People
Paul Bessette, who serves as co-chair of the Firm’s Corporate & Securities Litigation Practice, defends clients in securities and shareholder litigation, government investigations and enforcement actions, and complex business disputes throughout the United States. For more than 30 years, Paul has represented companies, officers and directors, underwriters and accountants in securities fraud class actions, shareholder derivative litigation, regulatory investigations and bankruptcy D&O litigation. He regularly works with board committees leading internal investigations and advising companies on governance and fiduciary duty issues.
Paul is ranked by Chambers, Best Lawyers in America, and Legal 500, among others, and has been recognized by Super Lawyers and Lawdragon. He is rated AV® Preeminent™ by Martindale-Hubbel. Client and peer reviews in Chambers say Paul “has a fast growing reputation for the quality of his representation in a wide range of securities matters. Market sources laud his ability to engage with company directors, saying that he ‘is a very strong boardroom guy with a good team around him.”’ “Practicing in this area is an art, and he is very good at it.”
Paul frequently speaks and writes on shareholder litigation, corporate disclosure, corporate governance and related topics. He has authored numerous securities-related articles for publications including ABA Business Law Today, Insights, Financial Executive, Law360, Financial fraud Law Report, The D&O Diary, Bloomberg Law Reports, National Underwriter and The Securities Reporter.
Law Degree, Baylor University
B.A./B.B.A., The University of Texas at Austin
California
New York
Supreme Court of the United States
Texas
U.S. Court of Appeals for the Eleventh Circuit
U.S. Court of Appeals for the Fifth Circuit
U.S. Court of Appeals for the Ninth Circuit
U.S. Court of Appeals for the Second Circuit
U.S. Court of Appeals for the Third Circuit
U.S. District Court for the Central District of California
U.S. District Court for the Eastern District of California
U.S. District Court for the Eastern District of New York
U.S. District Court for the Eastern District of Texas
U.S. District Court for the Northern District of California
U.S. District Court for the Northern District of Texas
U.S. District Court for the Southern District of California
U.S. District Court for the Southern District of New York
U.S. District Court for the Southern District of Texas
U.S. District Court for the Western District of Texas
March 18, 2021
Global Brokerage, Inc. Wins Opposition To Securities Class Action Certification
November 19, 2020
Paul Bessette, Michael Biles and Sal Subasinghe represent SCWorx CEO Marc Schessel in a class action dispute with investors
FXCM, Inc.: Obtained a hard-won dismissal for FXCM, Inc., its CEO, and its CFO in a securities class action following the Swiss National Bank’s unprecedented decision to allow the Swiss franc to trade freely against the euro. The Southern District of New York dismissed the case holding that FXCM’s losses were attributable to an unforeseeable market event, not to any fraud or recklessness by FXCM and its management. The Second Circuit remanded to allow the District Court to consider evidence from a regulatory investigation that concluded after the case was dismissed. The District Court once again dismissed the case and the Second Circuit affirmed the judgment. 767 Fed. App’x 139 (2nd Cir. 2019).
In re Hanger, Inc.: Obtained dismissal of a case against Hanger and its CEO that involved a large, four-year restatement and an audit committee investigation that concluded that some members of management created “cookie jar” reserves to smooth earnings and set an inappropriate “tone at the top.” In a panel opinion in August 2018, the Fifth Circuit reversed and remanded for further proceedings. After filing for panel rehearing and rehearing en banc, the panel vacated its August 2018 opinion and replaced it with a decision that fully affirmed the district court’s dismissal with prejudice. The panel held that the plaintiffs’ allegations constituted the impermissible group pleading of scienter and did not adequately address the individual defendants’ state of mind. 768 Fed. App’x 175 (5th Cir. 2019).
Neiman v. Bulmahn, et al.: The Fifth Circuit affirmed an August 2015 district court dismissal of a putative class action filed by ATP shareholders under the Securities Exchange Act of 1934. The shareholders accused ATP’s former officers of committing securities fraud by misrepresenting various aspects of the company’s business prior to bankruptcy, including its production from a particular oil-and-gas well, its liquidity, and the resignation of its CEO. The Fifth Circuit held that the shareholders failed to satisfy the heightened standard for pleading scienter. 854 F.3d 741 (5th Cir. 2017).
