Cravath Swaine & Moore

Linked to 839 companies since Mar 1994. A filing names it for 52% of those. The rest come from a text search, which also finds a firm on the other side of a deal.

These figures describe clients, not conduct. A lawyer or firm can serve many companies that later had trouble for reasons that have nothing to do with their work, and nothing here says any lawyer or firm did anything wrong.

97 of these companies later showed signs of SEC or DOJ scrutiny and had another red flag. Comparable companies would show 68.4, so that is 1.42× what you would expect.

SEC or DOJ scrutiny and another red flag: 1.42×; 97 companies, 68.4 expected, q 0.070
SEC or DOJ scrutiny: 1.29×; 154 companies, 119.3 expected, q 0.158
Stopped filing, and the SEC acted: 0.03×; 1 company, 30.4 expected, q 1.000
Shares fell 95% from their high: 0.82×; 82 companies, 100.3 expected, q 1.000

Each bar’s tick marks 1×, no more than comparable companies. A colored bar has q below 0.05, the usual bar.

Every outcome

What came later among these companies, against comparable companies
What came later	Companies	Expected	× expected	q
SEC or DOJ scrutiny and another red flag	97	68.4	1.42	0.070
SEC or DOJ scrutiny	154	119.3	1.29	0.158
Stopped filing, and the SEC acted	1	30.4	0.03	1.000
Shares fell 95% from their high	82	100.3	0.82	1.000
Two or more different red flags	168	134.2	1.25	0.079
Said its accounts could not be relied on	107	108.6	0.99	1.000
Bankruptcy or receivership	48	36.2	1.33	0.317
Restructuring or accelerated debt	250	173.1	1.44	<0.001
Delisting notice	271	238.3	1.14	0.258
SEC accounting enforcement release	47	28.9	1.62	0.390
An SEC release or DOJ statement names it, an officer or its stock	81	62.8	1.29	0.996

What each of these means

SEC or DOJ scrutiny and another red flag: The SEC or DOJ took an interest, and the company also fell 95%, restated its accounts, restructured or went bankrupt.
SEC or DOJ scrutiny: An enforcement release; a Wells notice, a formal order, a subpoena or a statement that it is cooperating with the SEC or Justice Department in the company's own filings; or far more SEC letters than a company normally draws. Whether or not the company was ever charged: most cases settle, or end in nothing public.
Stopped filing, and the SEC acted: The SEC revoked the company's registration, or suspended trading, for nothing but not filing.
Shares fell 95% from their high: A close at least 95% below the earlier high, with no close above a fifth of that high in the next ten, so that one bad print does not count. It can recover later.
Two or more different red flags: Any two of: SEC or DOJ scrutiny, a 95% fall, a restatement, a restructuring, a bankruptcy.
Said its accounts could not be relied on: The company's own Item 4.02 notice on Form 8-K.
Bankruptcy or receivership: The company's Item 1.03 notice on Form 8-K. This follows how much debt clients carry, so restructuring practices read high here.
Restructuring or accelerated debt: Item 2.05 or Item 2.04 on Form 8-K.
Delisting notice: Item 3.01 on Form 8-K. Mergers and transfers between exchanges report under it too, so it is shown but counts as no red flag.
SEC accounting enforcement release: An Accounting and Auditing Enforcement Release that names the company.
An SEC release or DOJ statement names it, an officer or its stock: The text of a release or a DOJ statement names the company, one of its officers, or its stock as what a scheme sold or moved. It does not say the company did wrong: a company can be the victim. This is about the company, never its lawyers.

