Mr. Roeser has represented financial institutions, pharmaceutical companies, and technology companies, as well as their current and former directors and officers, in a wide array of securities and shareholder derivative actions. Representative matters include:
- Petrobras Securities Class Action: Currently representing the former CEO of Petrobras in a putative class action and opt-out cases that allege a bribery and money-laundering scheme involving Petrobras executives and Brazilian politicians and seeks billions of dollars in damages.
- Rockwell Medical Securities Class Action: Currently representing Rockwell Medical, Inc., a fully integrated pharmaceutical company targeting end-stage renal disease and chronic kidney disease, and its current CEO and CFO in a putative class action that alleges material misrepresentations concerning the formulation of the company’s lead branded drug.
- Pfizer Securities Class Action: Represented the CFO of Pfizer, Inc. in a putative class action that alleged unlawful off-label marketing of pharmaceutical products and a subsequent decline in market capitalization of more than $12 billion.
- State Street Securities Class Action: Represented the underwriting syndicate in a putative class action by purchasers in a $2.9 billion public offering of State Street Corporation common stock. The case has settled.
- FDIC Securities Actions: Represented Countrywide in four securities actions by the FDIC in its capacity as receiver for failed Strategic Capital Bank, Colonial Bank and Security Savings Bank, each of which purchased mortgage-backed securities issued by Countrywide subsidiaries. All claims against Countrywide were dismissed with prejudice.
- Countrywide Mortgage-backed Securities Class Actions: Represented Countrywide in putative class actions by purchasers of approximately $360 billion of mortgage-backed securities issued by Countrywide subsidiaries in 429 offerings of more than 9,000 tranches of securities from 2005 through 2007. The case has settled.
- Countrywide Mortgage-backed Securities Multidistrict Litigation: Represented Countrywide in establishing a multidistrict litigation proceeding to centralize what became more than 40 securities cases filed in connection with public offerings of mortgage-backed securities by Countrywide subsidiaries.
- FirstBank Puerto Rico Securities Action: Represented the acquirer in a securities action by FirstBank Puerto Rico, Inc. concerning a merger involving Instituto de Banca y Comercio, Inc., an educational institution that provides student loans. The case was dismissed with prejudice.
- Nomura Mortgage-backed Securities Class Action: Represented Nomura, as well as senior directors and officers, in a putative class action by purchasers of mortgage-backed securities issued by Nomura affiliates in 2006. The case was dismissed with prejudice, and that dismissal was largely affirmed on appeal.
Shareholder Derivative Actions
- Citrix Systems Shareholder Derivative Litigation: Currently represent directors of Citrix Systems, Inc., a leader in virtualization, mobility management, and networking technology, in shareholder derivative litigation challenging the compensation awarded to non-employee directors.
- Countrywide Shareholder Derivative Litigation: Represented Countrywide on appeal in shareholder derivative litigation challenging the accuracy of public disclosures, a $2.4 billion stock repurchase, and alleged insider trading by former directors and officers. The Delaware Supreme Court affirmed Countrywide’s position in a unanimous en banc opinion, and the case was subsequently dismissed with prejudice.
- ARIAD Pharmaceuticals Shareholder Derivative Litigation: Represented directors of ARIAD Pharmaceuticals, Inc., a pharmaceutical research and development company, in shareholder derivative litigation challenging the board’s decision to acquire the remaining minority interest in a subsidiary. The case was dismissed with prejudice.
- Heartland Securities Class Action and Shareholder Derivative Litigation: Represented Heartland, one of the country’s largest payment card processors, as well as current and former directors and officers, in a putative class action and shareholder derivative litigation concerning a security breach that allegedly resulted in the theft of a reported 130 million credit and debit card numbers and a subsequent decline in market capitalization of more than $700 million. The claims were all dismissed with prejudice.
Prior to joining Goodwin, Mr. Roeser was a litigation associate at Cravath, Swaine & Moore LLP where he represented Credit Suisse in multidistrict litigation and related state and bankruptcy litigation concerning the collapse of Enron; Deloitte & Touche LLP in litigation concerning the collapse of Adelphia Communications Corp.; and Merck & Co., Inc., in multi-district litigation concerning the withdrawal of VIOXX®. Mr. Roeser, pro bono in conjunction with the New York Office of the Appellate Defender, also challenged on appeal a second degree murder conviction. The conviction was overturned.