Lyle Roberts is a partner in the firm’s Litigation practice. Lyle represents companies, officers, and directors in securities cases and Securities and Exchange Commission (SEC) enforcement matters throughout the United States. He also conducts corporate internal investigations and counsels clients with respect to securities regulatory issues. Lyle represented Mark Cuban in obtaining a complete victory against the SEC in Cuban’s closely watched insider trading case. Lyle also has represented a number of prominent companies in the defense of securities class actions, including Northrop Grumman, Fidelity National Financial, CenturyLink, and Lumber Liquidators.
Lyle is recognized as a Band 1 securities litigator by Chambers USA and a “Litigation Star” by Benchmark Litigation. He is widely-published on securities law issues, including in the Wall Street Journal, Forbes, National Law Journal, and Law360. Lyle also is the author of the well-known blog, The 10b-5 Daily, which tracks key developments in securities litigation and is the co-chairman of the annual Practicing Law Institute securities litigation program. Lyle frequently submits amicus briefs in prominent securities litigation cases on behalf of clients, including recent briefs in the U.S. Supreme Court on behalf of the Washington Legal Foundation in the Goldman Sachs, Emulex, Halliburton, and ANZ Securities cases and SIFMA and the Chamber of Commerce of the United States of America in the Matrixx case.
- In re ChannelAdvisor Corp. Securities Litigation, 2016 WL 1381772 (E.D.N.C. April 6, 2016) aff’d 671 Fed.Appx.111 (Mem.) (4th Cir. 2016). Appellate court affirmed dismissal of securities class action complaint against e-commerce company with prejudice.
- Fialkov v. Alcobra, Ltd., 2016 WL 1276455 (S.D.N.Y. March 30, 2016). District court dismissed securities class action complaint against Israeli life sciences company with prejudice.
- In re Millennial Media Securities Litigation, 2015 WL 3443918 (S.D.N.Y. May 29, 2015). District court issued groundbreaking order on the handling of confidential witnesses in securities class actions. Case was voluntarily dismissed.
- In re CenturyLink Securities Litigation, 2015 WL 500476 (W.D. La. February 3, 2015). Magistrate judge recommended that securities class action be dismissed with prejudice based on plaintiffs' failure to adequately plead fraudulent intent. District court adopted recommendation.
- City of St. Clair Shores General Employees' Retirement System v. Lender Processing Services, 2012 WL 1080953 (M.D. Fla. March 30, 2012). District court dismissed securities class action complaint against the nation's leading supplier of mortgage processing services.
- Securities and Exchange Commission v. Mark Cuban, 634 F.Supp.2d 713 (N.D. Tex. 2009). In a landmark ruling, district court invalidated an SEC rule and dismissed the insider trading claims against Mr. Cuban.
- Winn v. Schafer, 499 F.Supp.2d 390 (S.D.N.Y. 2007). District court dismissed derivative complaint filed against Scottish Re and its directors based on application of UK/Cayman Islands law.
- In re Cree Securities Litigation, 2005 WL 1847004 (M.D.N.C August 2, 2005), aff'd 477 F.3d 162 (4th Cir. 2007). Appellate court affirmed dismissal of securities class action complaint against Cree and certain of its officers, with important rulings on the issues of corporate fraudulent intent and loss causation.
- In re PEC Solutions Securities Litigation, 2004 WL 1854202 (E.D. Va. May 25, 2004), aff'd 418 F.3d 379 (4th Cir. 2005). Appellate court affirmed dismissal of securities class action complaint against PEC Solutions and certain of its officers and established new law on the pleading of fraudulent intent.
- Kahler v. Tularik, No. CIV 438544 (Cal. Sup. Ct. Aug. 19, 2004). State court dismissed merger litigation.
- Ezra Charitable Trust v. Frontier Ins. Group, 2002 WL 87723 (S.D.N.Y. January 23, 2002), aff'd 318 F.3d 148 (2nd Cir. 2003). Appellate court affirmed dismissal of securities class action complaint against Frontier and certain of its officers based on statute of limitations.
- Graff v. Prime Retail, 172 F. Supp. 2d 721 (D. Md. 2001), aff'd 46 Fed. Appx. 140 (4th Cir. 2002). Appellate court affirmed dismissal of securities action complaint against Prime Retail and certain of its officers.
University of Chicago Law School
Johns Hopkins University
- Paul H. Nitze School of Advanced International Studies (SAIS)
Johns Hopkins University
- United States Court of Appeals for the Eight Circuit
- United States Court of Appeals - District of Columbia Circuit
- United States District Court for the District of Maryland
- United States District Court for the Western District of Virginia
- Co-chairman, Securities Litigation: From Investigation to Trial, Practising Law Institute, New York (2009 to present).
- Speaker, NYC Bar, Insurers’ and Insureds’ Perspectives on Current Issues in D&O Liability and Insurance (May 2019).
