest private construction project ever undertaken. Irell secured a dismissal with prejudice of all claims in the state derivative suits, followed by a victory in the Nevada Supreme Court, which affirmed the dismissal. Irell also won a dismissal with prejudice of all claims in the federal derivative suit. We further resolved the claims in the federal consolidated shareholder class action with a settlement that required no payment and no admission of liability by MGM or its executives. Irell then represented our clients before the Ninth Circuit Court of Appeals, which unanimously affirmed the settlement approval and dismissal of the securities class action.
- M&A class action cases. Successfully defended numerous acquirers, targets and board members in high-profile shareholder class actions resulting from proposed mergers and acquisitions. We have recently represented and secured successful results for companies (and/or board members of companies) such as Ticketmaster, True Religion Apparel, Bausch & Lomb, CapitalSource Bank, Mid-State Bank, Power-One, Danaher Corp., CPI, Internet Brands, ABB and Ventas.
- Ligand Pharmaceuticals. Represented Ligand Pharmaceuticals, its CEO and CFO in a shareholder class action filed in the U.S. District Court for the Southern District of California. The complaint generally alleged that the company’s restatement of certain prior period financials demonstrates that the company made materially false and misleading statements about certain financial results and internal controls. Irell secured a dismissal.
