Matthew Solum, P.C.

Securities and Derivative Litigation

• Bristol-Myers Squibb and its officers, defended and won dismissal in 2020 of a purported securities class action filed in New York federal court arising out of a drop in the company’s stock price following negative drug trials. Pending appeal.
• Wynn Resorts and its directors and officers, representing in a putative securities class action and related derivative suits arising from allegations of sexual misconduct by the former CEO, chairman and founder. Won full dismissal in 2020 of the securities class action. In 2021, won dismissal of five sets of amended categories of alleged misrepresentations. Ongoing. Secured favorable settlement of related derivative litigation.
• Micro Focus International and various directors and officers, defended and won dismissal of two putative class actions in New York and California arising from its $8.8 billion merger with Hewlett Packard’s software business.
• Vista Equity Partners and its portfolio company Mindbody, defending in shareholder litigation in New York federal court and a related appraisal action challenging Vista’s $1.9 billion take-private acquisition of Mindbody.
• Jiayin Group, a Chinese financial services company, and its CEO and CFO, defending in purported class action litigation alleging violations of sections 11 and 15 of the Securities Act related to the company’s IPO.
• Lannett Company, defending in class action and derivative litigation relating to alleged anticompetitive conduct concerning the pricing and market for certain generic pharmaceutical products. Secured a settlement of the consolidated derivative litigation and related actions.
• Hebron Technology, a Chinese pipe and valve fittings manufacturer, defended and won full dismissal in 2021 for the company and certain of its officers of a consolidated securities fraud class action relating to allegations of related party transactions and ineffective disclosure controls.
• ABM Industries, defended and won full dismissal in 2020 of a stockholder derivative lawsuit concerning the board’s oversight of the company’s cybersecurity practices.
• Fanhua, Inc., a leading Chinese insurance company, and its officers, defended and won complete dismissal in March 2020 of a putative securities class action arising from a drop in the company’s stock price.

Deal-Related Litigation

• EQT Corporation and certain officers and directors, representing in class action litigation in Pennsylvania federal court arising from EQT’s $6.7 billion acquisition of Rice Energy.
• Novolex, representing acquirer asserting claims of fraud against seller of a business and against insurers who provided representation and warranty insurance.
• Vista Equity Partners and a number of its affiliates, defending in a putative shareholder class action arising from its $3.5 billion take-private acquisition of Pluralsight, Inc.
• BC Partners, defending in a putative shareholder class action arising from its proposed $2.1 billion acquisition of Presidio. Defeated plaintiffs’ preliminary injunction seeking to enjoin a vote on the transaction.
• Warburg Pincus, representing in connection with a Cayman Island appraisal proceeding arising from the take private of 58.com.
• Brookfield Asset Management and its affiliates, defended and won dismissal in 2021 of class action litigation in New York federal court arising from its offer to take Teekay Offshore private.
• Sun Capital Partners and certain of its affiliates, defending in breach of contract litigation arising from a failed deal attempt. In 2021, secured a victory when the appellate court reversed the trial court’s denial of Sun Capital’s motion to dismiss.
• Essendant, Inc., a number of its affiliates, and its portfolio parent, Sycamore Partners, defended and won dismissal of a putative shareholder class action arising from its $1 billion acquisition by
• Staples, and defended in litigation related to the termination of the merger between Essendant and Genuine Parts Company. Settlement achieved in 2020.
• Bristow Group, defended in a stockholder demand arising from its merger with Era Group. Voluntarily dismissed in 2020.

Commercial Litigation

• Bristol-Myers Squibb and its subsidiary Celgene Corporation, representing in litigation regarding competing breach of contract claims arising from a development agreement for a potential drug.
• Teva and its subsidiary, Cephalon, defending in breach of contract litigation arising from Teva’s alleged failure to pay an earn out to the seller of a pharmaceutical company. In 2019, won dismissal of claims for breach of the implied covenant of good faith and fair dealing and tortious interference with contract. Trial on the remaining claims scheduled for 2022.
• Covetrus, defended against a request to enjoin a shareholder vote; after discovery and briefing the plaintiffs agreed to withdraw the motion and the vote proceeded without delay.
• Wynn Resorts and its affiliates, defended and won dismissal, affirmed on appeal, of a lawsuit alleging RICO and state consumer protection violations in connection with Massachusetts’ gaming license.

Alternative Dispute Resolution

• Blackstone and a number of its affiliates, representing in multi-jurisdictional litigation and arbitration relating to ownership of commercial properties in Milan, Italy. After hearing on the merits, all claims against Blackstone were dismissed.
• Information technology company, representing in employment disputes arising out of the resignation of numerous executives.
• Healthcare technology company, representing in an AAA arbitration concerning an alleged breach of a services agreement.
• Fortune 500 pharmaceutical company and its subsidiary, representing in an ICC arbitration alleging breach of a collaboration agreement with respect to the sale of a pharmaceutical. Claimant is alleging damages in the ten figures.
• International medical device company, won a $16 million arbitration decision in a purchase price dispute.
• Pharmaceutical company, defended and successfully resolved an AAA arbitration involving alleged breach of an earn-out provision. Following discovery and mediation, the case settled on a confidential basis.
• Media company, represented as respondent in an AAA arbitration where claimant alleged breach of contract, fraudulent inducement, rescission, breach of the implied covenant of good faith and fair dealing, quantum meruit and unjust enrichment. After hearing on the merits, all claims were dismissed and respondent was awarded its attorneys’ fees and costs.
• Fortune 500 company, represented as respondent in an UNCITRAL arbitration concerning a contract. After hearings on the merits, arbitrators dismissed most of the claims and awarded claimant less than 5% of its out-of-pocket expenses.