Allan Horwich
Partner
Allan Horwich has practiced for more than 35 years in litigation and corporate counseling.
His litigation practice concentrates on court and administrative proceedings involving federal and state securities laws.
He has litigated cases, including individual, class actions and derivative claims, throughout the country under all federal securities laws and represented clients in Securities and Exchange Commission (SEC) investigations and proceedings.
Mr. Horwich has applied his litigation experience in counseling corporations, financial institutions, investors, securities professionals and boards of directors on a wide range of questions, including:
- Disclosure
- Corporate governance
- Corporate compliance
- Fiduciary duty
- Insider trading
He also has applied his experience in addressing issues of deception and manipulation in the securities markets to the expanding regulatory authority over deception and manipulation in the energy markets.
Experience
- Representation of a bank holding company in a putative securities class action
- Internal investigation of accounting and other irregularities at finance subsidiary of bank holding company
- Representation and counseling of corporations and individuals in accounting fraud litigation and investigations
- Representation of a large publicly held savings institution in a securities class action challenging the adequacy of disclosure in public offering documents and corporate reports
Publications
"Is There A Breach In The Breakwater Of The Statutory Safe Harbor For Forward-Looking Statements?" Wall Street Lawyer (September 2004)
"New Form 8-K and Real-Time Disclosure," The Review of Securities & Commodities Regulation (June 2004)
"Initial Ruminations on Insider Trading in the Mutual Fund Scandal," Wall Street Lawyer (December 2003)
"Audit Committees," RealCorporateLawyer.com (December 2003)
"The Role and Responsibilities of Audit Committees," Banking & Financial Services Policy Report (November 2003)
"Special Litigation Committees: Who the Members Are May Be More Important Than What the Committee Does," Wall Street Lawyer (July 2003)
"SEC Update: More Sarbanes-Oxley Rules: Benefit Plan Blackouts and Financial Experts," Wall Street Lawyer (March 2003)
"New Requirements for Disclosure of Financial Condition under the Federal Securities Laws," The Review of Securities & Commodities Regulation, Vol. 35 (November 2002)
"Section 11 of the Securities Act: The Cornerstone Needs Some Tuckpointing," The Business Lawyer (November 2002)
"SEC Update: The Advance of Shareholder Democracy: Adopted and Impending Actions Enhancing Shareholder Knowledge and Voting Power," Wall Street Lawyer (November 2002)
"The Securities Laws and the Audit Committee in the Post-Enron World," Wall Street Lawyer (July 2002)
"Careful Pleading Can Avoid the Fatal Impact of the Securities Litigation Uniform Standards Act," Wall Street Lawyer (March 2002)
"SEC Update: The Unger Study: The Controversy Over Regulation FD Continues," Wall Street Lawyer (February 2002)
"SEC Update: The Spotlight Shines on Analyst Conflicts of Interest," wallstreetlawyer.com (August 2001)
"SEC Update: Recent Case Highlights Liability Implications of EDGAR Rules," wallstreetlawyer.com (June 2001)
"Insider Trading After SEC Rule 10b5-1," 11 Securities Reform Act Litigation Reporter, Vol. 11 No. 2 (May 2001) [reprint of his earlier National Law Journal article on SEC Rule 10b-5]
"Corporate Insiders Given a 'Break' Under New Rule: Rule 10b5-1 Has an Awareness Test and Offers Some Flexibility and Certainty for Trading," National Law Journal (January 22, 2001)
"SEC Update: Internet Auctions of Securities Approved in No-Action Letters," wallstreetlawyer.com (October 2000)
"The Neglected Relationship of Materiality and Recklessness in Actions Under Rule 10b5-1," The Business Lawyer (May 2000)
"Use Test in Insider Trading Cases Update," Corporate Legal Times (November 1998)
"Possession Versus Use: Is There a Causation Element in the Prohibition on Insider Trading?" The Business Lawyer (August 1997) (cited with approval in SEC v. Adler, 137 F.3d 1325, 1334 n. 23 (11th Cir. 1998) and U.S. v. Smith, 155 F.3d 1051, 1066 n. 23 (9th Cir. 1998)
"Bank Fiduciaries with Material Inside Information: Responsibilities and Risks," The Banking Law Journal (January 1996)
"Securities Law: Review of the Law of the U.S. Court of Appeals for the Seventh Circuit," Chicago-Kent Law Review, Vol. 50 (Fall-Winter 1973)
Speeches and Presentations
"The Importance of Market Impact in Securities Fraud Claims," Illinois CPA Society, Business Valuation, Litigation and Fraud Group, Chicago (November 8, 2006)
"New Market Behavior Rules, How They Impact Market Manipulation & FERC's Expanded Penalty Authority," (Panelist) Energy Bar Association Annual Meeting, Washington D.C. (April 27, 2006)
"The Impact of the Sarbanes-Oxley Act on Civil Litigation," Chicago Bar Association Litigation Committee, Chicago (March 13, 2006)
"The Energy Policy Act of 2005," (Panelist) Energy Bar Association, Western Chapter, Fifth Annual Meeting, San Francisco, CA (February 24, 2006)
"Rx for Director Liability: Lessons for General Counsel from the WorldCom and Enron Settlements," (Panelist)PricewaterhouseCoopers General Counsel Forum, Chicago (June 2005)
Awards and Honors
Life Fellow, American Bar Foundation
Illinois Super Lawyers, Securities Litigation
Leading Lawyer — Securities and Venture Finance Law, Illinois Leading Lawyers Network
Dean's Teaching Awards Honorable Mention, Northwestern University School of Law
AV Peer Review Rated, Martindale-Hubbell
Who's Who In American Law
Who's Who in America
Who's Who In The Midwest
Who's Who in the World
Education
University of Chicago Law School
(J.D.,
1969)
Princeton University
(A.B., cum laude,
1966)
Teaching Appointments
Senior Lecturer, Northwestern University School of Law (2000-present)
Federal securities law, Securities litigation (including class actions)
Faculty Member, Northwestern University School of Law
Several summer programs
Professional Memberships
American Bar Association
Section of Litigation
Section of Business Law
Wall Street Lawyer, Editorial Advisory Board Member
