Securities Litigation and Enforcement

Section 1, Fall 21

Schedule Information

Enrollment: 11/22
Credits: 3
Day Time Room Start Date End Date
  • R
  • 1540-1740
  • WB104
08/26/2021 11/18/2021

Course Description

At the outset of this course, the course will travel from 1933 to 2020 in terms of the development of the federal securities laws as relevant to private securities litigation and SEC enforcement. It is the professor's intention to provide students with a good understanding of the evolution of private securities litigation, and the current rules of the road. By appreciating how things got the way they are, students may be better equipped to address further developments. Thereafter, the course will address private litigation, principally federal securities class actions under Sections 11 and 12 of Securities Act of 1933 and under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder. The course will address pleading and proof, stays of discovery and motions to dismiss, class action discovery and class action certification, merits discovery, summary judgment and trial. The professor will provide students with actual class action complaints alleging securities law violations, and the instructor will ask students to outline thoughts as to research projects to undertake and as to an appropriate response which will also be discussed in class. In the later weeks, the course will address SEC enforcement – ranging from informal inquiries, to formal investigations, and from administrative proceedings to litigation in federal court. The course will focus on issues of cooperation and privilege, key settlement terms, and the distinct difference between resolution by way of administrative cease and desist and resolution by way of federal injunction. The course will also touch on the collateral consequences of certain types of SEC settlements in terms of suspensions and industry bar orders, and preclusion from association with or service on the boards of a public registrant.

Course Requirements

Exam Info:
Midterm Type (if any): None
Description: None

Final Type (if any): None
Description: None

Written Work Product
Written Work Product: Two short papers (<10 pages) in weeks 4 and 8, analyzing federal securities class action complaints. One final paper constituting a fully-prepared motion to dismiss a complaint alleging federal securities violations (<25 pages, but brevity is the soul of wit). No final exam. The final paper will be due via EXPO no later than noon two weeks after the last class session. In accordance with Academic Policy I.M, the final paper in this course cannot be used to satisfy the Upper-Level Writing Requirement.

Other Work
Class attendance and participation in analytical group discussions will be taken into consideration in assessing student performance and final grading.

Other Course Details
Prerequisites: Civil Procedure; Corporations; Securities Regulation; and Federal Courts are all helpful, but none are required. Because the credits in this course count toward the JD Program Professional Skills requirement, JD candidates will be given enrollment priority for this class. Concurrencies: Civil Procedure; Corporations; Securities Regulation; and Federal Courts are all helpful and may be taken concurrently with this course, but none are required. Because the credits in this course count toward the JD Program Professional Skills requirement, JD candidates will be given enrollment priority for this class.
Mutually Exclusive With: Advanced Topics in Securities Regulation (7138), SEC and Class Action Securities Enforcement (9181)
Laptops Allowed: Yes
First Day Attendance Required: No
Course Resources: To be announced.
Course Notes:

Graduation Requirements

*Satisfies Writing Requirement: No
**Credits For Prof. Skills Requirement: Yes
Satisfies Professional Ethics: No

*If “Yes,” then students are required to submit a substantial research paper in this course, which means students do not need to submit any form to SRO for this paper to meet their upper-level writing requirement. If “No,” then students must submit a “special request” e-form to SRO (available via LawWeb) no later than five weeks after the start of the term for a paper in this class to be counted toward the upper-level writing requirement.

**Yes indicates course credits count towards UVA Law’s Prof. Skills graduation requirement, not necessarily a skills requirements for any particular state bar.

Schedule No.
121819241
Law No.
LAW9306
Modified Type
Seminar
Cross Listed: No
Cross-Listed Course Mnemonic:
Public Syllabus Link: None
Evaluation Portal Via LawWeb Opens: Wednesday, November 17, 12:01 AM
Evaluation Portal Via LawWeb Closes: Friday, December 03, 11:59 PM
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