Rich is an experienced securities litigator focusing on value-generating legal strategy. Rich brings to each matter a deep knowledge of the quantitative methods side of securities litigation, especially damages computation, event studies, econometrics/economics and the theories, tools, and strategies involved in the preservation and maximization of the value of client’s securities claims. He reviews each client’s trading pattern and situation to offer oftentimes bespoke strategy for each client – including opt outs, direct action, class actions, class participation, and the use of varied forums and tactics. Rich also works extensively with experts on finance and economics on a wide range of issues, including market efficiency, valuation, damages, accounting, and trader analysis.
Rich’s clients appreciate his dedication to all facets of the securities litigation process, which is driven by a belief in the basic premise that investors’ rights are critical to the functioning and purpose of the capital markets.
Representative Matters:
- Represented multiple investment funds, including Jet Capital, Cohen & Steers, and Lakewood Capital, in a securities fraud case against VEREIT (f/k/a ARCP) in a case involving allegations of intentional accounting fraud by top company executives. For certain clients, case involved complex damages issues including determination of damages based on swap-contracts and availability of ‘intraday’ damages theory. All matters were confidentially settled.
- Represented entities related to Fred Alger Management and Valinor Capital Management in direct actions against LendingClub Corporation related to allegations regarding fraud by its former CEO and other executives. For certain clients, case involved complex issues of proper determination of damage and loss on pre-IPO securities. The matter was confidentially settled.
- Represented Discovery Capital Management as plaintiff in a securities fraud case against a leading South American oil company. Case involved application of ‘leakage’ damages model – a valuable, but underutilized, damages theory in securities litigation. The matter was confidentially settled.
- Represented investment funds in a state court action bringing federal strict liability claims for violations of securities laws. Case involving quantitative methods issues surrounding proper calculation of fraud damages under state law. The matter was confidentially settled.
- Represented investors including Scopia Capital and Fred Alger Management in securities fraud claims against Signet Jewelers Inc. The matter was confidentially resolved.
- Counseled a major institutional investor regarding securities fraud claims against a Fortune 25 company, successfully settling the matter without filing a complaint.
- Counseled a set of major institutional investors with respect to their securities fraud claims against a major internet technology company, successfully settling the matter without filing a complaint.
- Representing investors such as Brahman Capital, Incline Global, Janus, and Grantham Mayo in a securities fraud action against Valeant International (n/k/a Bausch Health).
- Won $475 million arbitration award on behalf of Chinese insurer in international arbitration venued in Hong Kong relating to $5 billion cross-border M&A transaction.
- Defeated critical portions of motion to dismiss investor RICO claims related to oil and gas investment in Northern District of Texas.
- Successfully defended Rutgers University against Section 1983 claims, defeating the claims via a motion to dismiss.
Publications:
Rich is the primary editor of the RKS Valuation Litigation and Shareholder Rights (VLSR), a clearinghouse for news and analysis involving global issues of shareholder and investor rights, including investor’s ability to use appraisal litigation to preserve value in mergers and other corporate events.
Media:
Numerous media organizations have covered the formation of Rolnick Kramer Sadighi LLP, a “premier securities litigation boutique dedicated to serving the investment management industry, including hedge funds, mutual funds, private equity, credit, real estate and structured finance firms.” Other outlets covering the formation include: Law.com; NJBiz; Bloomberg.com; and AlternativesWatch.com.
