Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

common-default.jpeg

Terms / Notices

Cookies

Privacy Policy

Reporting Hotline

Attorney Advertising

Alumni

  Linkedin

MoFo LinkedIN

  Facebook

MoFo Facebook

YouTube

MoFo Youtube

Morrison Foerster - Footer

Above Board: Securities Litigation & Enforcement Outlook

You have not solved the recaptcha challenge yet or session expired, try again.

Email Disclaimer

Disclaimer

<p>Unsolicited e-mails and information sent to Morrison Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html"><u><em>Privacy Policy</em></u></a>, may not receive a response, and do not create an attorney-client relationship with Morrison Foerster. If you are not already a client of Morrison Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.</p>

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Community

Offices

Careers

Stay Connected

In this episode of the Above Board podcast, hosts Scott Lesmes and Haima Marlier are joined by Morrison Foerster Securities...

<h3>Sorry, we weren’t able to find the terms you entered.</h3><p>Please try a different term or keyword.</p>

<p>People</p>

<p>Capabilities</p>

<p>Resources</p>

Not Found Cards

<p>Above Board: Securities Litigation & Enforcement Outlook</p>

Sign Up

<p><span>Scott Lesmes chairs Morrison Foerster’s Public Company Advisory & Governance practice, </span>and is a partner in the firm's Capital Markets practice<span>. </span>Scott focuses his practice on counseling clients with respect to corporate and securities matters. He advises publicly-listed companies and boards of directors on a broad range of securities regulation and corporate governance issues and has substantial experience in dealing with restatements and internal control concerns.</p><p>Scott also counsels issuers and underwriters in the public offering process and in corporate compliance matters involving SEC reporting and disclosure requirements.</p><p>Prior to his career in private law, Scott served as in-house counsel at two public companies. He worked extensively in establishing corporate compliance programs and policies, including those related to insider trading, Section 16, and corporate disclosure while serving as Chief Legal Officer for Allied Capital Corporation, a NYSE-listed business development company, as well as Deputy General Counsel/Chief Securities Counsel for Fannie Mae, a financial services company. Scott draws on his significant in-house experience to provide valuable perspective in his role as an outside advisor. </p><p>Scott has received nationwide recognition for excellence in capital markets law. <em>Legal 500 US</em> recognizes Scott as "a key partner in the team [for debt offerings]" and acknowledges his "capital markets expertise. <em>IFLR1000</em> distinguishes Scott as "highly regarded" in the areas of Capital markets: Debt and Capital markets: Equity, and U.S. News'<em> Best Lawyers</em> identifies him as a leading lawyer in Securities/Capital Markets Law.</p><p>Scott currently serves as chair of Morrison & Foerster’s Practice and Opinion Review Committee, and as a co-chair of Practising Law Institute’s Annual Disclosure Documents program.<br><br></p>

