Stephen P. Barry

Stephen's experience includes representing:

Securities Litigation

• Stride (formerly K12)
  • Secured complete dismissal of securities class action in the Eastern District of Virginia related to company’s public revenue estimates
  • Won dismissal of most claims, and resolved remaining allegations, in securities class action in the Northern District of California related to statements concerning the quality and effectiveness of company’s products and services, and customer relationships
  • Secured complete dismissal of securities class action regarding statements about company’s ability to meet increased demand for online education services during COVID-19 pandemic
• DXC Technology Company – Won complete dismissal of multiple securities class actions in the Northern District of California and Eastern District of Virginia related to company’s business projections, with a unanimous affirmance by the US Court of Appeals for the Fourth Circuit, as well as dismissals of related shareholder derivative lawsuits
• A leading private markets asset management firm – Won dismissal of shareholder derivative lawsuit and securities class action in Delaware Court of Chancery asserting fiduciary duty and unjust enrichment claims based on alleged related-party transaction, with a unanimous affirmance by the Delaware Supreme Court
• A venture capital firm – Secured reversal on appeal of Illinois trial court orders dismissing fraud, breach of fiduciary duty, breach of contract, and unjust enrichment claims
• Deloitte & Touche – Secured a favorable settlement in negligent misrepresentation action in the Southern District of Florida alleging more than US$1 billion in damages
• Ernst & Young – Reached a favorable settlement in Oregon state court securities class action concerning audits related to complex non-monetary transactions
• A major oilfield service company and its executives – Achieved a favorable settlement in multiple shareholder class actions and federal and state derivative actions; also represented the company in connection with a related SEC investigation
• SandRidge Energy founder and former CEO – Won dismissal of an ERISA class action in the Northern District of Oklahoma, as well as partial dismissal of two related securities class actions concerning company’s oil and gas production estimates and financial projections
• Major social media company – Won dismissal of shareholder derivative suit involving allegations related to board and executive diversity
• Major global software company – Secured dismissal of shareholder derivative suit regarding board and executive diversity
• A trucking and heavy equipment company – Represented board of directors and avoided litigation in stockholder demand matter involving novel question of Delaware corporate law

Government Investigations

• K12 – Reached a favorable settlement in California Attorney General investigation related to the company’s advertising and business operations in California
• A Big Four accounting firm – Secured no-action decisions by the SEC and PCAOB related to the firm’s audits of a multinational aerospace and defense company
• A global holding company – Secured a no-action decision by the SEC in an investigation of potential stock manipulation by chairman and CEO
• The Netherlands member of a Big Four accounting firm – Handled an SEC investigation involving auditor independence issues, with no resulting enforcement action
• An online education company – Secured no-action decision by the US Department of Education following investigation related to FERPA compliance
• An underwater mining and exploration company – Secured a no-action decision by the SEC in investigation following de-SPAC transaction
• A Swiss member of a Big Four accounting firm – Handled parallel SEC and PCAOB investigations, with no resulting enforcement action
• A Chinese member of a Big Four accounting firm – Secured a favorable settlement in litigation and an SEC administrative trial concerning Chinese laws barring production of workpapers

Commercial Litigation

• Democratic National Committee and related parties – Won complete dismissal of multiple defamation and RICO lawsuits regarding allegations related to the 2016 and 2020 US Presidential elections, and successfully defended appeal to the US Court of Appeals for the Seventh Circuit
• An online education company – Represented client in claimant-side arbitration involving breach-of-contract and fraud claims, resulting in favorable settlement with substantial monetary payment to client
• A large telecommunications company – Reached a favorable settlement in an offensive breach-of-contract action against peer companies
• The Florida Legislature – Represented the government body in state court redistricting litigation