Additional Options

Darryl P. Rains

Rains, Darryl P.

Partner

Palo Alto, (650) 813-5866

Education

Brigham Young University (B.A., 1979)
Columbia Law School (J.D., 1982)

Bar Admissions

California

Mr. Rains is a nationally recognized trial lawyer who specializes in litigation involving securities, investment management and SEC investigations. He defends companies, and their officers and directors, in class actions, derivative actions, SEC enforcement proceedings, and internal investigations.

Mr. Rains’ engagements have focused on companies in the financial services, computer software and hardware, life sciences, and retail industries.  List of Mr. Rains’ Engagements.

Mr. Rains has been recommended as a nationwide leader in securities regulation enforcement by Chambers USA:  America’s Leading Lawyers for Business, which commended him for “his diligence and tenacity.”  He is also recommended by The Best Lawyers in America, The Legal 500, Benchmark Litigation, and Northern California Super LawyersList of Mr. Rains’ Rankings.

Mr. Rains served as co-chair of the firm’s Securities Litigation, Enforcement, and White-Collar Criminal Defense practice group from 2003 to 2010.

Mr. Rains is a highly-sought-after lecturer and commentator.  He is a regular speaker at programs offered by The SEC Institute, The Directors Roundtable, and the American Corporate Counsel Association, has appeared on CNN, and has been quoted in The New York Times, The California Lawyer, Fortune Magazine, The Los Angeles Times, The National Law Journal, and many other publications.  He is also the author of a number of timely and informative articles.  List of Mr. Rains’ Publications.

Mr. Rains is a member of the Securities Litigation Committee of the American Bar Association and its subcommittees on class actions and broker-dealer litigation.  He is also a member of the San Francisco Bar Association’s Securities Litigation Section.

Mr. Rains contributes his time and resources to a number of community and religious service organizations.  He has served since 2003 on the board of directors of the Law Foundation of Silicon Valley, a non-profit organization supporting public interest law projects throughout Silicon Valley, and was its president for the 2009-2010 term. 

Mr. Rains graduated with honors from Brigham Young University in 1979 (B.A., International Relations), and received his J.D. degree in 1982 from Columbia Law School, where he was a Harlan Fiske Stone Scholar.

Representative Matters

Mr. Rains' representations have led to many significant victories for defendants, including the following:

Northstar Financial Advisors, Inc. v. Schwab Investments
615 F.3d 1106 (9th Cir. 2010) (first appellate decision establishing there is no private right of action against investment advisors under section 13(a) of the Investment Company Act of 1940).
In re Charles Schwab Securities Litigation
257 F.R.D. 534 (N.D. Cal. Feb. 4, 2009) 2009 U.S. Dist. LEXIS 44859 (May 15, 2009), 264 F.R.D. 531 (Aug. 21, 2009) (partial dismissals of complaint and limitations on class certification in action by investors in mutual fund which owned mortgage-backed securities).
In re Atmel Corporation Derivative Litigation
2007 WL 2070299 (N.D. Cal. July 16, 2007) (dismissal of derivative complaint) (later settlement netted $4.7 million for Atmel).
Perlegos v. Atmel Corp.
2007 WL 475453 (Del Ch. Feb. 28, 2007) (bench trial verdict for Atmel Corporation in litigation over termination for cause of chief executive officer and other senior executives and co-founders).
In re Ultratech, Inc. Derivative Litigation
(Case No. 5:07-CV-01349, N.D. Cal. 2006) (voluntary dismissal of derivative complaint before any motion was filed).
In re Novellus Systems, Inc. Derivative Litigation
(Case No. C-06-03514, N.D. Cal. 2006) (dismissal of complaint alleging stock options backdating against Novellus and its officers and directors).
In re Mutual Funds Investment Litigation
(D. Md. 2006) (in actions arising from allegations of market timing and late trading practices in the mutual fund industry, obtained dismissal with prejudice of all claims against Charles Schwab & Co., dismissal with prejudice of three actions brought by investors in the Invesco, MFS, and Pilgram Baxter families of funds, and dismissal of all ’33 Act claims, some ’40 Act claims, and all state law claims in an action brought by investors in the Excelsior family of funds).
Securities and Exchange Commission v. Tenfold Corporation, Gary D. Kennedy, Robert P. Hughes, Stanley G. Hanks, and Wynn K. Clayton
(Case No. 2:03-CV-00442, D. Utah 2006) (complete dismissal with prejudice of all charges for former chief executive officer of TenFold Corporation; SEC abandoned the case at final pretrial conference).
Spiegel v. TenFold Corporation
192 Supp. 2d 1261 (D. Utah 2002) (dismissal of class action complaint).
Ronconi v. Larkin
253 F.3d 423 (9th Cir. 2001) (appellate decision affirming dismissal of class action complaint alleging inaccurate forecasts and failure to disclose problems with merger integration).