Scott Lesmes

Partner

<p>Haima Marlier is a partner in Morrison Foerster’s Investigations + White Collar Defense Group and co-chairs both its Fintech and Securities Enforcement practices. Drawing on her experience as a former Securities and Exchange Commission (SEC) senior trial counsel, Haima represents public and private companies, financial services providers, and executives, directors, and other individuals in SEC, Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), state securities regulator, and internal investigations, as well as in related litigation. She has more than 20 years of experience litigating in federal, state, and administrative courts, leading complex negotiations, and representing her clients in mediation. She also counsels clients regarding securities enforcement developments, trends, and risk mitigation.</p><p>Before joining the firm, Haima spent nearly a decade in the SEC’s Division of Enforcement. While at the SEC, Haima served as lead counsel on a number of prominent enforcement litigations and investigations involving public companies, registered investment advisers, broker-dealers, banks, and individuals in matters arising under the federal securities laws. She has also worked closely with foreign securities regulators, numerous U.S. attorneys’ offices, and FINRA.</p><p>Haima is a member of <em>Law360</em>’s Securities Editorial Board, serves on the advisory board of Securities Docket, and is on the Board of Trustees of the SEC Historical Society. She mentors Penn State students of color who aspire to become lawyers and is a member of the board of directors of, and a volunteer running coach for, Girls on the Run New Jersey, a nonprofit dedicated to inspiring girls to recognize their inner physical and emotional strengths. She maintains an active pro bono practice.</p><p>Haima has been recognized by <em>Chambers USA </em>for Securities Regulation: Enforcement and Crypto-Asset Disputes;<em> Crain’s New York Business</em>’s Notable Women in Law and Notable Diverse Leaders in Law; <em>The Legal 500 US</em> as a recommended lawyer in Securities Litigation: Defense, Investigations and White Collar Criminal Defense, and Fintech; <em>Securities Docket’s </em>Enforcement Elite; and the <em>New York Law Journal</em> for her efforts in the diversity and inclusion space.</p><p>Haima received her J.D. from Boston College Law School and her B.A. from The Pennsylvania State University.</p><h4>Representative Experience</h4><h5>Cybersecurity</h5><ul><li>Successfully resolved an SEC investigation into a global technology solutions company’s cybersecurity risk disclosures and disclosure controls, policies, and procedures, with an acknowledgment by the SEC of the client’s significant remediation and cooperation.</li><li>Representing a global tech service management company in an SEC inquiry into its cybersecurity incidents and disclosures.</li><li>Represented numerous public companies and other clients in the SEC’s SolarWinds cybersecurity enforcement sweep.</li><li>Advising numerous public companies and SEC-registered firms on the efficacy of their cybersecurity disclosure controls and procedures and the materiality of cybersecurity incidents.</li><li>Represented a major technology company in an internal investigation into its cybersecurity statements and controls, policies, and procedures.</li></ul><h5>Fintech & Crypto</h5><ul><li>Represented a nonprofit foundation supporting a major blockchain, as well as two of its senior individuals, in an SEC investigation, with a complete termination letter issued by the SEC.</li><li>Successfully resolved an SEC crypto investigation into anti-money laundering and other compliance and monitoring programs on behalf a former senior bank executive.</li><li>Representing a leading cryptocurrency exchange platform in responding to SEC, CFTC, and state attorney general subpoenas and other requests for information.</li><li>Obtained a successful federal court settlement for a venture capital fund in a securities class action concerning an unregistered digital token offering.</li><li>Advising numerous Fintech companies, from startups to mature organizations, on securities enforcement compliance best practices and enforcement risk mitigation.</li><li>Represented a private investor in an SEC investigation related to a reverse merger involving a cryptocurrency company with no action taken by the SEC.</li></ul><h5>Artificial Intelligence</h5><ul><li>Representing a major tech company in an SEC investigation focused on AI-related disclosures and policies.</li></ul><h5>Accounting & Financial Reporting</h5><ul><li>Represented the former Chief Operations Officer of a major NASDAQ-listed food distributor in SEC and special committee investigations, with a complete termination letter issued by the SEC, as well as in related Delaware Court of Chancery litigation, which was favorably resolved.</li><li>Successfully resolved SEC and special committee investigations into related-party transaction disclosures and accounting issues, as well as related shareholder litigation, on behalf of a former CEO of a NASDAQ-listed company.</li><li>Represented an audit committee of a public company in an internal investigation resulting from a whistleblower complaint alleging accounting and disclosure issues.</li><li>Represented a leading public company in an internal investigation resulting from a whistleblower complaint alleging accounting and disclosure issues.</li></ul><h5>Other Securities Enforcement Matters</h5><ul><li>Represented the former CEO of a major company listed on the New York Stock Exchange in an SEC insider trading investigation with no action taken by the SEC.</li><li>Represented an individual in an SEC investigation concerning the “pay-to-play” rule.</li><li>Represented a private investment fund in a COVID-19 related SEC insider trading investigation with no action taken by the SEC.</li><li>Represented a broker-dealer in a for-cause FINRA examination into anti-money laundering and other issues.</li><li>Represented a leading international company in government investigation into pharmaceutical drug pricing.</li><li>Represented a biotech company in a Massachusetts Securities Division investigation concerning securities registration exemptions and representations to investors regarding securities registration with no action taken by the state regulator.</li><li>Obtained a successful resolution for a pre-IPO biotech company in a wrongful termination lawsuit brought by a co-founder and former CEO terminated by the board of directors.</li><li>Represented the SEC in all stages of federal and administrative proceedings, including at trial and on appeal, in matters involving violations of the federal securities laws.</li></ul>

