The rapid price changes in the stock market can cause substantial losses to investors. This combined with a vigorous effort by governmental agencies to police insider trading and internal fraud has created a need for attorneys skilled in these areas. Attorneys at Dwyer & Collora, LLP continue to be at the forefront of these developing areas of the law, defending individuals and corporations in securities litigation in federal court, prosecuting private claims for damages arising under Rule 10b-5, and acting as special counsel to companies in derivative shareholder litigation. The firm has regularly represented individuals in administrative hearings before the Securities Exchange Commission and the Secretary of the Commonwealth's Securities Division, as well as enforcement actions in state and federal court. On the criminal side, the firm commonly represents both individuals and companies in dealing with the State Attorney General and the U.S. Attorney regarding fraud in the sale of securities. In the brokerage area, Dwyer & Collora, LLP's attorneys have represented numerous individuals in filing complaints against brokerage houses before the NASD, CBOE, and NYSE, as well as representing brokerage houses and employees involved in employment disputes.
Securities Exchange Commission
The Securities Exchange Commission has wide jurisdiction over companies, their officers, directors, and brokerage houses in the purchase and sale of securities. The firm has represented individuals who are the subject of SEC inquiries for insider trading, improper record keeping, filing of false statements, and market manipulation, as well as witnesses in such inquiries. The firm has also represented individuals in actions brought by the SEC both in federal court and administrative proceedings within the SEC.
Representative Cases:
- Dwyer & Collora, LLP represented a defendant in a claim brought in federal district court by the SEC for selling unregistered securities in violation of Section 5 of the Securities Act of 1933.
- Attorneys at Dwyer & Collora, LLP resolved a case on behalf of the president of a Canadian company which had been sued by the SEC in federal district court for insider trading in violation of Rule 10b-5 of the Securities Exchange Act of 1934.
- Dwyer & Collora, LLP's lawyers represent several mid- and upper-level executives in current investigations of market timing mutual fund and backdating stock options. Several of these executives have avoided sanctions as a result of Wells submissions prepared by the firm's attorneys.
State Securities Division
The Secretary of the Commonwealth's Securities Division has responsibility for enforcing the anti-fraud portion of Massachusetts General Laws chapter 110A, and frequently files complaints against persons or entities believed to be violating the statute. The firm has represented both individuals and companies in defending such actions.
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NASD
The NASD is responsible for licensing persons active in the securities industry. Dwyer & Collora, LLP's attorneys have frequently represented individuals in investigations and regulatory hearings before this agency.
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Private Claims
The firm has represented both plaintiffs and defendants in federal district court actions alleging violations of Rule 10b-5, as well as state court actions claiming violations of state securities laws. Dwyer & Collora, LLP's attorneys have also represented claimants in NASD arbitrations against major brokerage firms involving churning, misrepresentation, and broken trades. (See, e.g. Deporini v. Wachovia Securities, 22P, NASD 04 - $1.7 million recovery). The firm has also represented brokers involved in employment and note collection disputes with their former employers in NASD/NYSE arbitrations.
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Representative Cases:
- Dwyer & Collora, LLP is class counsel in a class action filed on behalf of hundreds of former employees of a national brokerage house, seeking reimbursement for unpaid wages.
- Attorneys at Dwyer & Collora, LLP have recently represented a number of individuals and companies sued by dissatisfied stockholders under Rule 10b-5 of the Securities Exchange Act of 1934 in both individual and class action claims.
- Dwyer & Collora, LLP won a dismissal of claims against the president of a computer company for aiding and abetting stock fraud.
- Dwyer & Collora, LLP's attorneys won a jury verdict on a civil claim for rescission brought under the Massachusetts Securities Act in Suffolk Superior Court.
- Dwyer & Collora, LLP defended a hedge fund marketing consultant against a claim of misrepresentation brought by an investment fund under the Massachusetts Securities Act. The firm successfully settled related misrepresentation claims against the consultant which had been brought by other investment funds in separate litigation.
- Dwyer & Collora, LLP's attorneys acted as counsel to the special litigation committee of a Fortune 500 Corporation whose officers had been sued derivatively by dissident stockholders. Following the firm's investigation of the stockholders' claims, the litigation was settled on terms favorable to the corporation.
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