Business Phone: 302.622.7000
Grant & Eisenhofer
123 Justison Street
Wilmington, DE 19801Background Information
- Undergraduate School: Brandeis University, 1982
- Law School: New York University Law, 1986
- Courses: Securities Litigation
- Admitted to practice law in: Delaware, District of Columbia, Massachusetts, New York, Pennsylvania, United States Supreme Court, U.S. Court of Appeals for the 1st Circuit, U.S. Court of Appeals for the 2nd Circuit, U.S. Court of Appeals for the 3rd Circuit, U.S. Court of Appeals for the 4th Circuit, U.S. Court of Appeals for the 6th Circuit, U.S. Court of Appeals for the 11th Circuit, U.S. District Court for the District of Delaware, U.S. District Court for the District of Massachusetts, U.S. District Court for the Northern District of New York, U.S. District Court for the Southern District of New York, U.S. District Court for the Eastern District of New York, U.S. District Court for the Western District of New York, U.S. District Court for the Eastern District of Pennsylvania, U.S. District Court for the Eastern District of Michigan, U.S. District Court for the District of Columbia
Stuart M. Grant is co-founder and managing director of Grant & Eisenhofer. Mr. Grant is nationally recognized for his representation of institutional investors in securities, regulatory, and corporate governance litigation. He serves as litigation counsel to many of the largest public and private institutional investors in the world.
Mr. Grant has extensive knowledge in the areas of Delaware corporate law, fiduciary responsibility, securities and investments, private equity and fixed income, appraisal remedies, valuation, proxy contests and other matters related to protecting and promoting the rights of institutional investors.
Mr. Grant has been consistently ranked as a leading securities and corporate governance litigator in Chambers USA – America’s Leading Business Lawyers. In the 2008 edition, it is noted that Mr. Grant “really understands the law and the psychology of litigation,” and is described by clients as an “extremely talented litigator who possesses deep theoretical knowledge about class actions and corporate governance.” Mr. Grant, who has been recognized as one of the Top 500 Leading Lawyers in America by Lawdragon, is rated AV by Martindale Hubbell.
Mr. Grant has testified on behalf of institutional investors before the SEC and before the Third Circuit Panel on Appointment of Class Counsel. He has successfully argued on behalf of institutional investors in many groundbreaking corporate governance cases including: In re Digex Stockholders Litigation, the largest settlement in Delaware Chancery Court history, which led to the establishment of lead plaintiff provisions in Delaware; In re UniSuper Ltd., et al. v. News Corporation, et al., a landmark case in which the Delaware Chancery Court ruled that shareholders may limit board authority without amending the corporation’s charter; In re Tyson Foods, Inc., which resulted in historic rulings from the Delaware Court of Chancery clarifying the fiduciary duties of corporate directors in connection with the administration of stock option plans; Teachers’ Retirement System of Louisiana v. Aidinoff, et al. and American International Group, Inc., the largest derivative shareholder litigation settlement in the history of Delaware Chancery Court; In re HealthSouth, which ousted holdover board members loyal to indicted CEO Richard Scrushy, and created mechanisms whereby shareholders would nominate their replacements; In re Cablevision Systems Corp. Options Backdating Litigation and In re Electronics for Imaging, Inc. Shareholder Litigation, both of which held directors and officers of their respective companies accountable for improperly granting backdated options and, most importantly, required the individual defendants to reach into their own pockets to cover a significant portion of the settlement.
Mr. Grant was the first attorney in the country to argue the provisions of the PSLRA allowing an institutional investor to be appointed as lead plaintiff in a securities class action. The opinion, which appointed the State of Wisconsin Investment Board as lead plaintiff and Grant & Eisenhofer as lead counsel, is widely considered the landmark on the standards applicable to lead plaintiff/lead counsel practice under the PSLRA; and the case, Gluck, et al. v. Cellstar, resulted in a class recover of approximately 56% of the class’ actual losses, which was four times the historical average gross recovery for securities fraud litigation.
Mr. Grant’s more recent securities litigation representations include: In re Delphi Corp Securities Litigation, which resulted in settlement agreements totaling more than $325 million from Delphi Corp, its directors and officers insurance and the company’s auditor Deloitte & Touche; In re Parmalat Securities Litigation, which resulted in a settlement of approximately $90 million in what the SEC described as “one of the largest and most brazen financial frauds in history;” In re Refco Inc. Securities Litigation, which resulted in a partial settlement of $140 million within four months after lead plaintiffs were appointed; and In re Safety-Kleen Securities Corporation Bondholders Litigation, which, after a six-week securities class action jury trial, resulted in judgments holding the company's CEO and CFO jointly and severally liable for nearly $200 million, and settlements with the remaining defendants for $84 million.
Mr. Grant is a frequent speaker at the Practising Law Institute, the Council of Institutional Investors, the Australian Council of Super Investors and several other securities fora across the globe. Mr. Grant has authored a number of articles and published writings. His articles have been cited with approval by the U.S. Court of Appeals for the 2nd and 5th Circuits and numerous U.S. District Courts. Mr. Grant’s articles include, among others, “The Devil is in the Details: Application of the PSLRA's Proportionate Liability Provisions is so Fraught With Uncertainty That They May be Void for Vagueness”; “Class Certification and Section 18 of the Exchange Act”; “Unisuper v. News Corporation: Affirmation that Shareholders, Not Directors, Are the Ultimate Holders of Corporate Power”; "Executive Compensation: Bridging the Gap Between What Companies Are Required to Disclose and What Stockholders Really Need to Know”; and a number of annual PLI updates under the heading of “Appointment of Lead Plaintiff Under the Private Securities Litigation Reform Act.”
Mr. Grant joined the Widener University School of Law faculty as an Adjunct Professor of Law in 1994, where he leads a securities litigation seminar for third-year law students. He is a Certified Teacher for the National Institute of Trial Advocacy (NITA). Additionally, Mr. Grant has taught at PricewaterhouseCoopers/University of Delaware Directors’ College.
Mr. Grant graduated in 1982 cum laude from Brandeis University with a B.A. in Economics and received his J.D. from New York University School of Law in 1986. He served as Law Clerk to the Honorable Naomi Reice Buchwald in the United States District Court for the Southern District of New York. Prior to forming Grant & Eisenhofer, Mr. Grant was a partner at Blank, Rome, Comisky & McCauley (1994-97) and an associate at Skadden, Arps, Slate, Meagher & Flom (1987-94).