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David Sterling
David Sterling
David D. Sterling
Partner
david.sterling@bakerbotts.com
DETAILS
Practices
General Commercial Litigation
Litigation
Professional Liability
Securities and Shareholder Litigation
Securities Regulation and Enforcement
Details
Overview
Overview Admission & Affiliations Experience News Thought Leadership Awards and Community
Practices
General Commercial Litigation
Litigation
Professional Liability
Securities and Shareholder Litigation
Securities Regulation and Enforcement

Overview

"The 'spectacular' David Sterling continues to be recognized as one of the leading lawyers in Texas in connection with securities litigation, particularly derivatives and class action litigation."

Chambers USA 2018

David is the former Chair of the firmwide Litigation Department. Before that, he was the head of the firm's Securities and Shareholder Litigation Group. He principally represents companies and their officers and directors in securities class actions, derivative lawsuits, suits challenging mergers, and in proxy litigation. He also often represents special litigation committees and audit committees in connection with investigations and derivative litigation.

"David Sterling is an exceptional litigator in the securities space with an aptitude for high-stakes 10b-5 class actions, as well as derivative lawsuits and suits challenging mergers. Interviewees highlight him as 'the gold standard' in securities disputes."

Chambers USA 2017

David has been ranked in Band 1 for Securities Litigation (Texas) every year by Chambers USA (2006-2021). In November 2017, The National Law Journal named David to its list of "Litigation Trailblazers" for representing a client in what is considered to be the most widely-followed securities class action in the United States since 1988 (Erica P. John Fund, Inc. v. Halliburton Co.).

Admission & Affiliations

  • State Bar of Texas
  • United States Supreme Court
  • United States Courts of Appeals for the Third, Fifth, Ninth and Eleventh Circuits
  • United States District Courts for the Northern, Southern, Eastern and Western Districts of Texas
  • J.D., The University of Texas School of Law 1984
    with honors
    Order of the Coif
    Member, Texas Law Review
  • B.A., Economics, Williams College 1980

Experience

Securities Class Actions

  • Defense of Insperity and its officers and directors in 10b-5 class action(S.D.N.Y.); the court granted our motion to dismiss in 2022 and the time to appeal has not expired
  • Defense of Gulfport Energy and its officers and directors in 10b-5 class action (S.D.N.Y.); the court granted our motion to dismiss in 2022 and plaintiffs' appeal is pending
  • Defense of McDermott International in 10b-5 and proxy class actions (S.D.TX.) (pending)
  • Defense of Apache in 10b-5 class action (S.D.TX.) (pending)
  • Defense of ConocoPhillips and Concho Resources in 10b-5 class action (S.D.TX.) (pending)
  • Defense of Hoegh LNP Partners in 10b-5 class action (D.N.J.) (pending)
  • Defense of Teekay Offshore Partners (now Altera Infrastructure L.P.) in securities class action (S.D.N.Y) (pending)
  • Defense of Chicago Bridge & Iron in securities class action (S.D.N.Y.) (pending); trial of an opt-out case brought by a large investor resulted in a complete defense verdict following a two-week jury trial in Montgomery County, TX with no appeal taken.
  • Defense of McDermott international in Section 11 class action (Harris County, TX); plaintiffs voluntarily dismissed shortly before their opposition to our motion to dismiss was due
  • Defense of SunCoke Energy Partners LP in proxy class action (D.Del.); the court granted our motion to dismiss and the Third Circuit affirmed in 2021
  • Defense of Cobalt International in 10b-5 and Section 11 class action (S.D.TX.); case settled
  • Defense of former directors of Adeptus Health in 10b-5 and Section 11 class action (E.D.TX.); case settled
  • Defense of Rent-A-Center in 10b-5 class action (E.D.TX.); case settled
  • Defense of Willbros Group in 10b-5 class action (S.D.TX.); case settled
  • Defense of Helix Energy in 10b-5 class action (S.D.TX.); the district court granted our motion to dismiss in February 2017, and no appeal was taken
  • Defense of Key Energy in 10b-5 class action (S.D.TC.); the district court granted our motion to dismiss in April 2016 and no appeal was taken
  • Defense of McDermott International in 10b-5 (S.D.TX.); class action; the district court granted our motion to dismiss in March 2015 and no appeal was taken
  • Defense of Halliburton in 10b-5 class action (N.D.TX.). David argued the case before the U.S. Supreme Court and twice in the Fifth Circuit; case settled while awaiting Fifth Circuit ruling
  • Defense of Halliburton in 10b-5 class action (N.D.TX.); the court granted our motion to dismiss in 2018 and no appeal was taken
  • Defense of Imperial Sugar in 10b­5 class action(S.D.TX.); the district court granted our motion to dismiss in November 2013, and no appeal was taken
  • Defense of Repros Therapeutics in securities class action securities suit(S.D.TX.); the district court granted our motion to dismiss in January 2011 and no appeal was taken
  • Defense of Torch Offshore in Section 11 class action (E.D.LA.); the district court granted our motion to dismiss and the Fifth Circuit affirmed
  • Defense of Link Energy and its directors in a breach of fiduciary duty class action (Del. Chancery); court granted our motion for summary judgment and no appeal was taken
  • Defense of inside directors of Landry's in class action securities case relating to CEO's offer to take the company private (Del. Chancery); case settled
  • Defense of Baker Hughes in 10b-5 class action suit (S.D.TX.); the district court granted our motion to dismiss and the Fifth Circuit affirmed
  • Defense of Zonagen in 10b-5 class action (S.D.TX.); the district court granted our motion to dismiss; the Fifth Circuit affirmed as to all but one claim, and the district court subsequently granted our motion for summary judgement which was affirmed by the Fifth Circuit