- Speaker, NYCLA Securities Litigation & Regulatory Enforcement Conference: Insights for the Financial Services Attorney (April 2015).
- Speaker, American Conference Institute's National Forum on Securities Litigation and Enforcement (January 2015).
- Moderator, "Supreme Court's Morrison v. National Bank and 'Foreign Cubed' Securities Fraud Actions," Practising Law Institute (July 2010).
- Speaker, "The SEC and Securities Class Action Suits: Defining the Relationship Between the Commission and the Plaintiffs' Bar," WLF Web Seminar Series (July 29, 2008).
- Speaker, "What You Need To Know for 2008: Securities Litigation," Audio Webcast, Riskmetrics Group (January 2008).
- Moderator, "Stoneridge: Is there 'Scheme' Liability or Not?" Practising Law Institute (January 2008).
- Moderator, "Tellabs v. Makor: Pleading Scienter in Securities Fraud Cases," Practising Law Institute (July 2007).
- Moderator, "Dabit and the Application of the Securities Litigation Uniform Standards Act," Practising Law Institute (April 2006).
- Moderator, "Pleading Scienter in Securities Fraud Cases: What Investors, Companies, and Their Counsel Need to Know," Practicing Law Institute (January 2005).
- Moderator, "Pleading Loss Causation in Securities Fraud Cases: What Investors, Companies, and Their Counsel Need to Know," Practising Law Institute (June 2004).
- Advisory Board, Securities Reform Act Litigation Reporter.
- Adjunct professor, George Mason University School of Law (2003-2005).
- “Fixing the Insider Trading Prohibition Act,” The Hill (June 3, 2021).
- “The Ninth Circuit’s Recent Decisions on the Pleading of Loss Causation in Securities Fraud Cases,” Securities & Commodities Regulation, Vol. 54 No. 10 (May 2021).
- “Justices Should Clarify Securities Fraud Loss Causation,” Law 360 (April 29, 2021).
- “The Insider Trading Law Is Bad. Will Congress Make It Worse?,” The Wall Street Journal (January 9, 2020).
- “The M&A Aftermath of High Court’s Emulex Punt,” Law360 (April 24, 2019).
- “Emulex: The Case for a Uniform Scienter Standard for Misrepresentation Claims under the Exchange Act,” PLI’s Securities Litigation 2019: From Investigation to Trial, Course Handbook No. B-2475 (February 6, 2019).
- "Time for Securities Lawyers to Stand Behind Their 'Confidential Witnesses'," Forbes (August 2016).
- "Being of One Mind: Corporate Scienter and Securities Fraud Liability," PLI's Securities Litigation 2015: From Investigation to Trial, Course Handbook No. B-2165 (April 2015).
- "Behind the SEC's Pursuit of Mark Cuban," Wall Street Journal (November 18, 2013).
- "Understanding the New SEC Whistleblower Program," PLI's Handling a Securities Case 2013: From Investigation to Trial and Everything in Between, Course Handbook No. B-2021 (April 2013).
- "When is a Fraud 'In Connection With' a Securities Transaction under SLUSA?" PLI's Handling a Securities Case 2013: From Investigation to Trial and Everything in Between, Course Handbook No. B-2021 (April 2013).
- "The Mutual Fund 'Loophole:' Why Fund Investors Are Having a Difficult Time Maintaining Securities Class Actions," PLI's Securities Litigation & Enforcement Institute 2011, Course Handbook No. B-1904 (September-October 2011).
- "Pleading in the Dark: The Use (And Potential Abuse) of Confidential Witness Statements in Federal Securities Fraud Complaints," PLI's Securities Litigation & Enforcement Institute 2009, Course Handbook No. B-1762 (September-October 2009).
- "Is the PSLRA's Safe Harbor Becoming a Safe Puddle?," PLI's Securities Litigation & Enforcement Institute 2008, Course Handbook No. B-1692 (September-October 2008) (co-author).
- "The Selection of Lead Plaintiff and Lead Counsel in Securities Class Actions," Class Action Watch (October 2008).
- "The Officer and the Janitor: 'Collective Scienter' in Securities Fraud Cases," The New York Law Journal (Feb. 8, 2008) (co-author).
- "End the Dual Approach," National Law Journal, Vol. 27 (October 24, 2005).
- "Lower Courts Will Determine Impact of Supreme Court's Securities Fraud Suit Ruling," Legal Backgrounder, Vol. 20, No. 22, Washington Legal Foundation (May 20, 2005) (co-author).
- "Pleading Loss Causation in Securities Fraud Cases: What Investors, Companies, and Their Counsel Need to Know," PLI's Securities Litigation & Enforcement Institute 2004, Course Handbook No. B-1442 (September-October 2004) (co-author).
- "Individual Trading Plans Can Help Defend Securities Fraud Claims," Compliance Week (July 7, 2004) (co-author).