FacultyFaculty/Author Profile

Patrick E. Gibbs

Latham & Watkins LLP

Menlo Park, CA, USA


Patrick E. Gibbs 

Education
JD, UCLA School of Law, 1994
BS, Santa Clara University, 1991
Phi Beta Kappa

Practice Responsibilities
Co-Chair, Securities Litigation and Professional Liability Practice Group

Areas of Expertise
Patrick Gibbs is a partner in the Silicon Valley office of Latham & Watkins and Co-Chair of the firm's Securities Litigation and Professional Liability Practice Group. Mr. Gibbs specializes in representing corporations and individual directors and officers in securities class actions and derivative litigation, Securities and Exchange Commission investigations and internal corporate investigations. He also has substantial experience handling a wide variety of other complex litigation matters, including antitrust, consumer class actions and other types of complex business litigation.  Mr. Gibbs' clients have included public and private companies in a variety of industries, including computer hardware and software, semiconductors, biotech, life sciences, and medical devices, as well as venture capital and private equity firms and investment banks.

Before joining Latham & Watkins in 1995, Mr. Gibbs was a law clerk for Judge William D. Keller of the United States District Court for the Central District of California.

Recent Securities, M&A and Derivative Litigation Matters

  • In re Oracle Corporation Securities Litigation - Secured summary judgment on behalf of Oracle Corporation and three of its executive officers in a $3 billion securities fraud class action arising from a missed earnings forecast in 2001.  Plaintiffs alleged that defendants made false and misleading statements regarding Oracle's projected financial results, and that certain Oracle executives sold stock while in possession of material, nonpublic information.
  • In re STEC, Inc. Securities Litigation and In re: STEC, Inc. Derivative Litigation - Representing STEC, Inc. and several of its directors and officers in securities class action and derivative litigation arising out of announcements regarding competition in the enterprise solid state drive (SSD) market and STEC's relationship with its largest customer. 
  • In re Rentech, Inc. Securities Litigation and In re Rentech, Inc. Derivative Litigation - Representing Rentech, Inc. and several of its officers and directors in securities class action and derivative litigation arising out of a stock drop following the announcement of an accounting restatement.
  • In re Celera, Inc. Securities Litigation and In re Celera, Inc. Derivative Litigation - Representing Celera, Inc. and several of its directors and officers in securities class action and derivative litigation arising out of a stock drop following an announcement regarding quarterly results and a withdrawal of yearly guidance, as well as increase in allowance for bad debts.
  • In re Genentech, Inc. Shareholder Litigation - Represented Special Committee of Genentech Board of Directors in connection with shareholder litigation arising out of proposal by Roche Holdings, Inc. to acquire all outstanding publicly held shares of Genentech.
  • In re Juniper Networks, Inc. Securities Litigation - Represented Big Four audit firm in connection with a class action alleging a violation Section 11 of the federal Securities Act of 1933 arising out of Juniper's acquisition of NetScreen Technologies, Inc. and Juniper's subsequent restatement of financial statements as a result of incorrect accounting for employee stock options. 
  • In re Blue Coat Systems, Inc. Derivative Litigation - Represented Big Four audit firm in connection with derivative litigation arising out of alleged stock option backdating at Blue Coat.
  • In re CNET Networks, Inc. Derivative Litigation - Represented CNET in connection with state and federal court derivative matters arising out of alleged stock option backdating at CNET.  Successfully moved to dismiss federal court action with prejudice for failure to plead demand futility.
  • In re Guitar Center, Inc. Securities Litigation - Represented Guitar Center in connection with shareholder litigation in Delaware Chancery Court and Los Angeles County Superior Court arising out of the acquisition of Guitar Center by Bain Capital.  Defeated plaintiffs' motion for a preliminary injunction attempting to block the transaction.
  • In re PMC-Sierra, Inc. Derivative Litigation - Represented PMC-Sierra and several of its current and former officers and directors in connection with state and federal court derivative lawsuits arising out of alleged stock option backdating at PMC-Sierra.
  • Ariyoshi v. Equinix, Inc., et al. - Representing STT Communications in connection with a shareholder lawsuit arising out of the acquisition of Pihana Pacific, Inc. by Equinix and a majority investment in Equinix by STT.
  • Mongeli v. Terayon Communication Systems, Inc. - Represented Terayon Communication Systems, Inc. and several of its current and former officers and directors in a putative securities class action arising out of a financial restatement.  After briefing closed on defendants' motion to dismiss the complaint, the case settled for $2.7 million.
  • In re Toys "R" Us Securities Litigation - Represented Kohlberg Kravis Roberts & Co. in connection with shareholder litigation arising out of the acquisition of Toys "R" Us by a group of private equity sponsors including KKR.  Successfully defeated plaintiffs' motion for a preliminary injunction attempting to block the acquisition.
  • Proctor v. Vishay Intertechnology, Inc., et al. - Representing Big Four audit firm in connection with derivative and putative class action litigation brought by minority shareholders of audit client Siliconix, Inc.
  • Poonja v. BridgeSpan Title Co., et al. - Represented directors appointed by Benchmark Capital Co. and Sequoia Capital to the BridgeSpan board in an action for breach of fiduciary duty brought by the company's bankruptcy trustee.  Successfully moved to dismiss the trustee's complaint with prejudice.
  • In re McKesson, Inc. Securities Litigation - Represented Bear Stearns & Co., Inc. in the defense of a securities fraud class action under Section 11 of the Securities Act arising out of the merger of McKesson, Inc. and HBO & Company. and the subsequent disclosure of a massive accounting fraud at HBOC.
  • State of Oregon, et al. v. McKesson HBOC, Inc. - Represented Bear Stearns & Co., Inc. in connection with several individual securities fraud lawsuits filed in San Francisco County Superior Court by state pension funds from Oregon, Utah, Minnesota, and Colorado, and by two Merrill Lynch mutual funds, arising out of the merger of McKesson, Inc. and HBO & Company and the subsequent disclosure of a massive accounting fraud at HBOC. The state court actions were settled as to Bear Stearns without any financial contribution from Bear Stearns.
  • In re Calpine Corp. Securities Litigation - Represented the Chief Executive Officer, the Executive Vice President, and the Chief Accounting Officer of Calpine Corporation in a putative securities fraud class action alleging that Calpine sold $200 million worth of bonds through registration statements containing material misrepresentations and omissions regarding the causes of the 2000-2001 California energy crisis. The United States District Court for the Northern District of California denied class certification, after which the case settled on an individual basis. 
  • In re Hanger Orthopedic Group, Inc. Securities Litigation - Represented Hanger Orthopedic Group, Inc. and several of its officers and directors in consolidated securities class actions and related derivative litigation alleging that the Company artificially inflated earnings by over-billing Medicare, Medicaid and other third party payors. Successfully moved to transfer cases from E.D.N.Y. to D.Md., after which plaintiffs' complaint was dismissed with prejudice.

Professional Recognition

Mr. Gibbs has been recognized as a leading securities litigation attorney by the Legal 500 (2009 and 2010 and by Law & Politics Magazine (2006 through 2010). 

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