Biography

One of the leaders of BLB&G’s esteemed Corporate Governance litigation practice, Mr. Wales prosecutes a variety of derivative, class, and private litigation arising from breaches of fiduciary duty and other misconduct by boards of directors and senior executives at public companies.

An experienced trial attorney who has recovered billions of dollars on behalf of his institutional investor clients, Mr. Wales has litigated both cutting-edge governance issues impacting shareholders as well as major securities fraud class actions. 

Some of his recent prosecutions include the In re 21st Century Fox Derivative Action, an unprecedented shareholder derivative litigation against Fox News parent 21st Century Fox, Inc. arising from the systemic sexual and workplace harassment at the embattled network, which resulted in a $90 million recovery and the creation of the first-ever board-level watchdog council of experts expected to serve as a model for public companies in all industries; as well as In re Sorrento Therapeutics, Inc. Derivative Litigation, in which his team challenged an alleged scheme to grant large amounts of options and warrants in subsidiaries of the Company to the Board of Directors and executives of the Company, without shareholder approval. The Sorrento litigation resulted in the cancellation of all options and warrants in the subsidiaries issued to the Defendants, with all stock from the exercise of the options and warrants being returned to Sorrento, and the new governance procedures being established to prevent future such self-dealing.

Examples of Mr. Wales’ major securities litigation recoveries include a recovery of $1.06 billion in In re Merck & Co., Inc. Securities Litigation, and a $730 million recovery in In re Citigroup Inc. Bond Litigation.

Mr. Wales is rated AV, the highest rating possible from Martindale-Hubbell, and has been regularly recognized by Legal 500 as a top practitioner, and by Thomson Reuters as a New York Super Lawyer for his work in securities litigation. A former Assistant United States Attorney for the Southern District of New York, Mr. Wales has tried numerous cases both as a prosecutor and in private practice, and is a frequent speaker on corporate governance and securities fraud matters. 

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