Jack is Co-chair of the Securities Litigation Practice. He is a seasoned trial lawyer whose clients include public and private corporations, officers, directors, special committees, accountants, mutual funds, portfolio managers, and investment advisors. His practice encompasses all facets of securities and financial fraud litigation, and he has handled complex civil and criminal matters involving insider trading, revenue recognition, high-yield investment schemes, market timing, late trading, options backdating, and auction rate securities. In addition, he frequently represents clients in connection with internal investigations and investigative and enforcement proceedings conducted by the SEC, FINRA, and state regulatory agencies.
In addition to his trial experience, Jack also has represented clients in arbitration and alternative dispute resolution, including proceedings before the American Arbitration Association and FINRA. He is frequently asked to provide expert commentary on high-profile civil and criminal cases, having appeared on CNBC, FOX News, the BBC, and WHDH and been quoted in the Wall Street Journal, the New York Times, the Financial Times, and Businessweek.
Education
- Boston College (JD)
- Dartmouth College (BA)
Experience
- Represented Vertex Pharmaceuticals, Inc. in a decision crystalizing the standard required to plead scienter in securities fraud cases, the First Circuit affirmed the dismissal of a securities class action complaint filed against Vertex and the company’s senior executives by Local No. 8 IBEW Retirement Plan and Trust. This decision ends four years of litigation defending against plaintiff’s false and unfounded allegations that Vertex’s disclosures regarding the results of clinical trials assessing the safety and efficacy of the company’s combination drug therapy for the treatment of patients with cystic fibrosis violated the federal securities laws. We successfully rebuffed plaintiffs twice in the District Court, ultimately securing victory in the First Circuit.
- Retained as trial counsel to defend former CFO of a two-and-a-half billion-dollar NYSE-listed company based in China, in a securities class action trial relating to the company's 2011 financial collapse. Having obtained an $880 million default judgment against China-based corporate defendants, Plaintiffs alleged that the CFO had acted recklessly and made misstatements about the company's financial health. Secured a favorable trial verdict and resulting settlement that required no monetary payment from the CFO.
- Represented the Orchid Cellmark board in connection with shareholder derivative litigation alleging breach of fiduciary duty in connection with a merger transaction. Plaintiffs moved to enjoin the merger. Rather than settle the matter (the typical resolution of these cases), the clients elected to litigate. After expedited discovery and motion practice, we defeated plaintiffs’ attempt to enjoin the transaction and the merger closed on schedule.
- Represented the former officers and directors of The Learning Co. (TLC) in a shareholder class action alleging violation of Section 11 of the '33 Act brought by former shareholders of Broderbund, Inc., a company previously acquired by TLC. We prevailed at the motion to dismiss stage, advancing a novel legal argument demonstrating the lack of legally cognizable damages. We secured an affirmance of the dismissal on appeal.
- Successfully represented a former employee of a pre-eminent financial services industry firm charged with violations of the securities laws in connection with the firm's sale of funds invested in subprime securities. Prevailed in a three week trial before the SEC’s Chief Administrative Law Judge, and again before the First Circuit Court of Appeals.
- Defended a public pharmaceutical company and its officers against 10b claims and Section 11 claims arising out of a secondary public offering and successfully obtained a motion to dismiss these claims on behalf of our client.
- Represented a technology company and its officers and the inside directors in a case where the plaintiff class alleged a variety of securities violations. Plaintiffs claimed that the company misrepresented its financial condition by failing to take a reserve for obsolescent inventory. After successfully obtaining dismissal of certain claims, we negotiated a favorable settlement.
- Defense jury verdict in class action litigation for a prominent biotech corporation and a CEO charged with violation of Section 10(b) of the Securities Exchange Act of 1934.
- Favorable post-trial decision in Delaware Court of Chancery for corporate and individual clients charged with breaches of fiduciary duties.
- Defense jury verdict for corporate officers charged with violation of Section 10(b) in connection with the purchase of convertible-preferred securities.
- Represented iBasis, Inc. and its officers and directors in a shareholder derivative action alleging breach of fiduciary duty and violations of Section 14(a) of the Securities Exchange Act of 1934, arising out of alleged stock options “backdating” and improper accounting attendant thereto. We won the case on a motion to dismiss.
