Litigating Securities Class Actions After Cyan: Guidance for Limiting Client Exposure and Controlling Venue
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide securities counsel with a review of the Supreme Court's decision in Cyan Inc. v. Beaver County Employees Retirement Fund, holding that class actions alleging only 1933 Act claims are not removable to federal court, exposing defendants in these cases to litigation in several forums. Because this is the Supreme Court's first time to address this issue, the panel will discuss Cyan's significant effect on public companies engaging in securities offerings, directors and officers, corporate advisers, underwriters, and investors. The presenters will offer practical guidance for limiting client exposure using preferred forum provisions, litigation strategies, and discovery proceedings.
- The effect of Cyan
- Litigation post-Cyan, including a discussion of preferred forums, litigation strategies and discovery proceedings
- Substantive vs. procedural issues post-Cyan: discovery stays and other issues
- D&O insurance and Cyan
- Bristol-Myers Squibb Co. effect on state court class actions
- The consequence of Twombly/Iqbal on securities class actions in state court
- Exclusive forum provisions and the impact of recent cases
The panel will review these and other key issues:
- What are the latest trends in securities class actions?
- What substantive and procedural tactics are available in light of the Cyan decision?
- What are the most recent successful litigation strategies in Section 11 claims?
Ignacio E. Salceda
Wilson Sonsini Goodrich & Rosati
Since joining the firm in 1992, Mr. Salceda has represented companies and their officers and directors in more than 100... | Read More
Since joining the firm in 1992, Mr. Salceda has represented companies and their officers and directors in more than 100 securities class actions, derivative suits, corporate governance litigations, and SEC and internal investigations. Among other matters he represented Cyan and its officers and directors in a securities class action arising from Cyan's initial public offering. The case was brought in San Francisco Superior Court. The U.S. Supreme Court ultimately granted a petition for certiorari and decided whether state courts have jurisdiction over class actions under the Securities Act of 1933.Close
Matthew A. Schwartz
Sullivan & Cromwell
Mr. Schwartz’s wide-ranging practice comprises complex litigation, arbitration, and government investigations in... | Read More
Mr. Schwartz’s wide-ranging practice comprises complex litigation, arbitration, and government investigations in the areas of securities law, mergers and acquisitions, derivative suits, antitrust, bank regulation, contracts, estates, and general commercial litigation. He has represented some of the world’s leading corporations, financial institutions, and industry organizations, including Barclays, Cablevision, Giants Stadium, Goldman Sachs, JPMorgan Chase, Kinross Gold, Kohl’s, M&T Bank, The Clearing House, Popular, UBS and Volkswagen. Mr. Schwartz is a former clerk for Justice Samuel A. Alito, Jr. of the U.S. Supreme Court.Close