Andrew Gray

Recent Securities Litigation, M&A, and Corporate Control Representations

• Successfully represented Wal-Mart Stores, Inc. in securities fraud class action in US District Court for the Western District of Arkansas. Plaintiffs claimed that Wal-Mart and its subsidiary improperly failed to disclose alleged bribery activities in Mexico.
• Won dismissal of securities fraud case seeking to block US$750 million sale of semiconductor manufacturer IXYS to Littelfuse. Sanchez v. IXYS Corp. (N.D. Cal. Oct. 2, 2018)
• Won dismissal with prejudice of shareholder derivative actions on the basis of demand futility, on behalf of Quality Systems, Inc. (now NextGen Healthcare), Foss v. Barbarosh (C.D. Cal. 2018)
• Won motion for expedition on behalf of software developer in connection with its defense against former CEO’s proxy contest for control of board
• Secured summary judgment over all claims for healthcare information systems developer Quality Systems, Inc. (now Nextgen Healthcare), its chairman of the board, and Chief Executive Officer in a several hundred million dollar fraud case brought by a former director and major shareholder (Orange County Super. Ct.) (2015)
• Successfully represented the officers and directors of Questcor in a securities fraud class action and shareholder derivative suits alleging breach of fiduciary duty (2015)
• Secured dismissal of a securities fraud class action against Alphatec and secured affirmance by the 9th Circuit. The Daily Journal named this a “Top Defense Verdict of 2013” (2015)
• Successfully represented Quality Systems, Inc. (now NextGen Healthcare) in resolving securities fraud class action in the US District Court for the Central District of California

Additional Representative Matters

• Represented pharmaceuticals company in obtaining voluntary dismissal, without payment to plaintiffs, of litigation challenging US$6.4 billion merger
• Successfully negotiated resolution of claims filed against Guidance Software in litigation arising out of US$240 million sale to OpenText (C.D. Cal.) Jul. 2017
• Successfully negotiated resolution of claims filed against data center company in litigation arising out of US$7.8 billion acquisition
• Successfully represented Medicis Pharmaceutical and its board of directors in litigation seeking to enjoin a US$2.6 billion merger (2014)
• Successfully represented Questcor Pharmaceuticals in litigation arising out of US$5.6 billion sale to Mallinckrodt (Orange Cty. Sup. Ct.) Apr. 2014
• Defeated multiple motions and renewed motions for expedited discovery in two jurisdictions on behalf of Special Committee during pendency of go shop following announcement of management buyout of software provider, Quest Software, permitting a US$2.4 billion topping bid by Dell. In re Quest Software, Inc. Shareholders Litigation (Del. Chancery Ct.; Orange Cty. Sup. Ct. 2012)
• Successfully represented Realty Income in litigation arising out of US$2.9 billion acquisition of American Realty Capital Trust (New York Sup. Ct.; D. Md.; Baltimore Circuit Ct.) Sep. 2012

Current Engagements

• Currently representing Switch, Inc. in securities fraud class actions pending in the US District Court for the District of Nevada and in a securities fraud class action and shareholder derivative suits in the Eighth Judicial District Court for the State of Nevada. Plaintiffs claim that documents disseminated in connection with Switch’s initial public offering contained false and misleading statements and omissions of material fact.
• Currently representing former CEO of a public company in securities fraud class action and derivative matters arising out of a stock price drop precipitated by a short-seller blog
• Currently representing director of privately held casino in dispute amongst board members stemming from allegations of improper director conduct

Thought Leadership

• "Taking a Second Look at the Corporate Benefit Doctrine"
• "Delaware Court of Chancery Holds Forum Selection Bylaws Valid and Enforceable"
• "Another Day, Another Forum: Strategies For Litigating Stockholder Class Actions and Derivative Suits in Multiple Forums"
• "Green Building Projects: The Growing Trend Brings Both Opportunities and Potential Liability Risks"
• “Drowning in a Sea of Confusion: Applying the Economic Loss Doctrine to Component Parts, Service Contracts and Fraud,” 84 Washington University Law Review 1513 (2006)