Jack is Co-chair of the Securities Litigation Practice and 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 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. His clients range from Fortune 500 companies to start-ups in the life sciences, retail & consumer goods and technology space. Jack also leverages his extensive background in securities litigation and M&A litigation to counsel companies on risks related to SPAC transactions and litigation avoidance.
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.
Experience
- Jury acquittal for a CEO client charged with criminal tax evasion arising from an options backdating investigation.
- Represented Vertex Pharmaceuticals, Inc. in a decision crystalizing the standard required to plead scienter in securities fraud cases 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. 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, defeating plaintiffs’ attempt to enjoin the transaction, resulting in the merger closing on schedule.
- Represented 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, securing a dismissal in the trail court and an affirmance in the Ninth Circuit.
- Defended a public pharmaceutical company and its officers against Section 10(b) and Section 11 claims arising out of a secondary public offering, successfully obtaining a dismissal of all counts.
- Successfully represented a technology company and the company’s officers and directors against allegations of securities fraud.
- 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, prevailing on a motion to dismiss.
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.
viewpoints
Minimizing Stockholder Litigation Risks
February 18, 2022 | Blog
In 2021, approximately on quarter of all federal securities fraud class action lawsuits filed nationwide were against life sciences companies and their officers and directors. These considerations are for directors and officers of life sciences companies looking to manage disclosures and mitigate risk before a suit ever gets filed.
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Court Issues Highly Anticipated Decision Regarding the Treatment of SPAC Sponsors and Directors
January 10, 2022 | Blog | By John Sylvia, Patrick E. McDonough
Webinar Recording: When the Dust Settles: A Closer Look at the SPAC Boom and Potential Litigation to Follow
June 7, 2021 | Webinar | By Adam Sisitsky, Nancy Adams, John Sylvia
Mintz Members Adam Sisitsky, Nancy Adams, Jack Sylvia and Of Counsel, Kristen White discuss the rising risk of litigation and regulatory enforcement facing SPACs and the individuals that lead them. Topics will included the current SPAC litigation landscape, SPAC M&A–related litigation, including disclosure issues and breach of fiduciary duty in the de-SPAC process, D&O coverage challenges and risk mitigation and heightened SEC scrutiny.
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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
Twenty-Five Mintz Attorneys Named To Boston Magazine’s Top Lawyers List
November 21, 2023
BOSTON – Twenty-five Mintz attorneys have been named to Boston Magazine’s Top Lawyers list.
Mintz Appoints Doug Baumstein as Securities Litigation Co-chair
November 14, 2023
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.
Fifty-Nine Attorneys Recognized as 2023 Massachusetts Super Lawyers and Rising Stars
October 12, 2023
Mintz is pleased to announce that 32 attorneys have been named Massachusetts Super Lawyers and 27 attorneys have been named Massachusetts Rising Stars for 2023.
Thirteen Mintz Members Named To Lawdragon 500 Leading Litigators List
September 11, 2023
Mintz is pleased to announce that thirtneen Members have been named to Lawdragon's 500 Leading Litigators in America list, which honors the nation’s most elite courtroom advocates.
Mintz is pleased to announce that 120 firm attorneys have been recognized as leaders by Best Lawyers® in the 2024 edition of The Best Lawyers in America©.
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.
BOSTON –Mintz announced today that 39 of its practices and 81 of its attorneys earned recognition in the 2023 edition of Chambers USA, a guide to the country’s leading law firms.
Twenty-Eight Mintz Attorneys Named To Boston Magazine’s Top Lawyers List
November 22, 2022
In its second annual edition, 28 Mintz attorneys were named to Boston Magazine’s Top Lawyers list.
35 Mintz attorneys have been named Massachusetts Super Lawyers and 25 Mintz attorneys have been named Massachusetts Rising Stars for 2022.
Twelve Mintz Members have been named to the inaugural Lawdragon 500 Leading Litigators in America list, which honors the nation’s most elite courtroom advocates.
Roundtable: Shareholder Disputes
June 16, 2021
Mintz Member and Co-chair of the firm’s Securities Litigation Practice Jack Sylvia participated in a roundtable discussion published in the July 2021 issue of Financier Worldwide Magazine exploring trends in shareholder disputes over the past 12-18 months and looking ahead at issues and challenges to come as parties adjust to the post-COVID-19 landscape.
SPAC Lawsuits Surge Over Disclosure Claims
June 10, 2021
An article published by CFO Dive featured quotes from Mintz Member and Co-chair of the firm’s Securities Litigation Practice Jack Sylvia, Member and Co-chair of the firm’s Insurance Practice Nancy Adams and Of Counsel, Kristen White exploring the rising risk of litigation and regulatory enforcement facing special purpose acquisition company (SPAC)s and the individuals that lead them.
In an article published by Law360, Mintz Member and Co-chair of the firm’s Securities Litigation Practice Jack Sylvia was quoted on the contentious legal battle between Massachusetts Secretary of the Commonwealth William Galvin and stock trading and investing app Robinhood, which is poised to test the state’s new fiduciary rule, and, by extension, the authority of one of the most aggressive securities regulators in the country.
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 & Speaking
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Mar
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2022
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3
2021
When the Dust Settles: A Closer Look at The SPAC Boom and Potential Litigation to Follow
Mintz
Webinar
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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
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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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Recognition & Awards
- Massachusetts Super Lawyers: Securities Litigation (2006, 2010 – 2023)
- Best Lawyers in America: Litigation - Securities (2018 – 2024)
- Chambers USA: Massachusetts - Litigation: Securities (2011 – 2023)
- Lawdragon: "500 Leading Litigators in America" (2022-2023)
- Boston Magazine Top Lawyers – Securities Law (2022-2023)
- Fellow, Litigation Counsel of America
- Business Today News: Top 10 Prominent Securities Litigation Lawyers Shaping Massachusetts in 2023
Recent Insights
BOSTON – Twenty-five Mintz attorneys have been named to Boston Magazine’s Top Lawyers list.
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.
Mintz is pleased to announce that 32 attorneys have been named Massachusetts Super Lawyers and 27 attorneys have been named Massachusetts Rising Stars for 2023.
