Foreign Securities Litigation
Wolf Haldenstein is well-versed in the nuances and unique processes of initiating and litigating international securities actions in many countries such as Canada, the Netherlands, Australia, the United Kingdom, China, Japan, and Germany. The Firm has a Foreign Securities Litigation Committee charged with the analysis, review, and potential filing of international securities cases. Wolf Haldenstein’s experience includes litigating in foreign jurisdictions, litigation matters related to fraud or antitrust behavior that occurred in foreign jurisdictions, as well as representing foreign clients. The Firm has developed affiliations and relationships with international class action firms in various countries.
Examples of Relevant Matters
- The Firm partnered with a Canadian law firm to litigate a securities matter filed in the Ontario Superior Court of Justice in Canada. The case was filed by an institutional investor on behalf of all purchasers of Concordia securities outside of the United States and Québec. The matter was brought pursuant to the Class Proceedings Act of 1992 alleging the company’s mischaracterization of its growth during the class period.
- Wolf Haldenstein litigated against Chinese defendants through the Chinese Ministry of Justice in compliance with the Hague Convention Guidelines. In this matter, the Firm represented a plaintiff who charged Chinese investors and their counsel with misconduct in connection with the design, implementation, and consummation of an acquisition designed to freeze out the investor plaintiff.
- Wolf Haldenstein represented a French investor, and former employee, of a global financial company. The plaintiff sued on behalf of then-current and former employees of the company who received compensation in the form of restricted stock units and/or capital accumulation plan units issued pursuant to the company’s plans. The claims concerned the collapse of the company and defendants’ attempts to conceal the true nature of the company’s financial condition.
- Wolf Haldenstein is currently co-lead counsel in a global antitrust class action on behalf of institutional investors against nine banks and their affiliates and subsidiaries in connection with an 11 ½ year price-rigging scheme in the Mexican government bond (“MGB”) market. This alleged conspiracy to fix the prices of MGBs first came to light when Mexico’s antitrust regulator, the Comisión Federal de Competencia Económica (“COFECE”), announced that it had uncovered evidence of anticompetitive conduct among Defendants in the MGB market. Due to the COFECE’s investigation, at least one of the defendants had been accepted into its cartel leniency program. Thereafter, Mexico’s securities regulator, the Comisión Nacional Bancaria y de Valores (“CNBV”), had independently confirmed the COFECE’s findings. The CNBV then announced that it was proceeding with its own investigation of misconduct in the MGB market based on additional evidence that it had uncovered of collusion among the defendants. As the investigation continues, more evidence of collusion has been disclosed.
- Wolf Haldenstein presently represents a Canadian investor who purchased shares of a company on a U.S. exchange and suffered several million dollars in losses. The losses stem from the alleged misrepresentations and omissions made by the company.