Haimavathi Marlier

<p>Jamie Levitt was managing partner of Morrison Foerster's New York office, head of its Litigation Department, and a former co-chair of the Securities Litigation, and Complex Litigation and Trial groups. She has represented public companies and their officers and directors in securities fraud actions, shareholder derivative suits, as well as U.S. Securities and Exchange Commission and other regulatory investigations. She also has experience conducting and defending corporate internal investigations and advising board committees and individuals with respect to investigations.</p><p>Jamie is ranked in Band 1 by <em>Chambers USA</em> in the New York: Commercial Litigation category, where clients noted that “she’s a force of nature, really thoughtful and a real leader” and “she is a phenomenal trial lawyer, she masters complex subjects quickly and can jump into court and handle them wonderfully.” She is also routinely recognized for her work in complex securities litigations by leading rankings publications including <em>The Legal 500 US</em>, where she is recommended in the Securities Litigation: Defense category.</p><p>Jamie is also regularly recognized for being a leader both within the firm and in the legal industry more broadly. As a testament to Jamie’s impact as Managing Partner of the firm’s New York office, she received <em>Corporate Counsel</em>’s 2022 Managing Partner of the Year Award and was also recognized in the <em>Financial Times</em> Innovative Lawyers Report for Innovative Leadership that same year. Notably, Jamie also accepted <em>The American Lawyer</em>’s 2023 Corporate Purpose Award, which honors an organization that has defined and executed on an initiative or overall mission that supports the well-being and welfare of its members or other stakeholders. Jamie has also been repeatedly honored for her commitment to pro bono work and advancing women in law. Among her many commendations, Jamie has been honored by: Appleseed at their 2024 Pillars of Justice Event to celebrate her commitment to reproductive rights advocacy and public service; New York Lawyers for the Public Interest at their 2024 Annual Law & Society Awards Luncheon for playing in integral role in advancing efforts to achieve justice for all New Yorkers; New York State Bar Association at their 2023 Annual Meeting of the Women in Law Section for her dedication to advancing the professional development of women attorneys through their Kay Crawford Murray Award; and <em>Crain’s New York Business</em>, who named Jamie to their Notable Women in Law list in 2019, which recognizes leading female attorneys in New York who are furthering justice.</p><p>Jamie serves on numerous boards and committees of public interest groups, including having served on the Board of the Federal Bar Council and as past chair of its Public Service Committee; Chair of the Board of The Cooper Union; executive vice president and past chair of the Board of Advocates for Children of New York, Inc.; past chair of the Board of New York Lawyers for the Public Interest; member of the Board of Counselors for Equal Justice Works; member of the Board of VisionSpring; past member of the Board of the Center for Reproductive Rights; and the Legal Advisory Board for Sanctuary for Families. Jamie also sat on Morrison Foerster’s Board of Directors and its Governance Committee; was a former chair of Morrison Foerster’s Pro Bono Committee; and currently serves as chair of The Morrison Foerster Foundation.</p><p>Jamie received her B.A. magna cum laude in 1988 from the University of Pennsylvania and her J.D. in 1992 from Columbia University School of Law, where she was a Harlan Fiske Stone Scholar and an Articles Editor of the Columbia Journal of Law and Social Problems. From 1993 to 1994, she served as a law clerk to the Honorable Nathaniel M. Gorton, U.S. District Court, District of Massachusetts.</p>

