PLAY RECORDING

Broadcast Date: Wednesday, March 23, 2022
from 3:00 pm to 4:00 pm (ET)

Overview:

The reduction of mergers and acquisitions (M&A)-related class actions and the state 1933 Act have driven a significant decline in securities class action filings over the last years. However, despite the decrease in the overall federal filings, special purpose acquisition companies (SPACs)-related cases have doubled, bringing newer litigation risks and additional ramifications in this category.

Several court decisions and regulatory developments continue to shape the securities class action litigation landscape. Thus, practitioners are encouraged to keep track of all updates to position themselves better in this field of law.

Listen as experienced securities litigators Brendan J. Rudolph (Cornerstone Research) and Jonathan A. Choa (Potter Anderson & Corroon LLP) provide a comprehensive discussion of the recent enforcement trends and legislative developments surrounding securities class action litigation. Speakers will also offer practical tips and strategies in this rapidly evolving legal climate.

Key topics include:

  • Securities Class Action Litigation: Latest Updates
  • SPAC Transactions and Other Developments
  • Exploring Effective Litigation Strategies
  • What Lies Ahead

Credit:

Course Level:

Intermediate

 

Advance Preparation:

Print and review course materials

 

Method of Presentation:

On-Demand Webcast

 

Course Code:

149850

 

NY Category of CLE:

Areas of Professional Practice

 

Total Credit:

1.0 CLE

Speaker Panel:

Brendan J. Rudolph, Principal
Cornerstone Research

Brendan J. Rudolph is a principal at Cornerstone Research, based in the firm’s New York office. Mr. Rudolph consults to attorneys and helps prepare expert testimony in all phases of complex commercial litigation, including class certification and other motion practice, merits, arbitration, and trial. He has consulted on dozens of securities cases and Delaware appraisal actions, including matters involving the high tech, pharmaceuticals, financial institutions, consumer goods, and materials and commodities sectors. He has analyzed price impact, damages, market efficiency, asset and business valuation, volatility, and trading behavior in both foreign and domestic markets. Representative cases include In re Moody’s Securities Litigation, where the court denied class certification and granted summary judgment.

Jonathan A. Choa, Partner
Potter Anderson & Corroon LLP

Jonathan A. Choa is a partner in the firm’s General Litigation Group. He has a wide-ranging practice and has extensive experience representing clients in complex commercial disputes, including securities claims and corporate disputes.  He has represented clients in federal and state court proceedings and has experience in appellate proceedings, including preparing briefs for actions before the United States Courts of Appeal for the Federal and Second Circuits.

Agenda:

SEGMENT 1:

Brendan J. RudolphPrincipal

Cornerstone Research

  • Among newer “hot fields,” securities filings related to SPACs rose six-fold in 2021 to new all-time highs (32 new cases in 2021), whereas filings related to cannabis, cybersecurity, and crypto firms all fell and/or were below peak levels.
    • [Building off this data, can discuss key distinguishing attributes of SPACs]
    • There is also a heavy skew towards automotive and alternative energy firms in those SPACs facing new federal securities cases
  • Although the number of securities cases filed declined in 2021, certain measures of size/exposure remain above historical averages.
  • M&A class action filings dropped dramatically in recent years; such cases also continue to be dismissed at higher rates than normal securities class actions.  These related facts suggest this trend is likely to continue looking forward.
  • 2021 had the most federal-only Section 11 filings since 2015, perhaps a result of the Sciabacucchi decision.
  • Discuss likelihood of facing a securities litigation for U.S. vs. foreign issues, and the impact of the recent Toshiba decision.

SEGMENT 2:

Jonathan A. ChoaPartner

Potter Anderson & Corroon LLP

  • Discussion on how the unique nature of SPACs impacts SPAC related litigation, including the structure of a SPAC and identification of the different players
  • Discussion of the different types of SPAC related lawsuits, e.g. securities class actions, derivative securities lawsuits, direct claims under state law
  • Discussion on damages and recovery issues unique to SPAC lawsuits.

Date & Time:

Wednesday, March 23, 2022

3:00 pm to 4:00 pm (ET)

Materials:

Download Course Materials

Who Should Attend:

  • Securities Litigation Attorneys
  • General Counsel
  • Risk and Compliance Officers
  • Litigation Officers
  • Top Level Management

SPEAKERS

Brendan J. RudolphPrincipal
Cornerstone Research
Jonathan A. ChoaPartner
Potter Anderson & Corroon LLP

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