Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 80 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
According to some reports, there are over 200 Chinese companies currently listed on U.S. securities exchanges, and the number will continue to grow. At the same time, the number of securities class action lawsuits filed against Chinese issuers listed in the United States has also increased. While this increase is hardly surprising, a closer look at the trends affecting Chinese issuers reveals some unique factors that are fueling complaints against Chinese issuers.
According to a report by Cornerstone Research in January 2011 (PDF), 12 securities class action complaints were instituted in 2010 against Chinese companies listed on U.S. stock exchanges. This represents a whopping 42.9% of all class action filings against foreign issuers listed in the United States.
The disproportionately high number of class action complaints against Chinese issuers appears to be prompted by two factors. First, Chinese companies listed both in the United States and China are subject to financial reporting requirements that vary significantly. These differences often result in the same company reporting different earnings in China versus the United States and, in some cases, higher earnings in the United States than in China. While these differences could more clearly be explained through appropriate footnote disclosure in their public filings, many Chinese issuers appear to be reticent to provide the additional disclosure. While these differences are in most cases the result of differing reporting standards, they provide a natural attraction to plaintiffs’ attorneys. The other factor that may explain this trend is the fact that many Chinese issuers are coming to market not through the traditional IPO, but rather through reverse mergers with already listed U.S. shell companies. While this provides a significantly quicker and less expensive way to list in the United States, the lack of disclosure associated with this process in some cases leads to regulatory investigations and allegations from shareholders that material information was withheld prior to listing.
OUR TAKE: Securities litigation against Chinese issuers is a natural byproduct of increasing numbers of Chinese companies choosing to list in the United States As a result, Chinese issuers and their advisors must be cognizant of the important differences in disclosure regimes in the United States and China and fashion their public disclosure accordingly.
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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