FacultyFaculty/Author Profile
Lyle Roberts

Lyle Roberts

Shearman & Sterling LLP

Washington, DC, USA


Lyle Roberts is a partner in the Securities Litigation practice group and a member of the Litigation department. He joined the Firm in 2012 and is a resident of the Washington, DC office.

Mr. Roberts' practice focuses in the areas of securities litigation and regulation. He defends public corporations and individuals in class actions, derivative cases, mergers and acquisitions litigation, and Securities and Exchange Commission ("SEC") enforcement actions. He also conducts corporate internal investigations and counsels clients with respect to securities regulatory issues.

Mr. Roberts' recent representations include the successful defense of Mark Cuban (owner of the Dallas Mavericks) in an SEC insider trading case. In a widely publicized trial victory, Mr. Cuban was found not liable on all claims. Mr. Roberts also represents a number of prominent companies – including CenturyLink, Lumber Liquidators, and Lender Processing Services – in the defense of private securities litigation. His notable past representations include appellate victories in the PEC Solutions, Cree, and Frontier Insurance securities class actions, leading to the complete dismissal of the claims in those cases.

Mr. Roberts is a writer and lecturer on securities litigation topics and is often quoted in the media. He is the author of The 10b-5 Daily, a blog devoted to news and analysis related to securities class actions. Mr. Roberts also is co-chairman of the annual Practicing Law Institute securities litigation program. He frequently submits amicus briefs in securities litigation cases on behalf of clients, including recent briefs in the U.S. Supreme Court on behalf of the Washington Legal Foundation in the Halliburton case and SIMFA and the Chamber of Commerce of the United States of America in the Matrixx case. Mr. Roberts has been named a Washington, DC Super Lawyer for 2013 and 2014.

Prior to joining Cooley, Mr. Roberts was a partner at Dewey & LeBoeuf. He also led the East Coast securities litigation practice of Wilson Sonsini Goodrich & Rosati during his tenure with that firm.

Mr. Roberts received his JD from the University of Chicago Law School, where he was on the Law Review. Following law school, he was a judicial clerk for Judge Donald S. Russell, U.S. Court of Appeals for the Fourth Circuit.

Representative Matters:

  • City of St. Clair Shores General Employees' Retirement System v. Lender Processing Services, Inc., 2012 WL 1080953 (M.D.Fla. March 30, 2012). District court dismissed securities class action complaint against the nation's leading supplier of mortgage processing services.
  • Securities and Exchange Commission v. Mark Cuban, 634 F.Supp.2d 713 (N.D. Tex. 2009). In a landmark ruling, district court invalidated an SEC rule and dismissed the insider trading claims against Mr. Cuban.
  • Winn v. Schafer, 499 F.Supp.2d 390 (S.D.N.Y. 2007). District court dismissed derivative complaint filed against Scottish Re and its directors based on application of U.K./Cayman Islands law.
  • In re Cree, Inc. Sec. Litig., 2005 WL 1847004 (M.D.N.C Aug. 2, 2005), aff'd 477 F.3d 162 (4th Cir. 2007). Appellate court affirmed dismissal of securities class action complaint against Cree and certain of its officers, with important rulings on the issues of corporate fraudulent intent and loss causation.
  • In re PEC Solutions Sec. Litig., 2004 WL 1854202 (E.D. Va. May 25, 2004), aff'd 418 F.3d 379 (4th Cir. 2005). Appellate court affirmed dismissal of securities class action complaint against PEC Solutions and certain of its officers and established new law on the pleading of fraudulent intent.
  • Kahler v. Tularik, No. CIV 438544 (Cal. Sup. Ct. Aug. 19, 2004). State court dismissed merger litigation.
  • Ezra Charitable Trust v. Frontier Ins. Group, Inc., 2002 WL 87723 (S.D.N.Y. January 23, 2002), aff'd 318 F.3d 148 (2nd Cir. 2003). Appellate court affirmed dismissal of securities class action complaint against Frontier and certain of its officers based on statute of limitations.
  • Graff v. Prime Retail, Inc., 172 F. Supp. 2d 721 (D. Md. 2001), aff'd 46 Fed. Appx. 140 (4th Cir. 2002). Appellate court affirmed dismissal of securities action complaint against Prime Retail and certain of its officers.