Jamie Levitt

<p>Chair of the firm’s Securities Litigation Group, Ryan Keats represents companies and their officers and directors in securities class actions, SEC investigations, shareholder derivative lawsuits, and other high-stakes litigation.</p><p>Ryan represents issuers facing disputes with their shareholders in state and federal courts across the country. His representations routinely include securities class actions, derivative lawsuits, securities fraud allegations, insider trading claims, and shareholder books and records demands. Ryan’s practice is complemented by his representation of issuers and executives in connection with internal investigations and government inquiries, as well as in litigation brought by the Securities and Exchange Commission (SEC) and other government regulators. Ryan is sought after for his ability to prevail on motions to dismiss, at summary judgment, on the merits, and on appeal.</p><p>Ryan draws on his litigation experience to advise companies and their executives regarding anticipated adverse disclosures so that they can mitigate the risks before disputes arise. His clients come from a broad range of industries, including computer software,<strong> </strong>artificial intelligence, consumer products, energy, financial services, life sciences, and manufacturing.</p><p>Ryan is the current chair of the Bar Association of San Francisco’s Litigation Section and a fellow of the American Bar Foundation. He is also a Lecturer in Law at Stanford Law School, teaching “Complex Litigation Through a Securities Lens” in Spring 2026. </p><p>Ryan is a Trustee of the Bay Area Discovery Museum. He also maintains an active pro bono docket, representing individuals in connection with life-changing legal issues.</p><h4>Representative Experience</h4><h5>Securities Class Actions</h5><ul><li>Cloudera and certain of its officers and directors in securities class actions in California federal and state court. Won motion to dismiss in federal court, which was upheld on appeal. Won motion for summary judgment as to all claims in state court.</li><li>Former CFO in a securities class action and SEC lawsuit arising out of accounting restatement.</li><li>LeapFrog in a securities class action relating to a product launch and accounting disclosures.</li><li>RH and certain of its executives in a securities class action relating to the launch of a new product line and its inventory levels.</li></ul><h5>Shareholder Derivative Actions</h5><ul><li>Fitbit and certain of its directors and officers in connection with a shareholder derivative suit in the Delaware Court of Chancery. Following a successful bifurcation motion prioritizing discovery into plaintiffs’ standing, negotiated a settlement on favorable terms.</li><li>Hortonworks and certain of its directors and officers in connection with a shareholder derivative suit in the Delaware Court of Chancery. Won motion to dismiss with prejudice.</li><li>Zynga and certain of its directors and officers in connection with a shareholder derivative suit on appeal to the Delaware Supreme Court.</li></ul><h5>Deal Litigation</h5><ul><li>SoftBank Group Corp. in lawsuits brought by WeWork co-founder Adam Neumann and a special committee of WeWork’s board of directors seeking $3 billion in damages. Plaintiffs alleged that SoftBank improperly failed to close a tender offer for WeWork shares and alleged that SoftBank breached fiduciary duties owed to other WeWork stockholders. The novel, high-profile case was litigated on a compressed schedule, with trial set less than a year after the complaint was filed. The parties settled two weeks before trial, and the settlement helped pave the way for WeWork’s go-public transaction through a SPAC merger.</li><li>Leading financial institution in successfully defending against breach of contract claims arising from a spinout transaction. Secured a complete defense victory following a two-week arbitration hearing.</li></ul><h5>Government Investigations</h5><ul><li>Chief Financial Officer in connection with SEC investigation concerning IPO projections. The SEC did not charge our client.</li><li>Telecommunications company in anti-bribery investigations involving the company’s activities in Europe and the Middle East. The SEC and Department of Justice (DOJ) did not charge the client.</li></ul>

Above Board: Securities Litigation & Enforcement Outlook

Time Stamps