Merger Class Actions

  • Defense of Cabot Oil & Gas in shareholder litigation challenging its merger with Cimarex
  • Defense of Zix in shareholder litigation challenging its merger with OpenText
  • Defense of Carrizo Oil & Gas in shareholder litigation challenging its merger with Callon Petroleum
  • Defense of RigNet in shareholder litigation challenging its merger with Viasat
  • Defense of McDermott International in shareholder litigation challenging its merger with Chicago Bridge & Iron
  • Defense of Starz directors in shareholder litigation challenging Starz's merger with Lions Gate Entertainment
  • Defense of Tallgrass Energy and its directors in shareholder litigation challenging its acquisition of Tallgrass Partners, L.P.
  • Defense of 8point3 Energy and its directors in shareholder litigation challenging its merger with Capital Dynamics
  • Defense of Halliburton in shareholder litigation challenging its merger with Baker Hughes
  • Defense of Kinder Morgan Partners Conflicts Committee in litigation challenging Kinder Morgan's roll up of MLPs
  • Defense of Dawson Geophysical and its officers and directors in litigation challenging Dawson's merger with TGC Industries
  • Defense of Dell in shareholder litigation challenging its going private transaction Defense of TPC Group and certain of its directors in shareholder suits challenging TPC's acquisition by two private equity firms
  • Defense of Titanium Metals and its inside directors in litigation challenging its acquisition by Precision Castparts
  • Defense of NRG in shareholder suits challenging its merger with GenOn
  • Defense of Lyondell Chemical Corp. and its directors in a shareholder class action seeking to enjoin Lyondell's merger with Basell AF
  • Defense of Perot Systems and its directors in a shareholder class action seeking to enjoin Perot Systems' merger with Dell
  • Defense of Mariner Energy and its directors in class action lawsuits alleging that Mariner’s directors breached their fiduciary duties in connection with Mariner's merger with Apache
  • Defense of Encore Acquisition and its directors in shareholder class action seeking to enjoin Encore's merger with Denbury Resources
  • Defense of United Airlines in class action lawsuits challenging United's merger with Continental
  • Defense of Halliburton in class actions challenging Halliburton's merger with Boots & Coots, Inc.
  • Defense of UNS Energy and its directors in class actions challenging UNS's merger with Fortis
  • Defense of Frontier Oil and its directors in class actions challenging Frontier's merger with Holly Corporation
  • Defense of Allis­Chalmers and its directors in class actions challenging Allis­ Chalmers' merger with Seawell
  • Defense of Hercules Offshore, Inc. in litigation over the company's merger with TODCO
  • Defense of founders, directors, and largest shareholders of Tanox, Inc. in class action litigation over Tanox's merger with Genentech