Selected Activities

  • Co-Chairman, Handling a Securities Case: From Investigation to Trial and Everything In Between, Practicing Law Institute, New York (2009 to present)
  • Moderator, "Supreme Court's Morrison v. National Bank and ‘Foreign Cubed' Securities Fraud Actions," Practicing Law Institute (July 2010)
  • Moderator, "Stoneridge: Is there 'Scheme' Liability or Not?" Practicing Law Institute (January 2008)
  • Moderator, "Tellabs v. Makor: Pleading Scienter in Securities Fraud Cases," Practicing Law Institute (July 2007)
  • Moderator, "Dabit and the Application of the Securities Litigation Uniform Standards Act," Practicing Law Institute (April 2006)
  • Moderator, "Pleading Scienter in Securities Fraud Cases: What Investors, Companies, and Their Counsel Need to Know," Practicing Law Institute (January 2005)
  • Moderator, "Pleading Loss Causation in Securities Fraud Cases: What Investors, Companies, and Their Counsel Need to Know," Practicing Law Institute (June 2004)
  • Advisory Board, Securities Reform Act Litigation Reporter
  • Adjunct Professor, George Mason University School of Law (2003-2005)
  • Judicial Clerk, The Honorable Donald S. Russell, Circuit Judge, U.S. Court of Appeals for the Fourth Circuit (1996-1997)

Publications

  • "Behind the SEC's Pursuit of Mark Cuban," Wall Street Journal (November 18, 2013)
  • "Understanding the New SEC Whistleblower Program," PLI's Handling a Securities Case 2013: From Investigation to Trial and Everything in Between, Course Handbook No. B- 2021 (April 2013)
  • "When is a Fraud 'In Connection With' a Securities Transaction under SLUSA?" PLI's Handling a Securities Case 2013: From Investigation to Trial and Everything in Between, Course Handbook No. B-2021 (April 2013)
  • "The Mutual Fund 'Loophole:' Why Fund Investors Are Having a Difficult Time Maintaining Securities Class Actions," PLI's Securities Litigation & Enforcement Institute 2011, Course Handbook No. B-1904 (September-October 2011)
  • "Pleading in the Dark: The Use (And Potential Abuse) of Confidential Witness Statements in Federal Securities Fraud Complaints," PLI's Securities Litigation & Enforcement Institute 2009, Course Handbook No. B-1762 (September-October 2009)
  • "Is the PSLRA's Safe Harbor Becoming a Safe Puddle?," PLI's Securities Litigation & Enforcement Institute 2008, Course Handbook No. B-1692 (September-October 2008) (co-author)
  • "The Selection of Lead Plaintiff and Lead Counsel in Securities Class Actions," Class Action Watch (October 2008)
  • "The Officer and the Janitor: 'Collective Scienter' in Securities Fraud Cases," The New York Law Journal (Feb. 8, 2008) (co-author)
  • "End the Dual Approach," National Law Journal, Vol. 27 (October 24, 2005)
  • "Lower Courts Will Determine Impact of Supreme Court's Securities Fraud Suit Ruling," Legal Backgrounder, Vol. 20, No. 22, Washington Legal Foundation (May 20, 2005) (co- author)
  • "Pleading Loss Causation in Securities Fraud Cases: What Investors, Companies, and Their Counsel Need to Know," PLI's Securities Litigation & Enforcement Institute 2004, Course Handbook No. B-1442 (September-October 2004) (co-author)
  • "Individual Trading Plans Can Help Defend Securities Fraud Claims," Compliance Week (July 7, 2004) (co-author)

Speeches and Programs

  • Speaker, "The SEC and Securities Class Action Suits: Defining the Relationship Between the Commission and the Plaintiffs' Bar," WLF Web Seminar Series (July 29, 2008)
  • Panelist, "What You Need To Know for 2008: Securities Litigation," Audio Webcast, Riskmetrics Group (January 2008)

