16 October 2007
Mayer Brown partner Stephen Shapiro argued before the U.S. Supreme Court Tuesday in Stoneridge Investment Partners LLC v. Scientific-Atlanta, Inc. and Motorola, Inc., billed by many court-watchers as the business case of the decade. Mayer Brown represents Motorola and Scientific-Atlanta, which sold cable TV boxes to Charter Communications. Charter shareholders sued the vendors in a securities fraud class action alleging that Charter used the transactions with the vendors to misstate its financial results--and that the vendors should be held liable for Charter's fraud. In his 27th appearance before the highest court Shapiro argued that Congress had decided the SEC is the appropriate mechanism for protecting the public in such circumstances. "Congress intended to remove this category of case from private litigation to deal with an important problem that was harming our economy," said Shapiro. Due to the importance of the case and the high level of interest, Shapiro's arguments were widely covered in major media. Click on the links below to read the articles.