在过去的几个月内，不少在美上市的中国公司遭遇证券集体诉讼，或成为美国金融业监管局质询及美国证监会和香港证监会的调查对象。于此同时，许多承销商也在被起诉的行列。据介绍，美国律所欧华已经在十多起诉讼或调查案件中为中国公司提供法律咨询。
随着这类诉讼的增加，欧华特别组建了一支中国证券诉讼快速反应团队。 这支团队由20多位经验丰富的律师组成，其中包括多位前证券交易委员会执法部门人员和前美国助理检查官的校友。
美国富布莱特&贾沃斯基律所也组成了自己的特别行动团队。团队成员由来自北京，香港和美国的成员组成。
US law firms DLA Piper and Fulbright have both established special action teams in response to the recent flurry of lawsuits brought against Chinese companies listed in the United States.
In the past several months, China-based issuers such as Puda Coal (NYSE:PUDA) and Subaye (NASDAQ:SBAY) and Fushi Copperweld (NASDAQ: FSIN) have been subject to a wave of securities class action and derivative lawsuits, and investigations by the U.S. Securities and Exchange Commission (SEC). The underwriters to these reverse mergers have also been named in many of these actions. DLA Piper, for instance, is advising China-based, US-listed companies and underwriters in more than a dozen of these law suits.
The pipeline of work in this area is so strong that was driven to establish a China Securities Litigation Rapid Response Team comprising of more than two-dozen professionals including alumni of the SEC’s Enforcement Division and former assistant US Attorneys. The team members are located in key financial centres: Los Angeles, Hong Kong and Beijing.
Fulbright has also responded in a similar way, but for this firm it is the volume of future work, rather than matters already on the books that has been the catalyst. The firm’s team is comprised of lawyers from Beijing, Hong Kong and its U.S. offices. Jeffrey Blount will lead the firm’s Beijing and Hong Kong practice. Blount has substantial experience advising Chinese companies on cross-border transactions and their responsibilities under U.S. law. The U.S. securities litigation and enforcement group is led by partners-in-charge Gerry Pecht and Rodney Acker. Both have extensive experience defending shareholder suits and counselling clients on minimizing future litigation risks. ALB
Related stories:
- DLA Piper unfazed by Clifford Chance arrival (1 March 2011)
- DLA Piper announces improved financial results (14 June 2011)
- Fulbright promotes two partners in Hong Kong (18 March 2009)