Education

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

Court Admissions

  • Supreme Court of the United States
  • U.S. Court of Appeals, District of Columbia Circuit
  • U.S. Court of Appeals, Eighth Circuit
  • U.S. Court of Appeals, Fifth Circuit
  • U.S. Court of Appeals, Fourth Circuit
  • U.S. District Court, District of Colorado
  • U.S. District Court, District of Columbia
  • U.S. District Court, District of Maryland
  • U.S. District Court, Eastern District of Virginia
  • U.S. District Court, Western District of Virginia

Bar Admissions

  • District of Columbia
  • Maryland
  • Virginia
Lyle Roberts is associated with the following items:
Course Handbooks  Course Handbooks Securities Litigation 2018: From Investigation to Trial
CHB Chapters  CHB Chapters Rites of Confession (October 27, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Norfolk County Retirement System v. Community Health Systems, Inc., 877 F.3d 687 (6th Cir. 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Two Bites At The Apple (January 9, 2018) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
In re VEON Ltd. Securities Litigation, 2017 WL 4162342, Fed. Sec. L. Rep. P 99,879 (S.D.N.Y. Sept. 19, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
On Track Betting (August 21, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Top 100 Settlements (July 20, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Securities Litigation Uniform Standards Act of 1998, Public Law 105–353 (Nov. 3, 1996) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Credible Complaints (December 29, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
In re Finisar Corporation Securities Litigation, 2017 WL 6026244, Fed. Sec. L. Rep. P 99,929 (N.D. Cal. Dec. 5, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Cyan Argued (November 29, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Bielousov v. GoPro, Inc., 2017 WL 3168522, Fed. Sec. L. Rep. P 99,827 (N.D. Cal. July 26, 2017) - Securities Litigation 2018: From Investigation to Trial, Wednesday, April 04, 2018
Web Segment  Web Segment Securities Litigation: Trial of the Civil Action or Arbitration - Securities Litigation 2018: From Investigation to Trial, Tuesday, April 10, 2018
Securities Litigation: The Investigation: Coordinating Requests from Government - Securities Litigation 2018: From Investigation to Trial, Tuesday, April 10, 2018
Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation - Securities Litigation 2018: From Investigation to Trial, Tuesday, April 10, 2018
MP3 Audio  MP3 Audio Securities Litigation: The Investigation: Coordinating Requests from Government - Securities Litigation: The Investigation: Coordinating Requests from Government, Tuesday, April 10, 2018
Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation - Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation, Tuesday, April 10, 2018
Securities Litigation: Trial of the Civil Action or Arbitration - Securities Litigation: Trial of the Civil Action or Arbitration, Tuesday, April 10, 2018
Transcripts  Transcripts Securities Litigation: The Investigation: Coordinating Requests from Government - Securities Litigation: The Investigation: Coordinating Requests from Government, Tuesday, April 10, 2018
Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation - Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation, Tuesday, April 10, 2018
Securities Litigation: Trial of the Civil Action or Arbitration - Securities Litigation: Trial of the Civil Action or Arbitration, Tuesday, April 10, 2018
MP4 - Mobile Video Seg  MP4 - Mobile Video Seg Securities Litigation: Trial of the Civil Action or Arbitration - Securities Litigation: Trial of the Civil Action or Arbitration, Tuesday, April 10, 2018
Securities Litigation: The Investigation: Coordinating Requests from Government - Securities Litigation: The Investigation: Coordinating Requests from Government, Tuesday, April 10, 2018
Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation - Prosecuting and Defending the Civil Action: Class Certification, Fact Discovery, Experts and Summary Judgment Motions in Securities Litigation, Tuesday, April 10, 2018
On-Demand Web Programs  On-Demand Web Programs Securities Litigation 2018: From Investigation to Trial, Wednesday, April 11, 2018, New York, NY
Live Seminar  Live Seminar Securities Litigation 2019: From Investigation to Trial, Monday, April 01, 2019, New York, NY
Live Webcast  Live Webcast Securities Litigation 2019: From Investigation to Trial, Monday, April 01, 2019, New York, NY
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