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Douglas P. Baumstein

Member / Co-chair, Securities Litigation Practice

[email protected]

+1.212.692.6734

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Doug is a first-chair litigator with significant experience representing clients in securities litigation, complex commercial litigation, and bankruptcy-related litigation. He has a strong track record of achieving favorable outcomes for clients before federal and state courts across the United States, including New York, Maryland, Nevada, Texas, New Jersey, and Massachusetts. 

Doug has successfully represented numerous high-profile clients in securities law cases. Recently he obtained dismissal in full of securities law claims against ReWalk Robotics, a medical device company, and Aixtron SE, the German technology company. He also argued successfully in the Southern District of New York, and on appeal before the Second Circuit Court of Appeals, for a dismissal of all securities law claims against Dynegy officers and directors arising out of actions they took to restructure that energy company. Doug also led the representation of Aracruz (now Fibria Celulose) in its successful resolution of claims arising out of losses it suffered in connection with its purchases of foreign exchange derivatives. Continuing his work in the life sciences industry, Doug has considerable experience representing clients in both the branded and non-branded space. 

He has represented such companies as DBV Technologies, Advance Auto Parts, Teligent, Royal Ahold, Presstek, Pitney Bowes, Talbots, Ormat Technologies and Cnova in securities class actions, in addition to defending clients in ERISA class-actions and class actions alleging breach of contract and RICO violations. The Legal 500 describes Doug as a “top-notch partner” and notes that he has extensive trial experience before US federal and state courts. He is also recognized as a “Future Star” by Benchmark Litigation.

Doug’s practice also focuses on complex commercial disputes and fiduciary litigation. Both US-based and international clients benefit from his deep US litigation experience. In a recent engagement, he represented US Foods in a long-running class action challenging pricing practices within the foodservice industry.

He has litigated bankruptcy-related cases on behalf of creditors, debtors and equity holders, including with respect to the restructuring of the following companies: Delphi, Delta, Adelphia, Lehman Brothers, General Maritime, Primorsk International Shipping, SunEdison, Pacific Drilling, Houston Regional Sports Network, and M&G Chemicals.

Prior to joining Mintz, Doug was a partner at a New York–based international law firm.

Experience

Representative Securities Litigation Matters 

  • One of the lead attorneys for Royal Ahold and certain affiliates in Royal Ahold Securities and ERISA litigations in one of the largest multidistrict litigation class action securities fraud/ERISA cases ever filed in the state of Maryland, involving billions of dollars.
  • Represented medical device company, ReWalk Robotics in parallel putative class actions in state and federal court in Massachusetts asserting violations of the federal securities laws. Doug obtained dismissal of all claims in both courts and successfully argued for affirmance of the federal court dismissal before the First Circuit Court of Appeals. 
  • Secured a motion to dismiss with prejudice on behalf of DBV Technologies in a securities class action filed in the US District court for New Jersey, alleging the company made false or misleading statements and failed to disclose sufficient manufacturing data on their key therapeutic treatment.
  • Represented Ormat Technologies, a leading geothermal company in a securities class action and associated derivative actions in the District of Nevada. The case was settled favorably for the client. 
  • Represented Advance Auto Parts in a securities class action in the District of Delaware and successfully obtained dismissal of a related derivative action against its board of directors and certain senior executives.
  • Represented Teligent Inc. in a securities class action in the Southern District of New York and related stockholder derivative litigation in multiple courts.
  • Represented Aixtron SE, a German-based technology company, in a putative securities class action filed in the US District Court for the Southern District of New York. The complaint alleged that the company made misrepresentations and material omissions in press releases and SEC filings regarding the status of a large order of one of its products by a large Chinese customer that was eventually reduced substantially, resulting in a decline in the company's stock price. Doug obtained a dismissal of all claims against Aixtron.
  • Represented certain Dynegy officers and directors in a securities litigation concerning statements made in connection with Dynegy’s restructuring efforts. Obtained a complete dismissal of all claims.
  • Represented Talbots and certain of its officers and directors in obtaining a complete dismissal of all claims alleged in a putative class action securities litigation.
  • Worked with US Foods in In re USF Pricing Litigation, a multidistrict litigation class action pending in federal court in Connecticut, challenging industry-wide putative pricing practices.
  • Represented Fibria Celulose in a putative class action litigation alleging securities violations arising out of losses Fibria incurred with respect to its foreign exchange derivative portfolio.

Representative Complex Commercial Litigation Matters

  • Advised Stop & Shop Supermarket Company in a long-running dispute with Vornado Realty Trust that involved multiple hearings and a two-week bench trial.

Representative Bankruptcy & Restructuring Matters

  • After a multiday trial, successfully obtained an order of foreclosure on behalf of senior secured lenders with respect to oil tankers in the Winland Ocean Shipping bankruptcy. 
  • Represented a former Lehman Brothers, Inc., employee in a multiday trial and on appeal in connection with a dispute as to unpaid bonus payment.  
  • Successfully represented Dynegy Holdings in Delaware Chancery Court concerning a challenged corporate reorganization.
  • Advised JPMorgan Chase in a litigation concerning the allocation of tax benefits resulting from the plan of reorganization of an insolvent California insurer
  • Conducted a two-week trial on behalf of the junior secured noteholders of Residential Capital concerning issues as to the value of the noteholders’ security interests.
  • Represented major shareholders in Delphi’s bankruptcy and was successful in obtaining an order for the formation of an equity committee over the objections of the debtors, the creditors committee, the lenders and the US Trustee. Also represented the defendants in a highly publicized, cutting-edge action seeking to compel specific performance of a $2.5 billion equity investment in Delphi and asserting numerous other tort, contract, and statutory claims.
  • Prevailed at trial in imposing an involuntary bankruptcy on a major real estate developer to sell the Flatotel in New York City, resulting in a leading published decision.
  • Conducted a week-long trial in connection with the motion of the senior secured lenders of an international shipping company to convert a Chapter 11 case to Chapter 7.
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viewpoints

Read about the SEC’s long-awaited final rule concerning climate disclosures, entitled “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” which mandates disclosures of climate-related information by US capital markets participants.