- Represented a multinational professional services firm in a month-long jury trial in which our client admitted employee breach but denied claims of supervisory liability. The jury found no supervisory liability, and rejected claims for punitive damages and attorneys’ fees.
- Jury acquittal for a CEO client charged with criminal tax evasion arising from an options backdating investigation.
Recognition & Awards
- Massachusetts Super Lawyers: Securities Litigation (2006, 2010 – 2020)
- Best Lawyers in America: Litigation - Securities (2018 – 2021)
- Chambers USA: Massachusetts - Litigation: Securities (2011 – 2020)
- Fellow, Litigation Counsel of America
Case Studies
Case Study
Mintz analyzed PitchBook data to produce an in-depth report on the record rise in special purpose acquisition company (SPAC) fundraising in the US since 2020 and the recent increase in SPAC merger activity. We also explore how SPACs could evolve and litigation challenges to SPAC IPOs and transactions.
Recent Insights
Viewpoints
2021’s Continued SPAC Boom Invites Heightened SEC Scrutiny of SPAC Transactions
March 26, 2021 |Blog
News & Press
Events
A panel of Mintz attorneys discuss practical considerations and best practices for companies navigating internal whistleblower complaints, policy implementation considerations, and how to respond to and manage investigations initiated by regulators.
Viewpoints
SEC Discloses Its Recommendations on Key Issues for Private Companies Weighing SPAC Transactions
April 2, 2021 | Blog | By Thomas R. Burton, III, John Sylvia, Sahir Surmeli, Patrick E. McDonough
2021’s Continued SPAC Boom Invites Heightened SEC Scrutiny of SPAC Transactions
March 26, 2021 | Blog | By Thomas Burton, John Sylvia, Sahir Surmeli, Patrick E. McDonough
Supreme Court of Delaware Overturns Court of Chancery, Allowing Corporations To Enact Federal Forum Provisions to Keep Securities Act Claims In Federal Court
March 20, 2020 | Blog | By John Sylvia, Patrick E. McDonough, Ellen Shapiro
On March 18, 2020, the Delaware Supreme Court (the “Court”) issued a groundbreaking decision reversing the Delaware Court of Chancery’s December 2019 ruling in Sciabacucchi v. Salzberg, 2018 Del. Ch. LEXIS 578 (Del. Ch. Dec. 19, 2018), and holding that charter provisions adopted by public companies that designate a federal forum for securities claims brought pursuant to the Securities Act of 1933 (“Federal Forum Provisions”) are valid and enforceable.
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Issuers Face Changing Litigation Landscape, Challenges Due to Supreme Court Ruling
March 22, 2018 | Alert | By Adam Sisitsky, John Sylvia
In a boon for public company shareholder plaintiffs this week, the U.S. Supreme Court upheld state courts’ concurrent jurisdiction over securities class actions alleging violations of certain federal securities laws.
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Insider Trading: Lessons from the Mark Cuban Jury Verdict
October 18, 2013 | Blog | By John Sylvia, Chip Phinney
The SEC’s closely watched insider trading suit against entrepreneur and investor Mark Cuban, the outspoken owner of the Dallas Mavericks basketball team, ended on October 16th when a Dallas jury cleared Cuban of any wrongdoing.
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Chancellor Strine Issues Important Decision Validating Board Adoption of Forum Selection Clause in Bylaws
July 3, 2013 | Alert | By John Sylvia
On June 25, 2013, Delaware Chancellor Strine issued a fulsome opinion upholding the power of Delaware boards to amend corporate bylaws to include binding forum selection provisions.
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News & Press
Mintz Publishes In-Depth Report Breaking Down the SPAC Surge
March 19, 2021
How A PR Error Might Absolve Kodak Of Insider Trading Charges
August 16, 2020
Mintz Member and Co-chair of the firm’s Securities Litigation Practice Jack Sylvia was quoted in an article published by Forbes discussing the purpose of the U.S. Securities and Exchange Commission (SEC)’s Regulation Fair Disclosure (Reg FD) as it pertains to an SEC investigation into possible insider trading after shares of Kodak surged prior to an official announcement that the company would receive a loan from the Trump administration to shift its manufacturing efforts into the pharmaceutical industry, as the press release was distributed to media early and without an embargo date.
