REPRESENTATIVE EXPERIENCE
Patti’s recent representative experience for accounting firms includes:
- Ongoing representation of a Big Four accounting firm in a series of regulatory matters and professional malpractice lawsuits and arbitrations related to its audits of a failed mortgage loan originator.
- Representing a Big Four accounting firm in a series of related matters, including a $350 million accounting liability class action, a bankruptcy-related adversary proceeding, and accompanying SEC and DOJ investigations related to audit work performed on behalf of a nationwide jewelry store chain. The class action and adversary proceeding were settled on favorable terms, and no regulatory action was pursued.
- Representing a Big Four accounting firm in a securities fraud class action involving the subprime mortgage industry. The case settled favorably to the client.
- Representing a Big Four accounting firm in litigation brought by a bankruptcy trustee on behalf of ten debtor corporations (sub-prime automobile lenders) and an assignee of over 6,000 individual noteholders. The claims for fraud, professional negligence, and spoliation were settled on favorable terms.
- Representing a Big Four accounting firm in state and federal court actions as well as in an accompanying SEC proceeding related to the firm’s audits of a computer software company. The court actions resulted in a dismissal and a non-monetary settlement. The SEC decided not to proceed.
- Conducting an internal investigation, in connection with a PCAOB inquiry, of claims made by a staff auditor of a Big Four accounting firm related to audits of several public companies.
- Representing a Big Four accounting firm in a $2.4 billion securities fraud class action involving revenue recognition issues at a company that provided billing operations for medical entities. The case was settled on favorable terms.
- Representing a Big Four accounting firm in a securities fraud and seller liability case. Patti successfully briefed and argued a motion to dismiss.
- Representing a regional accounting firm in a criminal investigation resulting from its discovery of an employee defalcation at a client.
- Representing a Big Four accounting firm sued in connection with a bank’s purchase of a limited partnership interest in a mortgage company, which resulted in a multi-million-dollar loss for the bank. The case was settled on favorable terms.
Patti’s experience representing companies, officers and directors, and public bodies in other securities matters, internal and grand jury investigations, and complex litigation includes:
- Obtaining the dismissal of a securities fraud class action against an international oil rig holding company and its directors. Patti continues to represent the company and several of its officers and directors in a Section 14(a) securities fraud class action and in shareholder derivative suits.
- Obtaining the dismissal of a securities fraud class action against a public manufacturer of blood reagents and several of its officers and directors involving antitrust and FDA regulatory compliance allegations.
- Successfully conducting an internal investigation into pre-and post-acquisition financial irregularities on behalf of the audit committee of the acquiring company.
- Representing a local public body in connection with civil grand jury oversight.
- Representing the external director of a failed private company in a bankruptcy adversary proceeding against several of the debtor’s former directors.
- Obtaining the dismissal with prejudice of a $70 million securities fraud class action and related litigation by a foreign military pension fund against a national broker-dealer. The cases were dismissed primarily on SLUSA preclusion and PSLRA pleading grounds, and dismissal of the pension fund suit was affirmed by the Eleventh Circuit in a significant decision that clarified the law on SLUSA and related issues.
- Obtaining the dismissal of a federal action brought by investors in a pension fund, whose funds were lost or stolen by their third-party administrator, against a national broker-dealer and an affiliated insurance company and representing the broker-dealer in connection with a related SEC inquiry.
- Representing the former CEO of an energy trading company in connection with claims by the debtor and its creditors arising out of the company’s bankruptcy.
- Representing an individual broker in an action for a temporary restraining order or preliminary injunction against the New York Stock Exchange, seeking to enjoin prosecution of a disciplinary proceeding on statute of limitations grounds. Before the district court ruled on the motions, the SEC concluded that the claims were barred by the doctrine of laches.
PROFESSIONAL AND COMMUNITY INVOLVEMENT
- Board of Directors, Georgia Legal Services
- Board of Directors and Immediate Past Chair, Truancy Intervention Project Inc.
- Newsletter Editor, Professional Liability Litigation Committee, and Member, Sections of Litigation and Business Law, American Bar Association
- Board of Governors and Chair, Statewide Judicial Evaluation Committee, State Bar of Georgia
- Member, Committee on the Unauthorized Practice of Law, Supreme Court of Georgia
- Advisory Board and Former President, Georgia Association for Women Lawyers
- Member, Litigation Section and Securities Section, Atlanta Bar Association
PUBLICATIONS
- Author, “NJ Supreme Court Limits Third-Party Liability of Professionals,” ABA Section of Litigation Professional Liability Litigation Committee Newsletter (February 27, 2012)
- Co-author, “Governing Disclosure of Loss Contingencies,” Securities Law360 (October 14, 2010)
- Co-author, “Pleading Auditor Fraud After Tellabs,” Securities Law 360 and Financial Services Law 360 (April 16, 2009)
- Author, “State Bar Expects Another Productive Legislative Year,” The Atlanta Lawyer (February 2009)
- Author, “The Family and Medical Leave Act of 1993,” The Daily Report Special Edition (January 1994)
- Author, “NHTSA and Passive Restraints: A Case of Arbitrary and Capricious Deregulation,” 53 Admin. L. Rev. 193 (1983) (quoted in Motor Vehicles Mfrs. Ass’n of United States v. State Farm Mut. Auto Ins. Co., 463 U.S. 29, 46 n.11 (1983))
