January 16, 2020
In recognition of Latham’s banner year litigating high-profile securities matters for some of the biggest names across industries, Law360 named the firm a 2019 Securities Group of the Year.
Latham’s trial defense of biotech start-up Puma Biotechnology in the first federal securities class action to reach a jury verdict in nearly 10 years led Law360’s profile of the practice. Plaintiff sought damages exceeding US$1.2 billion against Puma which, at the time of trial, had a market cap of US$1 billion. The jury delivered a unanimous verdict in Puma’s favor on three of the four alleged misstatements, and awarded less than 5% of claimed damages (estimated to be US$9 million or less after a lengthy claims process). The existential threat to Puma made the win especially meaningful for San Diego partner Colleen Smith: “Puma is now still in business, still producing, and doctors are prescribing its treatment, which is particularly effective for certain breast cancer patients.”
Washington, D.C. partner Sarah Tomkowiak noted the diversity of Latham’s trial team, which also included Global Securities Litigation & Professional Liability Chair Andrew Clubok and Global Litigation & Trial Department Chair Michele Johnson: “There’s a lot of value in having multiple voices being heard by the jurors and having teams that have a wide range of experience and perspective, and I think that really came through in this trial.” BJ Trach, Boston partner and Executive Committee member added that “having diverse teams that are fighting on behalf of our clients in these really big securities litigation cases just means that you're more likely to come up with the most creative solutions on behalf of your clients.”
Speaking about a major dismissal Latham secured for Impax Laboratories, Washington, D.C. partner Topher Turner emphasized that the firm’s commitment to inclusive teams augmented its success, saying “Making sure that opportunities are shared…really gives us depth of expertise.”
Law360 also recognized Latham’s significant victories for Chipotle, as well as well as the firm’s continued work for General Electric and Facebook.
Latham’s Securities Litigation & Professional Liability Practice, also led by Co-Chairs Jeff Hammel and Matthew Rawlinson, is one of the most experienced and adept in the world, litigating and winning more complex, bet-the-company securities matters than any other law firm.