This course seeks to prepare students to enter the diverse and dynamic practice of securities litigation. We will examine the fundamentals of securities litigation, securities class actions, individual suits, securities arbitration, state securities litigation, and Securities and Exchange Commission (SEC) enforcement practice.
In modern day practice, securities litigators should possess expertise in multiple areas of federal and state substantive law, have a sophisticated understanding of procedural and strategic considerations in the litigation setting, and be adept at articulating the competing policies implicated. This course seeks to accomplish these objectives by building on previous classes taken in our law school’s curriculum and focusing on the lawyering skills that a successful corporate/securities litigator should possess. With respect to the materials assigned, we will focus on the key aspects of securities litigation—litigation under the pertinent provisions (such as Sections 11 and 12 of the Securities Act and Section 10(b) of the Securities Exchange Act) of federal law, the liability exposure of professionals and financial intermediaries (including accountants, attorneys, broker-dealers, and investment bankers), class action procedure and practice, the widespread use of securities arbitration in the broker-dealer setting, and government enforcement practice. The course also will include a case study of the recent SEC insider trading enforcement litigation against Mark Cuban. We will cover both the theoretical and practical aspects of securities litigation in order to achieve our objectives in this course.