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Key #4: Conducting a Comprehensive (and Privileged) Internal Audit Ultimately, all information should flow through counsel, who will prepare all necessary written external communications and filings, and who will communicate with the opposing party on the defendant’s behalf. Each member of the securities litigation team should have clearly defined responsibilities and communication channels. In addition to having a high-performing team, having an organized team is important as well. Internal team members should be carefully selected not only to ensure that they have adequate subject matter expertise but also to ensure that they are not personally implicated in the allegations at hand (unless this is simply unavoidable).

This team of securities litigators should include appropriate internal personnel as well as outside consultants and counsel from reputable law firms.

Successfully defending against allegations of securities fraud, securities class actions (also known as securities fraud class actions) or other securities law and securities exchange act violations requires a knowledgeable and high-performing securities litigation team. Key #3: Assembling a Securities Litigation Team Moreover, by making assumptions and defending against allegations that are not at issue, defendants can raise suspicions that can lead to additional claims or charges being filed. Not only do defendants need to ensure that they are presenting all necessary defenses, but they also need to ensure that they are not wasting time and resources “defending” against allegations that are not on the table. Key #2: Identifying the Specific Allegations At IssueĪnother key to successfully defending against securities litigation is to ensure that you have accurately identified the specific allegations at issue. Documentation can play a central role in securities litigation for both parties, and ensuring that you have the documentation you need (while also ensuring that any potentially damaging documentation remains duly protected) can be critical to success. Second, implementing a legal hold ensures that you (or your company or firm) will have access to all files needed to present an effective defense. Allowing relevant files to be deleted or destroyed, even inadvertently, can lead to allegations of spoliation or impeding the government’s investigation (in the case of an SEC enforcement proceeding). This involves ensuring the preservation of all potentially relevant electronic and hardcopy files, and it serves two distinct-but equally important-purposes.įirst, implementing a legal hold ensures compliance with your (or your company’s or firm’s) legal obligations. When facing securities litigation, one of the first steps to take is to implement a legal hold. So, what do companies, firms, and individuals need to do when facing securities litigation? What do they need to avoid doing to make sure they preserve their available defenses? Here are 10 keys to winning securities litigation cases: Nick Oberheiden, Founding Attorney of Oberheiden P.C. Each case requires a custom-tailored defense strategy, and defendants and their counsel must be able to execute an effective defense in light of the specific facts and allegations at hand.” – Dr. “There are several keys to winning securities litigation cases, one of which is understanding that there is no one-size-fits-all approach. While it is possible to achieve favorable results even in highly unfavorable scenarios, doing so requires a steadfast commitment to success and a strategic approach backed by the advice and representation of experienced defense counsel. When facing securities litigation, there are both steps defendants must take promptly, and mistakes defendants must be careful to avoid. Avoiding unnecessary liability requires a strategic and forward-thinking defense, and it requires a thorough appreciation not only of the risks involved in the instant litigation but in potential related lawsuits and enforcement proceedings as well. Securities and Exchange Commission (SEC) regulations, or Financial Industry Regulatory Authority (FINRA) rules.

Securities litigation presents substantial risks for companies, firms, and individuals accused of violating federal law, U.S.