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Lyle Roberts

Biography

Lyle is Co-Head of US Securities & Shareholder Litigation.

He represents companies, officers, and directors in securities cases and Securities and Exchange Commission (SEC) enforcement matters throughout the United States. He also conducts corporate internal investigations and counsels clients with respect to securities regulatory issues. Lyle represents, or has represented, a number of prominent companies in the defense of securities class actions, including Dow, Paramount Global, PayPal, Opendoor, Lumen Technologies/CenturyLink, Northrop Grumman, Fidelity National Financial, and Lumber Liquidators. He also represented Mark Cuban in obtaining a complete victory against the SEC in Cuban’s closely watched insider trading case.

Lyle is the author of the well-known blog, The 10b-5 Daily, which tracks key developments in securities litigation, and is the co-chairman of the annual Practicing Law Institute securities litigation program. He also co-edits “Securities Litigation: A Practitioner’s Guide,” the leading treatise in this area of the law.

Finally, Lyle frequently submits amicus briefs in prominent securities litigation cases on behalf of the Washington Legal Foundation (WLF) and other well-known organizations, including recent briefs in the U.S. Supreme Court in the Macquarie Infrastructure, Goldman Sachs, Emulex, Halliburton, and ANZ Securities cases. His brief on behalf of WLF in the ANZ Securities case was cited in the Court’s opinion.

Practice areas

  • Securities litigation and enforcement
  • Corporate and commercial litigation
  • Disputes
  • Financial services litigation
  • Financial services advisory and regulatory
  • White-collar defense and global investigations
  • M and A litigation

Selected experience

  • SSR Mining in a securities class action related to a mining accident. Obtained dismissal.
  • PayPal in a securities class action related to performance metrics. Obtained dismissal.
  • Lumen in a securities class action based on the use of lead-sheathed cables. Obtained dismissal.
  • Lumen in a securities class action based on a product rollout. Obtained dismissal and appeal voluntarily dismissed.
  • Opendoor in a securities class action and related derivative actions based on alleged pricing system failures. Obtained partial dismissal of securities class action and full dismissal of derivative action.
  • Paramount Global in a securities class action in connection with the collapse of Archegos Capital Management. Obtained dismissal.
  • ChannelAdvisor in a securities class action based on missed financial guidance. Obtained dismissal and affirmed on appeal.
  • Alcobra in a securities class action against a life sciences company based on alleged misstatements related to a drug trial. Obtained dismissal.
  • Millennial Media in a securities class action based on alleged misstatements about technological capabilities. Obtained voluntary dismissal and district court issued groundbreaking order on the handling of confidential witnesses in securities class actions.
  • CenturyLink in a securities class action and related derivative actions based on a dividend cut. Obtained dismissal.

Education

  • BA, Johns Hopkins University, 1993
  • MA, Johns Hopkins University, Paul H. Nitze School of Advanced International Studies (SAIS), 1993
  • JD, University of Chicago, 1996

Admissions

  • Attorney-at-law, State of Maryland, US, 1998
  • Attorney-at-law, District of Columbia, US, 1999
  • Attorney-at-law, State of Virginia, US, 2000
  • Attorney-at-law, State of New York, US, 2017 United States Supreme Court, 2006
  • United States District Court for the District of Maryland, 1998
  • United States District Court for the Eastern District of Virginia, 2001