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Attorney Advertising ALASKA ARIZONA CALIFORNIA HAWAII IDAHO MONTANA NEVADA OREGON WASHINGTON WEST COAST SECURITIES LITIGATION &A

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Attorney Advertising ALASKA ARIZONA CALIFORNIA HAWAII IDAHO MONTANA NEVADA OREGON WASHINGTON WEST COAST SECURITIES LITIGATION &A ALASKA ARIZONA CALIFORNIA HAWAII WilmerHale recognizes its corporate recognizes responsibility environmental to stewardship. WilmerHale IDAHO Experience Matters MONTANA WilmerHale brings unparalleled experience to matters involving the securities markets. NEVADA With more than 225 lawyers, our securities practice includes numerous former SEC officials, including former Directors of the Divisions of Enforcement, Market Regulation and Investment Management, as well as a former Regional Director of the Pacific Regional Office and a Deputy Director of the Division of Corporation Finance. Our team also includes former officials from the OREGON Commodity Futures Trading Commission, Federal Reserve Board, US Department of Justice, FBI and US Attorneys’ Offices. Our approach is collaborative. Combining our diverse expertise into pragmatic solutions, WASHINGTON together we have: ■ Counseled clients in hundreds of matters before the DOJ, SEC, FINRA, NYSE, AMEX, state regulators and Congress, in the past five years alone ■ Defended more than 300 securities and market conduct class actions in the last decade WILMERHALE ON THE WEST COAST ■ Defended enforcement actions alleging financial reporting and disclosure violations, market 350 South Grand Avenue, Suite 2100, Los Angeles, California 90071 +1 213 443 5300 (t) WEST COAST SECURITIES LITIGATION & SEC ENFORCEMENT REPORT 2007 2008 manipulation, insider trading, and broker-dealer and investment management misconduct 1117 California Avenue, Palo Alto, California 94304 +1 650 858 6000 (t) ■ Conducted some of the most complicated and high-stakes internal investigations in corporate history, including those on behalf of directors of Enron, Qwest, WorldCom and UnitedHealth ■ Assisted financial services industry participants—including leading mutual fund groups, investment banks, broker-dealers, investment advisers and hedge funds—in navigating a range of sophisticated corporate compliance and regulatory issues The results described herein are for informational purposes only and are not intended as predictors or guarantees of similar results in other matters. wilmerhale.com ■ Beijing ■ Berlin ■ Boston ■ Brussels ■ London ■ Los Angeles ■ New York ■ Oxford ■ Palo Alto ■ Waltham ■ Washington Wilmer Cutler Pickering Hale and Dorr LLP is a Delaware limited liability partnership. Our United Kingdom offices are operated under a separate Delaware limited liability partnership of solicitors and registered foreign lawyers regulated by the Solicitors’ Regulation Authority. In Beijing, we are registered to operate as a Foreign Law Firm Representative Office. WilmerHale principal law offices: 60 State Street, Boston, Massachusetts 02109, +1 617 526 6000; 1875 Pennsylvania Avenue, NW, Washington, DC 20006, +1 202 663 6000. This material is for general informational purposes only and does not represent our legal advice as to any particular set of facts; nor does it represent any undertaking to keep recipients advised of all relevant legal developments. Prior results do not guarantee a similar outcome. © 2008 Wilmer Cutler Pickering Hale and Dorr LLP Attorney Advertising 08_028 VER 03/08 15000 nationwide, it is becoming cheaper SEC Enforcement Enforcement Snapshot substantial enforcement activity, reflecting financial services firms, investment to settle in the Ninth Circuit. Last the high concentration of such issuers fraud schemes and microcap fraud have In 2007, the SEC began sending formal letters year the median West Coast settlement Active SEC Enforcement Presence ■ SEC enforcement on the West in California and other western states. always been—and remain—at the core notifying companies that ($6 million) fell to its lowest point since With well over 100 attorneys, accountants Coast remained active in 2007. of the SEC’s enforcement program. they are no longer under 2004, and was 40 percent lower than the and investigators in Los Angeles and San Stock Option Investigations ■ The SEC brought enforcement investigation. national median ($9.6 million, the highest Francisco, the SEC’s enforcement staff By the end of 2007, California issuers The Future is Subprime actions against 136 individuals. since 2004). In our view, the comparatively remained aggressive throughout 2007, accounted for slightly more than half As the subprime market collapsed, the 2007 was a dangerous year for the roughly 1,600 public companies Cases involved misconduct at against future securities violations. These lower cost of West Coast class actions bringing enforcement actions that alleged of all stock options–related restatements, SEC launched a number of investigations, 