See more
August 25, 2020
Court Dismisses Shareholder Suit Seeking To Recover Stock Drop from FDA Nonapproval of Experimental Drug
May 12, 2020
Steps to Limit Exposure to Pharma, PPE Shareholder Lawsuits
May 4, 2020
Litigation Risks For Energy Executives During Bankruptcy
March 18, 2021
Global Brokerage, Inc. Wins Opposition To Securities Class Action Certification
November 19, 2020
Paul Bessette, Michael Biles and Sal Subasinghe represent SCWorx CEO Marc Schessel in a class action dispute with investors
FXCM, Inc.: Obtained a hard-won dismissal for FXCM, Inc., its CEO, and its CFO in a securities class action following the Swiss National Bank’s unprecedented decision to allow the Swiss franc to trade freely against the euro. The Southern District of New York dismissed the case holding that FXCM’s losses were attributable to an unforeseeable market event, not to any fraud or recklessness by FXCM and its management. The Second Circuit remanded to allow the District Court to consider evidence from a regulatory investigation that concluded after the case was dismissed. The District Court once again dismissed the case and the Second Circuit affirmed the judgment. 767 Fed. App’x 139 (2nd Cir. 2019).
In re Hanger, Inc.: Obtained dismissal of a case against Hanger and its CEO that involved a large, four-year restatement and an audit committee investigation that concluded that some members of management created “cookie jar” reserves to smooth earnings and set an inappropriate “tone at the top.” In a panel opinion in August 2018, the Fifth Circuit reversed and remanded for further proceedings. After filing for panel rehearing and rehearing en banc, the panel vacated its August 2018 opinion and replaced it with a decision that fully affirmed the district court’s dismissal with prejudice. The panel held that the plaintiffs’ allegations constituted the impermissible group pleading of scienter and did not adequately address the individual defendants’ state of mind. 768 Fed. App’x 175 (5th Cir. 2019).
Neiman v. Bulmahn, et al.: The Fifth Circuit affirmed an August 2015 district court dismissal of a putative class action filed by ATP shareholders under the Securities Exchange Act of 1934. The shareholders accused ATP’s former officers of committing securities fraud by misrepresenting various aspects of the company’s business prior to bankruptcy, including its production from a particular oil-and-gas well, its liquidity, and the resignation of its CEO. The Fifth Circuit held that the shareholders failed to satisfy the heightened standard for pleading scienter. 854 F.3d 741 (5th Cir. 2017).
See more
August 25, 2020
Court Dismisses Shareholder Suit Seeking To Recover Stock Drop from FDA Nonapproval of Experimental Drug
May 12, 2020
Steps to Limit Exposure to Pharma, PPE Shareholder Lawsuits
May 4, 2020
Litigation Risks For Energy Executives During Bankruptcy
March 18, 2021
Global Brokerage, Inc. Wins Opposition To Securities Class Action Certification
November 19, 2020
Paul Bessette, Michael Biles and Sal Subasinghe represent SCWorx CEO Marc Schessel in a class action dispute with investors
Law Degree, Baylor University
B.A./B.B.A., The University of Texas at Austin
California
New York
Supreme Court of the United States
Texas
U.S. Court of Appeals for the Eleventh Circuit
U.S. Court of Appeals for the Fifth Circuit
U.S. Court of Appeals for the Ninth Circuit
U.S. Court of Appeals for the Second Circuit
U.S. Court of Appeals for the Third Circuit
U.S. District Court for the Central District of California
U.S. District Court for the Eastern District of California
U.S. District Court for the Eastern District of New York
U.S. District Court for the Eastern District of Texas
U.S. District Court for the Northern District of California
U.S. District Court for the Northern District of Texas
U.S. District Court for the Southern District of California
U.S. District Court for the Southern District of New York
U.S. District Court for the Southern District of Texas
U.S. District Court for the Western District of Texas