Stephen W. Tountas is a versatile trial lawyer who prosecutes and defends complex securities fraud actions and commercial disputes on behalf of leading hedge funds, mutual funds, family offices, and public pension funds.
Steve has been a principal member of several high-profile trial teams and has recovered billions of dollars for stakeholders of public companies. He also regularly handles significant defense-side litigation, including matters arising from allegations of securities fraud and corporate malfeasance.
In addition to his active litigation practice, Steve develops potential cases for his clients and provides strategic advice regarding the relative merits of pursuing litigation on a direct or class-wide basis. Sophisticated creditors also frequently turn to Steve to develop litigation strategies in anticipation of potential Chapter 11 bankruptcy filings that may enhance their recovery of fraud-related losses compared to other stakeholders.
Steve is recognized by Chambers USA as a Band 2 practitioner for plaintiff-side securities litigation and The National Law Journal named him a Plaintiff’s Trailblazer and highlighted the success of his market-leading strategies in several recent direct securities actions. He is also included on Lawdragon’s lists of the 500 Leading Plaintiff Financial Lawyers in America and the 500 Leading Litigators in America, and recommended by The Legal 500 for securities opt-out litigation and securities defense litigation, and by Benchmark Litigation as a Litigation Star.
WORK HIGHLIGHTS
► Valeant Pharmaceuticals Opt-Out Litigation. On behalf of several mutual funds, a public pension plan, and other institutional investors, Steve is pursuing direct securities fraud claims, arising from Valeant’s improper accounting and billions of dollars of fraud-related losses. Steve successfully resolved several of his direct actions for certain pension funds by asserting market-leading claims under the New Jersey RICO Act. The non-settled direct actions recently survived summary judgment and are being prepared for trial.
► Adeptus Health Opt-Out Litigation. On behalf of a hedge fund that held one of the largest equity positions of Adeptus Health prior to its multi-billion dollar bankruptcy, Steve successfully pursued direct securities fraud claims against Adeptus’s former officers, directors, and private equity sponsor. The terms of the settlement are confidential.
► Lead Counsel to the former Chief Financial Officer of a Public Company in a securities class action arising from allegations of accounting fraud. Steve successfully secured a settlement for his client before the resolution of the motions to dismiss and prior to the commencement of discovery.
► Lead Counsel to a Public Company and Numerous Senior Officers in a securities class action arising from allegations of accounting fraud. Steve secured the dismissal of the matter with prejudice and successfully argued the appeal before the Second Circuit.
Updated Oct 2024
