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Peter M. Saparoff

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Education

  • Harvard University (JD)
  • Harvard University (BS)

Bar Admissions

  • Massachusetts
  • New York

Peter co-chairs the firm’s Securities Litigation Practice. He is one of the nation’s leading securities litigators and he has represented clients in well over 100 cases, investigations, and proceedings throughout the country. He has successfully defended SEC investigations, class actions, derivative suits, stock exchange proceedings, and state securities investigations, and has handled numerous FINRA arbitrations, among other matters.

Peter, through the Institutional Investor Class Action Recovery Practice, also represents hundreds of institutional investors with respect to the monitoring and evaluation of securities class action settlements. Peter has recovered over $3 billion for institutional clients. He has represented various clients in opting out of or objecting to proposed class settlements and has represented institutions as plaintiffs in various actions. In this role he participates in virtually every securities action that is filed and thus has a unique perspective when representing clients in said cases.

He has succeeded in preventing the vast majority of the dozens of clients he has represented in SEC investigations from being named as defendants or respondents. In matters where the SEC has taken action, Peter has frequently negotiated bars or suspensions, which have enabled the clients to return to their businesses or professions without undue delay.

Peter has represented many clients in FINRA arbitrations and has tried FINRA cases to successful conclusions. He also serves as an FINRA arbitrator.

He is a frequent lecturer and author on securities matters, having written hundreds of articles and papers, including co-authoring the Securities Litigation chapter in the definitive Massachusetts Continuing Legal Education publication, Business Torts in Massachusetts (2003). He has been an Adjunct Professor of Securities Litigation at the Maine Law School. He speaks at many institutional investor and securities industry forums, and is frequently quoted in the press.

After law school, he served as law clerk to the Honorable A. J. Connor (D-NH) and the Honorable Frank M. Coffin, US Court of Appeals for the First Circuit.

Representative Matters

  • Representation of hundreds of defendants in securities class actions in all stages throughout the country.
  • Representation of institutional investors in monitoring and/or participating in virtually all securities class actions, regulatory settlements, and other investor settlements.
  • Representation of institutional investors as plaintiffs in numerous cases involving securities claims.
  • Representation of mutual funds, investment advisors, and disinterested directors in various suits alleging excessive management fees, breaches of fiduciary duty, and other violations of the Investment Company Act of 1940. Participation in several cases where judicial decisions have established legal precedents in the area.
  • Representation of an officer who signed Sarbanes-Oxley certifications with respect to numerous financial statements that were subsequently restated, in which the SEC was convinced not to take any action.
  • Representation of issuers, officers, directors, and employees in investigations relating to alleged financial fraud with respect to SEC filings, Sarbanes-Oxley certifications, shareholder reports, and press releases.
  • Trying various FINRA cases, including representation of a branch manager in a lengthy FINRA arbitration proceeding regarding alleged “failure to supervise” and related charges in which the panel completely exonerated the branch manager. (The result is unique in that both the respondent broker-dealer and individual broker (represented by other counsel) were held liable for substantial damages.)
  • Ongoing experience as a FINRA arbitrator.
  • Utilization of special litigation committees to have numerous derivative suits terminated at an early stage.
  • Representation of issuers, officers, and directors in investigations relating to alleged “leaks” to investors of “negative information” which was subsequently publicly disclosed.
  • Representation of institutional investors who allegedly traded on information gleaned from corporate officials or securities analysts prior to the “public dissemination.”
  • Representation of various individuals (officers, directors, venture capitalists) with respect to certain challenged trades.
  • Representation of issuers and individuals in investigations relating to trading in unregistered securities.
  • Representation of issuers in investigations relating to Regulation S.
  • Representation of issuers who have been victimized by short-sellers.
  • Representation of investment advisors with respect to issues arising in SEC inspections.
  • Representation of mutual fund account managers with respect to possible utilization of alleged investment opportunities of funds.
  • Representation of investment companies in investigations relating to valuation and pricing of portfolios.
  • Representation of transfer agents and custodians in investigations relating to various issues.
  • Representation of investment companies and advisers with respect to adequacy of compliance procedures.
  • Representation of broker-dealers and branch managers in “failure to supervise” investigations.
  • Representation of individuals with respect to alleged violations of the Investment Company Act of 1940.
  • Representation of real estate investment trusts, their officers, and trustees in investigations relating to adequacy of loan loss reserves.
  • Representation of banks with respect to adequacy of certain loan loss reserves.
  • Representation of CPAs in investigations relating to a wide variety of accounting issues.
  • Representation of individuals with respect to alleged “prime bank” schemes.

Recognitions & Awards

  • Massachusetts Super Lawyers: Securities Litigation (2004 – 2014)
  • Martindale-Hubbell AV Preeminent

Professional & Community Involvement

  • Chair, American Bar Association (ABA) Litigation Section Structured Financial Products, Hedge Fund and Mutual Fund Subcommittee
  • Frequent panelist, ALI-CLE programs
  • Adjunct  Professor, Securities Litigation, Maine Law School (2013)
  • Member, American Law Institute
  • Member, ABA Business Section
  • Member, Boston Bar Association
  • Past Chair, Annual ALI-ABA Securities Litigation Program
  • Past advisor, Harvard Law School Trial Advocacy Workshop
  • Past chair, ABA Litigation Section Securities Litigation Committee
  • Past Division Director, ABA Litigation Section Securities Litigation Committee
  • Past member, ABA Special Advisory Committee on the Federal Rules