Mintz Recognized by Chambers USA 2019
April 26, 2019
INSIGHT: Climate Change Based Securities Litigation: A Reminder of Risks to Executives in PSLRA Cases
September 14, 2018
This column discusses a recent securities class action decision – the first-ever concerning climate change-related allegations. The column is authored by Members and Co-Chairs of the Securities Litigation Practice Adam Sisitsky and Jack Sylvia and Attorney Rebecca Zeidel.
F-Squared Was Wrong Test Case For SEC Disgorgement
August 28, 2018
Member and Co-chair of the Securities Litigation Practice Jack Sylvia is one of the securities industry sources quoted in this feature article discussing a recently dismissed putative class action which many believe to be the wrong test case to challenge the U.S. Securities and Exchange Commission's ability to seek disgorgement penalties.
Chambers USA 2018 Ranks Mintz Attorneys & Practices
May 03, 2018
Mintz partner and Massachusetts lawyer Julie Korostoff is one of 49 attorneys recognized as “Leaders in Their Fields” by the 2018 Chambers USA: America's Leading Lawyers for Business guide. Chambers named Korostoff a “Recognized Practitioner” in Technology.
Best Lawyers named 85 Mintz attorneys to its 2018 list of The Best Lawyers in America. In addition, Mintz attorneys Matthew J. Gardella and Samuel M. Tony Starr were named “Lawyer of the Year” in their respective practice areas.
SEC to Face More Pressure on Enforcement Forum Choices
December 1, 2016
Jack Sylvia, Co-chair of the Mintz Securities Litigation Practice, was quoted in this Bloomberg BNA Daily Report for Executives article on Republican lawmakers’ desire to curb the SEC’s authority to use in-house tribunals to bring enforcement actions.
Future is cloudy for Dodd-Frank and financial regulatory agencies under Trump presidency
November 30, 2016
Jack Sylvia, Co-chair of the Mintz Securities Litigation Practice, was quoted in this ABA Journal article discussing President-Elect Trump’s promise to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Trump’s SEC Likely To Shrink Back Where White’s Expanded
November 16, 2016
Jack Sylvia, Co-chair of the Mintz Securities Litigation Practice, was quoted in this Law360 article on the stepping down of the SEC Chair Mary Jo White. The article discusses the potential impact such a change in leadership will be in the areas of enforcement and rulemaking.
Eighty-Four Mintz Attorneys Named 2016 Massachusetts Super Lawyers and Rising Stars
October 18, 2016
Fifty-three Mintz attorneys have been named Massachusetts Super Lawyers for 2016 and thirty-one have been named Massachusetts Rising Stars. The findings will be published in the November 2016 issue of Boston Magazine and in a stand-alone magazine, New England Super Lawyers.
Clarity the Big Wish in Insider Trading Case
October 7, 2016
Jack Sylvia, Co-chair of the Mintz Securities Litigation Practice, was quoted in this Bloomberg BNA Securities Law Daily article on the U.S. Supreme Court’s upcoming decision in Salman v. United States, its first major insider trading case in nearly twenty years.
Firm’s National Healthcare Practice, NY Corporate/M&A and Litigation: General Commercial Among Newest Rankings
Mintz Prevails Over SEC in Closely-Watched First Circuit Case
December 11, 2015
The 2015 Chambers USA: America's Leading Lawyers for Business guide names 52 Mintz, Cohn, Ferris, Glovsky and Popeo, P.C. attorneys as “Leaders in Their Fields.”
Events
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Sep
22
2017
Hot Topics and Trends in D&O Coverage and Liability
PLUS
John J. Moakley Courthouse, 1 Courthouse Way, Boston, MA
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Feb
1
2017
Mintz and Grant Thornton Present a Multitopic CLE Workshop
Grant Thornton 757 3rd Avenue and 47th Street New York, NY
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