Matthew Solum, P.C.

Securities and Derivative Litigation

• EQT Corporation and certain officers and directors, representing in a consolidated putative securities class action, related individual securities fraud lawsuits, and shareholder derivative actions arising from EQT’s $6.7 billion acquisition of Rice Energy.
• 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.
• NRx Pharmaceuticals and certain of its officers, defending in a putative securities class action in Delaware federal court concerning ZYESAMI®, a potential Covid-19 treatment.
• Ping Identity Holding Corp. and certain affiliates, defending in a putative class action in New York state court and a stockholder demand for books and records in Delaware Chancery Court arising out of secondary securities offering. In 2022, won dismissal of the securities class action. The books and record action was voluntarily dismissed.
• Lannett Company, defending in a securities class action in Pennsylvania federal court and derivative litigation in Delaware federal court 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 in Delaware federal court. In 2022, won motion to stay the class action in Pennsylvania federal court pending an interlocutory appeal on class certification.
• 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. Secured favorable settlement of related derivative litigation. Ongoing.
• Vista Equity Partners and its portfolio company Mindbody, defending in shareholder litigation in New York federal court and a related appraisal action in Delaware Chancery Court challenging Vista’s $1.9 billion take-private acquisition of Mindbody. Secured dismissal of the majority of claims in the New York federal court case. In 2022, achieved a preliminary settlement in the New York action. Ongoing bench trial in Delaware.
• Bristol-Myers Squibb and its officers, defended and won back-to-back dismissals of a purported securities class action filed in the United States District Court for the Southern District of New York arising out of a drop in the company’s stock price following negative drug trials. Affirmed on appeal by the United States Court of Appeals for the Second Circuit.
• Hebron Technology, a Chinese pipe and valve fittings manufacturer, and certain of its officers defended and won full dismissal in 2021 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.

Deal-Related Litigation

• Apria a provider of integrated home healthcare equipment and related services, and certain of its officers and directors, defending in securities litigation in federal courts in New York and Pennsylvania arising out of Owens & Minor’s pending $1.6 billion acquisition of Apria.
• Novolex, representing acquirer asserting claims of fraud in Delaware and New York state courts against seller of a business and against insurers who provided representation and warranty insurance. In 2022, settlement achieved in Delaware state court action. Ongoing related litigation in New York state court.
• Vista Equity Partners, TIBCO Software, Inc., and various directors and officers, defending in shareholder litigation arising from Vista’s pending $16.5 billion acquisition of Citrix Systems.
• 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 Islands appraisal proceeding arising from the take private of 58.com.
• Vera Whole Health, a portfolio company of Clayton, Dubilier & Rice, and certain of its officers and directors, defending in shareholder litigation arising out of Vera’s $370 million acquisition of Castlight Health. In 2022, the deal closed and the cases were dismissed.
• HGGC and one of its affiliated funds, represented in post-close fiduciary duty litigation arising from its take-private acquisition of Nutraceutical International. Settlement achieved in 2021.
• 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.
• 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

• Wynn Resorts and its CEO, defending in a RICO lawsuit in California federal court alleging a long-running racketeering scheme in which the defendants conspired to bribe a federal judge in order to harm the plaintiff. In 2021, won full dismissal. Pending appeal.
• 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.
• Bristol-Myers Squibb and its subsidiary Celgene Corporation, represented in litigation in New York federal court regarding competing breach of contract claims arising from a development agreement for a potential drug. In 2021, secured a preliminary injunction enjoining the plaintiffs from selling or transferring the intellectual property assets associated with the drug. Settlement achieved in 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.

Alternative Dispute Resolution

• Blackstone and a number of its affiliates, representing in multijurisdictional litigation and arbitration relating to ownership of commercial properties in Milan, Italy. After hearing on the merits, all claims against Blackstone were dismissed. Ongoing New York state court litigation.
• Information technology company, representing in a series of employment arbitrations arising out of the resignation of numerous executives.
• Healthcare technology company, representing in an AAA arbitration concerning an alleged breach of a services agreement. Ongoing.
• 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 $16 million in arbitration (>95% of claimed damages) in a purchase price dispute.
• Media company, represented as respondent in an AAA arbitration in which 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.