Eli R. Greenstein is managing partner of Kessler Topaz’s San Francisco office and a member of the Firm’s federal securities litigation practice group. For nearly two decades, Eli has successfully prosecuted dozens of high-profile securities fraud actions and been responsible for numerous precedential decisions at both the district and appellate level. Eli’s cases have resulted in more than $1 billion in recoveries for clients and investors in state and federal proceedings.
Given Eli’s extensive experience in prosecuting federal securities actions, clients often turn to him to develop and implement large-scale litigation strategies, draft complex legal briefing on nuanced areas of the federal securities laws and lead large teams of attorneys in prosecuting a wide variety of white-collar fraud. As the Honorable James Ware (Ret.), Chief Judge of the United States District Court for the Northern District of California, remarked: “Eli is an advocate….His powerful presentation skills mirror a sharp intellect and a strong character for honesty and justice. [Eli] strives for a legal and just result, and consistently produces excellent work product. He also possesses a broad interest and concern for the compelling issues facing our society.”
Eli’s precedent-setting cases span multiple districts and circuits, including In re VeriFone Holdings, Inc. Securities Litigation, 704 F.3d 694 (9th Cir. 2012) which solidified “willful blindness” as an adequate basis for alleging scienter under Section 10(b) of the Securities Exchange Act of 1934; In re Allergan, Inc. Proxy Violation Securities Litigation, Case No. 14-cv-2004 (C.D. Cal.), a securities action involving an alleged insider trading and warehousing scheme by billionaire hedge fund manager Bill Ackman and Valeant Pharmaceuticals Int’l, which resulted in the first successful private action certified under the insider trading provisions of Section 14(e) and SEC Rule 14e-3; and Nieman v. Duke Energy Corp., 2013 U.S. Dist. LEXIS 110693 (W.D.N.C. 2013), the largest federal securities recovery in North Carolina history and one of the top five largest securities fraud settlements in 4th Circuit history (which includes North Carolina, Maryland, Virginia, West Virginia and South Carolina).
In 2015-2019 alone, Eli’s cases resulted in more than $620 million in recoveries for investors, including: In re Allergan, Inc. Proxy Violation Securities Litigation, Case No. 14-cv-2004 (C.D. Cal.) ($250 million recovery on the eve of trial); In re HP Secs. Litig., 2013 U.S. Dist. LEXIS 168292 (N.D. Cal.) ($100 million recovery); Nieman v. Duke Energy Corp., 2013 U.S. Dist. LEXIS 110693 (W.D.N.C.) ($146.25 million recovery); In re MGM Mirage Secs. Litig., 2014 U.S. Dist. LEXIS 165486 (D. Nev.) ($75 million recovery) and Dobina v. Weatherford Int'l, 909 F. Supp. 2d 228 (S.D.N.Y.) ($52.5 million recovery). Eli also currently serves as lead counsel in several high-profile securities fraud actions, including Washtenaw Cty. Emps.’ Ret. Syst., et al. v. Walgreen Co. et al., No. 1:15-cv-03187 (N.D.Ill.), a securities fraud action involving alleged misrepresentations and omissions regarding Walgreens’ pharmacy business and its multi-billion-dollar FY16 earnings shortfall due to generic drug price inflation and adversely structured reimbursement contracts; and Murphy v. Precision Castparts Corp., et al., 2016-cv-00521 (D. Or.), a securities fraud action involving alleged misrepresentations and omissions regarding PCC’s financial performance and current status against its publicly announced FY16 earnings target of $15.50 to $16.50 per share. In 2019, Eli was named one of Lawdragon’s 500 Leading Plaintiff Financial Lawyers.
Lawdragon 500 Leading Plaintiff Financial Lawyer, 2019
Bar Association of San Francisco
California Bar Association
American Bar Association