During a more than 30-year career, Marc has recovered over $1 billion for investors, focusing on value-generating litigation including class action opt-out/direct actions, bondholders' rights, and investor appraisal rights. Representative clients include: Appaloosa Management, Franklin Templeton Investments, SunAmerica Asset Management, Balyasny Asset Management, Highfields Capital Management, Pennant Capital Management, Nokota Capital Management, Chatham Asset Management, Discovery Capital Management, Owl Creek Asset Management, Fred Alger & Co., Inc., Jet Capital Management and Special Situations Funds, among many others.
Marc founded Rolnick Kramer Sadighi LLP with his partners because his view was that a traditional hourly billable model did not properly align value-creating lawyers and their clients. By pursuing a model focused on results, rather than on hours, Marc works within a structure where compensation is based solely upon value-creation. Accordingly, Marc typically represents investors on a contingent basis, sharing the risk with his clients and matching incentives to results.
Representative Opt-Out Matters
- Representing multiple investors, including Janus Capital Group, SunAmerica Asset Management, Brahman Capital, MSD Partners, Grantham, Mayo, Van Otterloo & Co., Discovery Capital Management, and Incline Global Management, in the United States District Court for the District of New Jersey against Valeant Pharmaceuticals and several of its former executives in connection with the Company’s undisclosed relationship with a related entity and artificially inflated financials.
- Representing a major investor in a securities fraud action against a major generic pharmaceuticals’ manufacturer, Mylan N.V.. The investor’s claims were upheld on a motion to dismiss, including claims under Section 18 of the Exchange Act – claims only available to investors who take direct action.
- Representing Highfields Capital Management in a securities fraud action in the District of Connecticut against Teva Pharmaceutical Industries related to allegations of generic drug price fixing. Case includes claims involving losses sustained on swap contracts – claims that are almost never covered by Class actions and thus can only generally be recovered via direct action.
- Represented Pennant Capital Management in a securities fraud action against Ocwen Financial Corp., a major mortgage servicer. Pennant’s claims were sustained at both the motion to dismiss and summary judgment stages. The matter was favorably settled immediately prior to trial for a cash amount nearly equal to the entirety of the cash portion of the total class action settlement.
- Represented group of investment funds including Fred Alger Management, Marcato Capital Management, and Scopia Capital Management in securities fraud action against Signet Jewelers. The matter was confidentially resolved.
- Represented several investor groups, including Cohen & Steers, Balyasny Asset Management, Jet Capital Management and Archer Capital Management, in the U.S. District Court for the Southern District of New York against VEREIT, Inc. (f/k/a American Realty Capital Properties Inc.), and several of its former senior executives in connection with accounting fraud. Claims included losses suffered on swap contracts not covered by the Class. The matter was confidentially resolved.
- Represented Cohen & Steers in the Supreme Court of the State of New York against Brixmor Property Group and others arising out of alleged accounting fraud. The matter was confidentially resolved.
- Represented Discovery Capital Management in a direct securities fraud action against Petrobras and others related to its alleged bid-rigging and kickback scheme. Discovery’s claims were sustained after a motion to dismiss. The matter was confidentially settled before trial.
- Represented Highfields Capital Management and another investor in direct actions against Barrick Gold Corporation related to fraud allegations involving its major South American mining project, Pascua Lama. Highfields’ claims and the other investors’ claims were sustained on a motion to dismiss, and the matter was confidentially settled.
- Represented entities related to Fred Alger Management and Valinor Capital Management in direct actions against LendingClub Corporation related to allegations regarding fraud by its former CEO and other executives. The matter was confidentially settled.
- Represented Appaloosa Management, Franklin Mutual Advisers, and W.R. Huff Asset Management Co. in prosecuting hundreds of millions of dollars of claims arising out of the Adelphia securities scandal.
- Represented Franklin Mutual Advisors in direct claims for securities fraud against Tyco International and certain of its former officers.
- Represented Cadian Capital in direct claims for alleged securities fraud against MF Global and former New Jersey governor Jon Corzine.
- Represented Special Situations Funds in a separately filed companion case to the Suprema class action for damages for securities purchased by SSF in Suprema Specialties.
Representative Appraisal Rights Matters
- Represented Special Situations Funds in a Delaware appraisal action involving Leucadia's acquisition of MK Resources.
- Represented Nokota Capital Management in Digital River Inc., in pursuing statutory appraisal rights in Delaware arising out of Digital River's merger acquisition by an investor group led by Siris Capital Group LLC.
- Represented the largest outside investor group in CKx Inc. (n/k/a CORE Media Group); the group pursued their statutory right to appraisal of their $50+ million stake in the company following the acquisition of CKx by an affiliate of Apollo Global Management in 2011. CKx was the owner and manager of such iconic brands as American Idol, Elvis Presley Enterprises, and Muhammad Ali.
- Represented a hedge fund investor in Aeroflex Holding Corp., which pursued their statutory right to appraisal in Delaware following the company's acquisition by British defense contractor Cobham plc for $1.5 billion. The case was favorably resolved by a confidential settlement prior to trial.
Marc is a contributor to the RKS Valuation Litigation and Shareholder Rights (VLSR) blog, a clearinghouse for news and analysis involving global issues of shareholder and investor rights, including investors’ ability to use valuation litigation to enhance returns.
Numerous media organizations have covered the formation of Rolnick Kramer Sadighi LLP, a “premier securities litigation boutique dedicated to serving the investment management industry, including hedge funds, mutual funds, private equity, credit, real estate and structured finance firms.” Other outlets covering the formation include: Law.com; NJBiz; Bloomberg.com; and AlternativesWatch.com.