Paul R. Bessette

• Digital Turbine, Inc.: Represented Digital Turbine and its executives in securities class action litigation arising from a financial restatement following two digital advertising acquisitions. Secured dismissal in 2023 and dismissal with prejudice in 2024.
• SolarWinds Corp.: Defended SolarWinds and former executives in securities class action litigation following the company’s disclosure of a major cyberattack affecting government and Fortune 500 customers. Secured dismissal of claims against the former CEO and later resolved the remaining claims through settlement.
• Phunware, Inc.: Represented Phunware and its pre- and post-SPAC officers and directors in shareholder litigation challenging a de-SPAC transaction and related lock-up restrictions. Successfully transferred the case to Delaware Chancery Court and obtained dismissal of key Texas securities and fraud claims.
• Shattuck Labs: Represented Shattuck Labs and its executives and board members in a securities class action involving disclosures about clinical trial results for an immuno-oncology drug candidate. After filing a motion to dismiss, resolved the matter efficiently through settlement.
• In re PolarityTE: Represented PolarityTE and its executives in securities class action litigation involving FDA-related disclosures, manufacturing issues, and new drug application statements for SkinTE. Secured two dismissals, including dismissal with prejudice.
• Evolent Health, Inc.: Represented Evolent Health and current and former executives in securities fraud litigation arising from the company’s acquisition of Passport Health Plan. Narrowed the claims substantially through multiple motions to dismiss, reducing exposure and positioning the matter for a favorable settlement.
• Adeptus Health, Inc.: Defended the former CEO in fiduciary duty, securities class action, and opt-out litigation related to Adeptus’s bankruptcy, public offerings, operations, and financial disclosures. Resolved the trustee and shareholder actions through favorable settlements.
• FXCM, Inc.: Secured dismissal for FXCM, its CEO, and its CFO in securities class action litigation following the Swiss National Bank’s decision to allow the Swiss franc to trade freely against the euro. The district court dismissed the case twice, and the Second Circuit affirmed. 767 Fed. App’x 139 (2nd Cir. 2019).
• In re Hanger, Inc.: Secured dismissal with prejudice for Hanger and its CEO in securities litigation involving a four-year restatement, audit committee investigation, and allegations concerning management reserves. After appellate proceedings, the Fifth Circuit fully affirmed dismissal. 768 Fed. App’x 175 (5th Cir. 2019).
• Neiman v. Bulmahn, et al.: Secured affirmance by the Fifth Circuit of dismissal of securities fraud claims brought by ATP shareholders against former officers. The court held that plaintiffs failed to meet the heightened pleading standard for scienter. 854 F.3d 741 (5th Cir. 2017).
• In re SemCrude L.P.: Obtained a permanent injunction preventing investors in a bankrupt oil-and-gas company from pursuing derivative claims against the former CEO in Oklahoma state court. A successful Third Circuit appeal reversed denial of injunctive relief and clarified the distinction between derivative and direct claims. 796 F.3d 310 (3rd Cir. 2015).
• Miyahira v. Vitacost.com, Inc.: Secured full dismissal of Securities Act claims challenging statements in Vitacost’s IPO prospectus. The Eleventh Circuit affirmed, rejecting a complaint supported by confidential witnesses and extensive allegations. 715 F.3d 1257 (11th Cir. 2013).
• Bell v. Ascendant Solutions, Inc.: Defeated class certification in securities fraud litigation involving alleged IPO-related fraud. The Fifth Circuit upheld denial of class certification based on the argument that the company’s stock did not trade in an efficient market during the class period. 422 F.3d 307 (5th Cir. 2005).
• In re Crossroads Systems, Inc. Securities Litigation: Secured summary judgment in a securities fraud class action alleging improper accounting for inventory reserves and seeking more than $800 million in damages. The Fifth Circuit affirmed in a key decision on the fraud-on-the-market presumption of reliance. 364 F.3d 657 (5th Cir. 2004).

Paul Bessette helps companies, boards, officers and directors, underwriters, and accountants manage high-stakes securities and shareholder litigation, government investigations, enforcement actions, and complex business disputes nationwide.  Drawing on more than 35 years of experience, he guides clients through securities fraud class actions, shareholder derivative suits, regulatory inquiries, bankruptcy D&O litigation, internal investigations, and corporate governance and fiduciary duty matters.

Clients and peers recognize Paul for his practical judgment, boardroom presence, and ability to handle complex securities matters efficiently.  He is ranked by Chambers, Best Lawyers in America, and Legal 500, and has also been recognized by Super Lawyers and Lawdragon.  He is rated AV® Preeminent™ by Martindale-Hubbell.

Paul also shares practical perspectives on shareholder litigation, corporate disclosure, corporate governance, and related securities issues through articles and speaking engagements for legal, business, and industry audiences.