Stephen P. Barry

• Government investigations, including Securities and Exchange Commission (SEC), Public Company Accounting Oversight Board (PCAOB), and state attorneys general inquiries

• Internal investigations
• Securities class actions
• Shareholder derivative lawsuits
• Appeals
• Securities counseling

Mr. Barry regularly represents clients simultaneously in both investigations and related civil litigation. This parallel representation ensures an efficient and comprehensive “global” strategy that accounts for the impact that decisions and developments in one matter may have on the other. 

As a versatile and well-rounded litigator, Mr. Barry skillfully handles all aspects of a client’s needs — from early-stage pre-emptive counseling, to fact-finding and analysis, to written and oral advocacy. He manages complex internal investigations and defends clients in high-stakes regulatory enforcement matters related to accounting, financial reporting, internal controls, and compliance with securities laws and regulations. And his litigation record — including in high-profile, bet-the-company lawsuits — ranges from first-chair trial experience to appeals before the US Supreme Court and numerous state and federal appellate courts. 

Mr. Barry represents a diverse spectrum of clients spanning the energy, education, consumer retail, financial services, online media, telecommunications, biotechnology, and defense industries.  

He also maintains an active pro bono practice, including representing clients in immigration proceedings. 

Prior to joining Latham, Mr. Barry served as a law clerk to Judge Henry E. Hudson of the United States District Court for the Eastern District of Virginia and completed multiple internships at the United States Attorney’s Office for the Eastern District of Virginia.

Mr. Barry’s experience includes representing:

Securities Litigation

• K12 (now Stride) –
  • Secured complete dismissal of a securities class action in the Eastern District of Virginia related to the company’s public revenue estimates
  • Won dismissal of most claims, and resolved remaining allegations, in a securities class action in the Northern District of California related to statements concerning the quality and effectiveness of the company’s products and services, and customer relationships
  • Secured complete dismissal of securities class action regarding statements related to the company’s ability to meet the increased demand for online education services following the outbreak of the 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 the company’s business projections
• Deloitte & Touche – Secured a favorable settlement in a negligent misrepresentation action in the Southern District of Florida alleging more than US$1 billion in damages
• Ernst & Young – Reached a favorable settlement in an Oregon state court securities class action concerning audits related to complex non-monetary transactions
• A major oilfield service company and several executives – Achieved a favorable settlement in multiple shareholder class actions and federal and state derivative actions; Latham also represented the company in connection with a related SEC investigation that was resolved
• SandRidge Energy founder and former chairman and CEO – Won dismissal of an Employee Retirement Income Security Act of 1974 (ERISA) class action in the Northern District of Oklahoma, as well as partial dismissal of two related securities class actions concerning the company’s oil and gas production estimates and financial projections
• Major social media company – Won dismissal of shareholder derivative lawsuit against the company and several of its officers and directors regarding board and executive diversity
  
• Major global software company – Secured dismissal of shareholder derivative action against the company and several of its officers and directors regarding board and executive diversity

Government Investigations

• K12 – Reached a favorable settlement in an investigation by the California Attorney General’s Office 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 the company’s 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
• The Swiss member of a Big Four accounting firm – Handled parallel investigations by the SEC and PCAOB, with no resulting enforcement action
• The 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 – Won complete dismissal of multiple defamation lawsuits regarding allegations related to the 2016 US Presidential election, and successfully defended appeal to 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 that included substantial monetary payment to the 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