David L. Wales is Senior Counsel at Saxena White P.A., focusing on corporate governance litigation. Mr. Wales is an experienced securities litigator and trial attorney, and a former Assistant United States Attorney for the Southern District of New York.
Prior to joining Saxena White, Mr. Wales was a partner for 12 years at a nationally recognized securities litigation firm, where he served as one of the leaders of the corporate governance litigation practice.
During his career, Mr. Wales has led numerous significant corporate governance actions including the derivative action against the board of directors of Pfizer Inc., arising out of the off-label marketing of pharmaceuticals, resulting in a $75 million recovery and the first case requiring the establishment of a board-level regulatory compliance committee. Mr. Wales has been a leader in the fight against corporate abuse in the sale of opioids including a derivative action on behalf of McKesson Corporation achieving a $175 million recovery and substantial corporate governance reforms, and successfully tried a books and records action against Walmart Inc. He was a leader in the action against the board and senior management of Twenty-First Century Fox, Inc., arising out of workplace harassment, obtaining a $90 million recovery and ground-breaking corporate governance reforms. Mr. Wales has successfully litigated numerous actions arising out of mergers and acquisitions, as well as conflicted transactions, including In re New Senior Investment Group, Inc. Derivative Litigation, a $53 million recovery arising out of a conflicted transaction and In re Jefferies Group, Inc. Shareholders Litigation, a $70 million settlement on behalf of shareholders in the sale of the company.
Mr. Wales has extensive experience successfully prosecuting class actions under the federal securities laws, including In Re Merck & Co., Inc. Securities Litigation, achieving a $1.06 billion settlement weeks before trial; Public Employees’ Retirement System of Mississippi v. Merrill Lynch & Co. Inc., obtaining a $315 million settlement after arguing the first successful class certification motion in an RMBS action; and In re Sepracor Corp. Securities Litigation, a $52.5 million recovery in a certified securities fraud class action.
Mr. Wales has been consistently recognized for his legal excellence. He is AV rated, the highest rating from Martindale-Hubbell®. He has also been named a top practitioner by Legal 500, a “New York Super Lawyer” in securities litigation by Thomson Reuters, and as one of the “500 Leading Plaintiff Financial Lawyers” by Lawdragon. Mr. Wales is a frequent speaker on corporate governance including ESG and securities fraud matters.
Mr. Wales graduated magna cum laude from the State University of New York at Albany and cum laude from the Georgetown University Law Center.