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Plaintiffs’ attorneys are increasingly bringing false advertising class action lawsuits that target companies’ inflated claims about the sustainability of their products — or “greenwashing.” Mintz litigators and energy attorneys discuss how regulators are focusing on these issues and provide an in-depth analysis of private litigation in this area.

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Last week, the U.S. Supreme Court solidified the “tracing” requirement for private plaintiffs to be able to assert Section 11 claims pursuant to the Securities Act of 1933, holding that plaintiffs asserting such securities fraud claims must show that they own stock that was issued pursuant to an allegedly misleading registration statement—even though such tracing may be impossible in the context of a direct listing.  In effect, the decision likely protects future direct listings from Section 11 liability so long as the direct listing does not involve a “lock-up period” pursuant to which unregistered and registered shares enter the market at different times.

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From July 2021 through March 2023, the SEC sent reporting entities more than 100 letters seeking information on climate change topics and nearly 170 letters concerning greenwashing. In an in-depth analysis, Mintz attorneys identify and analyze the frequency of various categories of questions as well as the industries and characteristics of the businesses targeted.

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In recent years, companies and investment managers have increasingly considered environmental, social, and governance (“ESG”) issues in corporate strategy and decision-making, whether in response to investor pressure or due to self-imposed changes via internal processes.  Indeed, a market has developed for ESG-compliant investments over the past few years.  And while ESG-focused investing is more popular than ever, the topic has become increasingly politically fraught.

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This article provides a brief summary of the public comments submitted to the SEC regarding the Commission's proposed climate-related rules, and analyzes and summaries the key points the comments conveyed.

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In this article, Mintz attorneys explore the SEC's recently issued proposed regulations on "greenwashing" and how the rules would effect investment advisers and investment companies if implemented.
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This alert outlines key aspects of the SEC’s new proposed rules on climate disclosures, entitled “The Enhancement and Standardization of Climate-Related Disclosures for Investors.”

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News & Press

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NEW YORK – Mintz has appointed Douglas Baumstein as Co-chair of the firm’s Securities Litigation practice with immediate effect. He joins existing Co-chair, John Sylvia.

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Benchmark Litigation has recognized 14 Mintz Members in its newly released 2024 guide to the leading litigation firms and lawyers in the US. The firm was also acknowledged for its work in Massachusetts and received high rankings across three practice areas, including General Commercial, Insurance, and White Collar.

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BOSTON – Mintz has earned top rankings in the 2023 edition of Legal 500 United States guide. The firm is recognized in 14 practice categories, and 59 individual attorneys are also recognized in the guide, some in more than one category.

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Members Douglas P. Baumstein and John Condon, and Associates Patrick McDonough and Aaron Megar co-authored an article published in the May 2023 Issue of The Banking Law Journal. The article provides an in depth review of the case Slack Technologies, LLC v. Pirani.

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Members Douglas P. BaumsteinJacob H. Hupart and Associates Will G. McKitterick and Ellen Shapiro authored an article for The Deal discussing divides amongst state legislations regarding the implementation of ESG factors in investment decisions.

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Member Douglas P. Baumstein spoke to Law360 about the Supreme Court's agreement to hear messaging company, Slack's appeal of an investor suit.

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Members Douglas P. BaumsteinJacob H. Hupart, and Securities & Capital Markets Chair and Life Sciences Co-Chair Jonathan L. Kravetz, and Associates Will G. McKitterick and Ellen Shapiro authored an article for the New York Law Journal analyzing the role corporate boards play in monitoring and overseeing a company's operations, particularly in light of the SEC's imminent ESG disclosure rules.

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Benchmark Litigation has recognized 13 Mintz Members as “Litigation Stars” in its newly released 2023 guide to the leading litigation firms and lawyers in the U.S.

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The New York Law Journal highlighted the arrival of Jason Vigna as a Member in Mintz’s Securities Litigation Practice in New York. The article also included commentary from Managing Member Bob Bodian on the firm’s sixth consecutive year of revenue gains and the additions of four litigators in the firm’s New York office over the last year, including Members Courtney Rockett, Jeremy Vest, Suman Chakraborty, and Douglas Baumstein.
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Events & Speaking

Speaker
Apr
4
2023

Key Takeaways about Take-Private Transactions

Boston Private Equity Network

UMass Club

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Speaker
Mar
27
2023

Navigating Fiduciary Duties amidst the Rise of Anti-ESG Rulemaking

Navigating Fiduciary Duties amidst the Rise of Anti-ESG Rulemaking

Webinar

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Speaker
Mar
1
2023

Growth Through M&A: The New Rules of Engagement for the Board

ACCD Directors Forum 2023

Ponte Vedra Inn & Club, FL

Panelist
Jun
7
2022

ACCD Directors Forum

Revere Hotel Boston Common

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Recognition & Awards

  • "Top-Notch Partner" Legal 500 US (2018)

  • Recommended for Securities Litigation, Legal 500 (2017)

  • "Future Star," Benchmark Litigation (2017 – 2020, 2023-2024)

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Involvement

  • Committee Member, New York City Bar Association's Bankruptcy and Corporate Reorganization Committee
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Douglas P. Baumstein

Member / Co-chair, Securities Litigation Practice

New York