Derivative Actions

  • Representation of McDermott International and its directors in derivative suit arising out of losses on large EPC contracts
  • Representation of Gulfport Energy and its directors in derivative suit arising out of accounting restatements
  • Representation of Apache and its directors in derivative suit arising out of losses on a large development project
  • Representation of Rent-A-Center and its directors in derivative suit arising out of earnings miss
  • Representation of Cobalt International and its directors in derivative suit arising out of FCPA investigation and oil well test results
  • Representation of Willbros Group and its directors in derivative suits arising out of accounting restatements
  • Representation of Patterson-UTI and its directors, in derivative litigation challenging debt covenant provision
  • Representation of Oceaneering International and its directors in derivative litigation challenging director compensation
  • Representation of the Special Litigation Committee of Lufkin Industries in connection with a derivative suit challenging its merger with General Electric
  • Defense of Imperial Sugar and its directors in derivative suits challenging its acquisition by Louis Dreyfus
  • Representation of J.C. Penney and its directors in derivative suit challenging executive compensation
  • Representation of Titanium Metals and its directors in derivative suits challenging related party transactions
  • Representation of Hercules Offshore and its directors in derivative suits challenging executive compensation in light of say­on­pay vote
  • Representation of Hercules Offshore and its directors in derivative suit relating to FCPA issues
  • Representation of the Special Litigation Committee of Fleming Companies in connection with two derivative suits
  • Defense of Baker Hughes along with its officers and directors in derivative suit concerning an accounting restatement
  • Defense of EGL, Inc. in derivative litigation over the company's going private transaction
  • Representation of the CEO and other senior executives of Landry's in derivative litigation and investigation over options granting practices
  • Representation of Imperial Sugar in a derivative action arising out of a plant explosion
  • Representation of Special Litigation Committee of Sterling Bancshares in connection with threatened litigation relating to its merger with Comerica Bank
  • Representation of Special Litigation Committee of Meridian Resources in a derivative action relating to its merger with Alta Mesa Holdings
  • Representation of ICO in a derivative action relating to its merger with A. Schulman

Other Securities Litigation

  • Defense of Credit Suisse and Deutsche Bank in fraud and tortious interference suit brought by Huntsman Corporation over Huntsman's failed merger with Hexion (Montgomery County, TX); case settled during trial
  • Representation of Morgan Stanley in numerous trials in state and federal court
  • Representation of major broker-­dealers in arbitrations involving alleged unsuitability, churning, unauthorized trading, misrepresentation and selling away, with more than fifty going to award after hearing

Other Litigation

  • Representation of various investment banks in litigation over mergers and acquisitions
  • Representation of hedge fund in arbitration over a royalty trust agreement
  • Representation of hedge fund in litigation under a credit agreement
  • Representation of major retailer in trial over sales of alleged counterfeit goods

Awards and Community

Recognized in Chambers USA, 2006-2023 as Band 1 in Securities Litigation

Recommended in The Legal 500 U.S., 2013, 2020, 2021, 2022 & 2023

Recognized as a Texas Super Lawyer, (Thomson Reuters) 2003-2005 & 2007-2021, one of the Top 100 Texas Lawyers, 2010, and one of the Top 100 Houston Lawyers, 2012

Listed in The Best Lawyers in America (Woodward White, Inc.), 2008-2021

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