72 public companies, 39 broker- individuals paid penalties ranging from and the many corporate officers and directors and other securities market participants is not surprising. Taken as a group, the misconduct at 72 public companies and including four of the five largest ones. concentrating in particular on Southern dealers and investment advisers, $15,000 to $540,000 (median of $75,000), recent wave of California cases appears 39 broker-dealers and investment advisers. California and, of course, Wall Street. in the western United States—Alaska, Arizona, California, Hawaii, Idaho, Montana, and 7 accounting firms. with several also agreeing to “disgorge” weaker than those filed in New York and These investigations encompass every California saw amounts well into the seven figures. About Nevada, Oregon and Washington. The US Securities and Exchange elsewhere, and—as in the past—negotiated Litigation Snapshot link in the chain of the subprime market, one third of those settlements resulted of corporate settlements reflect the financial condition 21% from mortgage lenders to investment Commission continued its vigorous scrutiny ■ Dramatic 56% jump in class actions 31% 4 of 5 in bars on an individual’s ability to serve of the defendant issuer and/or the 10% largest restatements banks, with a focus on valuation, in the West—representing roughly as a public company director or officer. malfeasance (real or perceived), often in conjunction with federal criminal prosecutors. in options cases disclosure and sales practices. By the magnitude of the market loss. one quarter of all securities class 38% nationwide. end of 2007, federal criminal prosecutors The past year also saw a sharp increase in securities class actions, actions nationwide. Challenges in Resolving Cases Favorable dismissal rates may have— and state and local authorities had also once again making public companies in the Ninth Circuit—and in California, ■ Industries affected SEC investigations are typically long and indeed, should have—encouraged ■ Investors sued 44 public The SEC and the US Department of joined the fray. Many of these matters by securities enforcement expensive, and resolving them in a timely in particular—the . We looked back plaintiffs’ lawyers to scale back their companies in the Ninth Circuit: Justice brought a number of highly will prove to be massive in scope and most vulnerable in the nation (federal court actions) manner has always been a challenge. In expectations by settling earlier and for less 35 in California, 6 in Washington, publicized cases, both civil and criminal, extraordinarily complex—meaning we to understand why regulatory and private litigation risks were so great last year, Technology 31% 2007, there appeared to be a significant than in years past. (Plaintiffs’ lawyers do 2 in Nevada, and 1 in Arizona. and moved to focus their efforts after expect that subprime-related investigative Financial Services 38% bottleneck at the SEC for those seeking and in the process found some cause for optimism in 2008. not, however, seem to be discounting their initially casting a wide net. Although activity will continue intensively (if ■ California issuers were at higher Life Sciences 10% to settle or otherwise resolve investigations. own compensation—fee awards are still numerous investigations are still not accelerate) throughout 2008. risk than those nationwide, Other 21% We expect this trend to continue in 2008, pending, the SEC has placed a high running around 25 percent of the recovery and technology companies saw further complicating negotiations with ■ Federal court judgments entered priority on concluding the bulk of these Settlement Trends achieved for the investor clients, a payday significantly more litigation activity against 6 companies, with civil The vast majority of SEC cases are resolved the SEC. In a welcome development, collateralized debt obligations, and other The only two securities class actions tried roughly on a par with nationwide averages.) than any other sector. options-related matters in 2008. Securities Litigation penalties ranging from $75,000 through settlement. Although the SEC last year the SEC formalized a policy structured products. Plaintiffs’ lawyers last year were in the Ninth Circuit. An of notifying those under investigation Marked Increase in Class Actions Stock Option Litigation to $28 million. One of the most noteworthy trends in continues to seek stiff sanctions in its exploited the broad market downturn Oakland jury handed the defendants a when it had closed the file (as opposed Investors sued 44 public companies in the The plaintiffs’ bar aggressively moved this area was the aggressiveness with settlements, the eye-popping amounts during the fourth quarter, filing lawsuits victory in JDS Uniphase Corp. Sec. Litig., 34% ■ Federal court judgments entered to simply going silent). A number of West in 2007, a striking 56 percent increase
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