(l-r) Jay A. Dubow, Joanna J. Cline and Kaitlin L. O'Donnell of Troutman Pepper Hamilton Sanders. Courtesy photos Navigating Securities Litigation in 2023: Trends for the New Year
Newer trends—such as environmental, social, and governance (ESG), cybersecurity-related disclosure violations, and cryptocurrency regulation—are likely to provide further fuel for securities litigation and enforcement in the coming year.
February 23, 2023 at 11:22 AM
9 minute read
Securities Litigation
Each new year brings new developments in securities litigation and enforcement. With this year's securities law trends just beginning to take shape, now is the time to reflect on last year and anticipate what is on the horizon for 2023. Companies should expect to see the Securities and Exchange Commission (SEC)—armed with an additional $210 million in funding this year—continue to flex its regulatory muscles. With many market forecasters still predicting an economic downturn in 2023, companies can also expect shareholders to try and recoup any market losses through securities class action litigation.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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