Securities Litigation

Mr. Stris litigates disputes involving both public and private companies in trial and appellate courts throughout the country. He is also retained to arbitrate such disputes before AAA, FINRA, and other arbitral bodies. For example:

Merrill Lynch Pierce Fenner & Smith, Inc. v. Manning [Read more here]
In May of 2016, Mr. Stris and a team of firm lawyers prevailed before the U.S. Supreme Court in this important securities jurisdiction case. We represent a group of investors who sued several major financial institutions in New Jersey state court for violations of New Jersey law. The suit alleges that defendants’ illegal practices precipitated a loss of over $800 million in investor value. Led by Merrill Lynch, the financial institutions argued that the federal securities laws required the case to be brought exclusively in federal court. Writing for the Court (Opinion), Justice Kagan adopted one basis for affirmance of the decision below advanced by our firm (Merits Brief). Concurring in the judgment, Justice Thomas (joined by Justice Sotomayor) adopted another basis for affirmance advanced by Mr. Stris at oral argument (Argument Audio).

Schueneman v. Arena Pharmaceuticals, Inc. [Read more here]
Mr. Stris was lead appellate counsel in this 9-figure securities fraud class action against a publicly traded pharmaceutical company and its executives. Plaintiffs allege that defendants provided investors with misleading information about the prospects for FDA approval of lorcaserin, a weight loss drug under development at that time. Under the standards established by the Private Securities Litigation Reform Act, the facts alleged in a civil securities fraud complaint must establish a “strong inference” that defendants acted with wrongful intent. In March 2014, the Southern District of California dismissed the case, holding that the complaint’s allegations did not support such an inference. Shortly thereafter, lead counsel Kaplan Fox & Kilsheimer LLP retained Stris & Maher LLP to brief (Our Opening Brief | Our Reply) and argue (Argument Video) the appeal. On October 26, 2016, the Ninth Circuit reversed 3-0 in our client’s favor (Opinion). In November 2017, the parties reached a settlement agreement that would pay $24 million cash and stock to the proposed class.

Parties Confidential
Mr. Stris served as one of three arbitrators alongside the former chief judge of the United States Court of Appeals for the Third Circuit (appointed by President Carter) and a former judge on the United States District Court for the District of New Jersey (appointed by President Reagan) in an 8-figure accounting malpractice dispute.