Detroit Securities Fraud Attorneys

Security and What it Means

The role of Wall Street traders, bankers, and investors is changing as individuals become more informed of their rights and the risks associated with trusting a financial advisor. The news is full of reports about white-collar crimes, Ponzi schemes, and business fraud.

When investors entrust their money to a corporation, they expect that the company’s leaders will adhere to federal securities laws and state “blue-sky” laws and honor their fiduciary duties. Unfortunately, management doesn’t always adhere to the rules, jeopardizing shareholders’ investment.

Congress, the states, and the Securities Exchange Commission have put rules in place that regulate the marketing and sale of financial instruments, including stocks, bonds and other market-traded investments, and seek to the protect investors from illicit practices.

For example:

  • Securities Exchange Commission Rule 10(b)-5 makes it unlawful for public companies to falsely represent their future prospects or financial condition.
  • Generally Accepted Accounting Principles (GAAP) mandate how companies categorize and report profits, losses, debts, and expenses.
  • Section 11 of the Securities Act of 1933 prohibits the filing of a false or misleading registration statement.

These laws can be complex, and exposing wrongdoing and bringing actions to recover investors’ losses can be difficult and complicated.

Sommers Schwartz represents individuals and businesses that have been victims of securities fraud, as well as brokers, investment advisors, and companies who have been accused of such wrongdoing. Our attorneys are deeply familiar with complicated and tough-to-prove issues such as churning, insider trading, margin violations, illegal trading, stock market manipulations, and breaches of fiduciary duty. We excel in identifying our clients’ rights and aggressively pursuing these rights in trial.

Our attorneys have also successfully litigated a number of prominent securities class action lawsuits, including:

  • In Re Bank One Securities Litigation, Case No. 00-cv-767 (N.D. Ill.), $120 million recovered for a class of former First-Chicago NBD shareholders for suspected accounting violations.
  • Gutter v. E.I. DuPont De Nemours & Co., Case No. 95-cv-2152 (S.D. Fla.), $80 million recovered for a class of defrauded shareholders for undisclosed risks associated with the company’s products.
  • In Re F&M Distributors, Inc. Securities Litigation, Case No. 95-cv-71778 (E.D. Mich.), $20 million recovered for a class of defrauded bondholders who invested money just prior to the company’s bankruptcy.

Business litigation is sophisticated, complex, and poses substantial risks for both defendants and plaintiffs. With so much at stake, you can’t afford to compound that risk.

Contact a Sommers Schwartz attorney today to confidentially discuss your case and learn how we can help.

A Trusted Authority

Our attorneys have been featured on local and national media outlets, including:

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Impeccable ethics and an unparalleled work ethic.

Tad Roumayah helped me seek a settlement with my former employer to my satisfaction. He is a man of integrity, who has an exceptional knowledge of the law. Impeccable ethics and an unparalleled work ethic make him an outstanding attorney who is capable, meticulous, and diligent.

I greatly appreciate your assistance throughout this process.

I’m happy to put this case behind me once and for all. I greatly appreciate your assistance throughout this process. Thank you, Tad! I’m happily employed now and am enjoying a fresh start.

Should my son become half the lawyer as those I have met at your firm he will be successful.

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Mr. Watkins and his team were excellent to work with. Mr. Watkins is a very competent and trustworthy attorney. I am very pleased with the outcome of my case. I highly recommend attorney Kenneth Watkins.

Your advice is very valuable to me.

Just wanted to formally thank you for taking the time to discuss the area of class action. I wish you the best with everything. It has been a pleasure getting to know you and everyone at Sommers Schwartz.

I recommend you without reservation.

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I was very satisfied with your approach.

I was very satisfied with Mr. Swanson’s approach toward this matter, in particular his desire to understand the details and the relevant context, which allowed him to define the proper strategy, emphasize the right items and expedite the entire process.

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