Mark Lebovitch co-leads BLB&G’s Corporate Governance practice, overseeing the firm’s prosecution of fiduciary duty litigation against boards of directors, senior executives, and controlling shareholders who engage in corporate misconduct. One of the country’s preeminent shareholder advocates, Lebovitch has represented a wide range of stockholders, from public and private institutional investors to hedge funds and individuals, in a long list of groundbreaking lawsuits and appraisal actions.
Lebovitch has been a lead member of the trial teams on some of the most high-profile securities fraud class actions and corporate governance litigations in history. He has led cases that have set key legal precedent, secured billions of dollars for harmed investors, and improved corporate governance practices to prevent future abuses of power. His experience includes:
- In re McKesson Corporation Derivative Litigation: Co-leading the prosecution of a landmark stockholder derivative suit against the directors and officers of McKesson Corp. in connection with their failure to oversee the massive illegal sale and distribution of opioids and other addictive pain killer pharmaceutical drugs. The case overcame a special litigation committee and resulted in a settlement of $175 million, as well as the establishment of far-reaching internal risk management and regulatory control mechanisms. This remains one of the largest recoveries in any derivative lawsuit.
- City of Monroe Employees' Retirement System, derivatively on behalf of Twenty-First Century Fox, Inc. v. Rupert Murdoch, et al.: Leading the prosecution of a novel shareholder derivative litigation against Fox News parent 21st Century Fox arising from the systemic sexual and workplace harassment at the network. The case resulted in one of the largest financial recoveries—$90 million—ever obtained in a pure corporate board oversight dispute, and the creation of an independent council of experts, the “Fox News Workplace Professionalism and Inclusion Council,” which has served as a model for public companies in all industries.
- Allergan Proxy Violation Litigation: Securing a $250 million recovery for investors in the securities class action against Allergan alleging an unprecedented insider trading scheme in the hostile tender offer context.
- In re Freeport-McMoRan Derivative Litigation: Achieving a $154 million recovery structured as a special dividend that would be distributed to shareholders—a first-of-its-kind structure—to rectify the Freeport-McMoRan Board’s decision to significantly overpay for a firm controlled by the company’s CEO.
- In re News Corp. Shareholder Litigation: Serving as lead counsel in the derivative case against News Corp. concerning its high-profile hacking scandal, which resulted in a $139 million recovery and corporate governance reforms that strengthened the company’s compliance structure, the independence of its board, and the company’s pay practices.
- In re The Williams Companies Stockholder Litigation: Initiating the novel lawsuit and serving on the trial team that successfully invalidated an “anti-activism” poison pill adopted by the board of pipeline giant The Williams Companies.
- In re Hollywood Firefighters’ Pension Fund, et al. v. John C. Malone, et al.: Recovering $110 million for investors while eliminating side benefits in connection with the prosecution and settlement of Delaware litigation arising from the merger of GCI Liberty, Inc.
- In re El Paso Merger Litigation: Recovering $110 million for investors while challenging, and fundamentally improving, the way M&A advisors identify and address institutional and individual conflicting interests.
Lawdragon Honors
Lebovitch also originated and led the prosecution of In re MultiPlan Stockholders’ Litigation, establishing the precedent and process for investors to challenge unfair deals involving special purpose acquisition companies (“SPACs”), as well as a series of novel federal actions involving alleging violations of the Investment Company Act by a number of SPACs. Lebovitch has also argued numerous cases to the Delaware Supreme Court, including fending off an interlocutory appeal intended to derail investor claims in In re Straight Path Stockholders Litigation.
Lebovitch serves as an Adjunct Professor at the University of Pennsylvania Law School, where he co-teaches “Advanced Topics in Corporate Law,” and is a Lecturer-in-Law at Columbia Law School, where he co-teaches a unique course entitled “Legal Financial Arbitrage-Mergers and Beyond.” He also serves as a senior advisor with the National Jewish Action Center, a non-profit fighting antisemitism worldwide.
* Not admitted to practice in Delaware.