Lawyers at this firm

Rank by

Lawyers ranked by SEC or DOJ scrutiny and another red flag. Click a column to sort.
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1	John W. WhiteCravath Swaine & Moore	32	63%	12	3.7	3.26	0.059	2.50	0.63
2	Eric L. SchieleCravath Swaine & Moore	27	67%	8	2.1	3.87	0.196	2.19	1.18
3	ALLEN FINKELSONCravath Swaine & Moore	12	83%	7	2.0	3.56	0.239	2.65	0.94
4	Johnny G. SkumpijaCravath Swaine & Moore	15	47%	5	0.7	7.04	0.290	3.73	1.73
5	George A. StephanakisCravath Swaine & Moore	19	47%	5	1.2	4.27	0.581	2.57	1.72
6	Thomas E. DunnCravath Swaine & Moore	25	64%	5	1.6	3.21	0.755	2.12	0.42
7	Joel F. HeroldCravath Swaine & Moore	8	38%	3	0.5	6.53	0.772	3.00	1.16
8	Damien R. ZoubekCravath Swaine & Moore	28	64%	6	2.5	2.45	0.785	1.73	0.59
9	D. Scott BennettCravath Swaine & Moore	22	68%	4	1.0	3.85	0.804	1.89	2.28
10	Philip A. GelstonCravath Swaine & Moore	15	53%	4	1.2	3.31	0.845	1.86	1.25
11	George E. ZobitzCravath Swaine & Moore	12	42%	3	0.7	4.64	0.874	2.51	2.45
12	ROBERT A. KINDLERCravath Swaine & Moore	12	100%	4	1.6	2.58	0.912	2.00	0.81
13	Ronald CamiCravath Swaine & Moore	19	74%	5	2.3	2.20	0.922	1.81	1.55
14	Robert RosenmanCravath Swaine & Moore	13	69%	4	1.7	2.35	0.969	1.51	0.80
15	Kris F. HeinzelmanCravath Swaine & Moore	68	43%	9	6.2	1.46	1.000	1.29	0.93
16	Andrew J. PittsCravath Swaine & Moore	58	76%	6	4.3	1.41	1.000	1.25	0.74
17	William J. Whelan IIICravath Swaine & Moore	51	43%	4	4.7	0.85	1.000	0.79	0.65
18	Michael J. SoleckiCravath Swaine & Moore	48	88%	5	3.7	1.34	1.000	1.08	1.82
19	Richard HallCravath Swaine & Moore	47	55%	4	4.2	0.96	1.000	0.81	0.52
20	Craig F. ArcellaCravath Swaine & Moore	43	61%	4	2.6	1.54	1.000	0.74	0.50
21	William V. FoggCravath Swaine & Moore	38	66%	6	3.3	1.83	1.000	1.64	1.15
22	Michael J. Solecki Jones DayCravath Swaine & Moore	33	21%	1	2.3	0.43	1.000	0.62	0.88
23	William P. Rogers Jr.Cravath Swaine & Moore	33	64%	5	3.3	1.52	1.000	1.65	0.88
24	John T. GaffneyCravath Swaine & Moore	32	81%	3	2.5	1.20	1.000	1.47	0.63
25	Robert I. Townsend IIICravath Swaine & Moore	32	63%	5	2.5	2.04	1.000	1.25	1.40
26	Nicholas A. DorseyCravath Swaine & Moore	24	67%	2	0.8	2.60	1.000	0.90	0.74
27	Stephen L. BurnsCravath Swaine & Moore	24	38%	3	1.7	1.73	1.000	1.33	0.79
28	George F. SchoenCravath Swaine & Moore	22	64%	2	1.1	1.75	1.000	0.77	0.35
29	Keith HallamCravath Swaine & Moore	22	68%	1	1.1	0.93	1.000	0.40	1.28
30	Ting S. ChenCravath Swaine & Moore	20	70%	2	0.8	2.46	1.000	1.96	0.89
31	Erik R. TavzelCravath Swaine & Moore	19	58%	4	1.8	2.23	1.000	1.50	2.25
32	Joseph D. ZavagliaCravath Swaine & Moore	18	72%	2	0.9	2.10	1.000	1.33	2.27
33	Kimberly J. PustulkaCravath Swaine & Moore	16	75%	1	0.9	1.06	1.000	0.85	1.24
34	Mark I. GreeneCravath Swaine & Moore	16	56%	4	1.9	2.16	1.000	1.50	1.25
35	David J. PerkinsCravath Swaine & Moore	14	36%	2	0.4	5.23	1.000	1.61	1.24
36	Susan WebsterCravath Swaine & Moore	14	50%	1	1.3	0.77	1.000	1.34	0.00
37	David MercadoCravath Swaine & Moore	12	50%	2	0.7	2.77	1.000	1.27	1.98
38	Philip J. BoeckmanCravath Swaine & Moore	12	50%	2	0.6	3.12	1.000	1.40	0.93
39	Andrew C. ElkenCravath Swaine & Moore	11	91%	1	0.2	4.64	1.000	1.25	0.00
40	Andrew R. ThompsonCravath Swaine & Moore	11	73%	2	0.5	4.23	1.000	2.04	0.73
41	C. Daniel HaarenCravath Swaine & Moore	11	82%	1	0.3	4.08	1.000	1.96	0.00
42	Gregory M. ShawCravath Swaine & Moore	11	82%	1	0.9	1.05	1.000	1.98	0.00
43	Timothy G. MassadCravath Swaine & Moore	11	64%	1	1.8	0.57	1.000	1.18	1.12
44	Matthew G. JonesCravath Swaine & Moore	9	67%	1	0.1	6.71	1.000	1.20	0.97
45	Thomas R. BromeCravath Swaine & Moore	9	67%	1	0.8	1.19	1.000	0.67	0.99
46	Alyssa K. CaplesCravath Swaine & Moore	8	50%	2	0.3	6.70	1.000	2.35	2.08
47	Daniel J. CerqueiraCravath Swaine & Moore	8	88%	1	0.1	7.61	1.000	2.99	0.00
48	James C. WooleryCravath Swaine & Moore	8	50%	2	1.1	1.91	1.000	1.59	1.63
49	Jonathan J. KatzCravath Swaine & Moore	8	38%	2	0.3	5.70	1.000	1.87	3.27
50	Aaron M. GruberCravath Swaine & Moore	7	71%	1	0.2	4.47	1.000	1.29	1.64

Linked companies

WithSortOnly where a filing names them

Companies linked to this firm or lawyer, and what came later among them. Click a column to sort.
		How it is known
NEW RITE AID, LLCRAD (last ticker on record)	Jul 2001	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Refco Inc.RFX (last ticker on record)	Oct 2004	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
AVIS BUDGET GROUP, INC.CAR (last ticker on record)	Jul 2001	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
COLLINS & AIKMAN CORPCKC (last ticker on record)	Sep 1995	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
COMSCORE, INC.SCOR (last ticker on record)	Apr 2007	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
EXP OldCo Winddown, Inc.EXPR (last ticker on record)	May 2010	Text search only	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
Clear Channel Outdoor Holdings, Inc.CCO (last ticker on record)	Aug 2005	Named in SEC correspondence	SEC/DOJ scrutiny Bankruptcy Restructuring Delisting notice (not a red flag)
Kraft Heinz CoKHC (last ticker on record)	Apr 2015	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
NAVISTAR INTERNATIONAL CORPNAV (last ticker on record)	Feb 2003	Text search only	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
SUN-TIMES MEDIA GROUP INCSVN (last ticker on record)	Sep 1997	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
WELLCARE HEALTH PLANS, INC.WCG (last ticker on record)	Jun 2004	Text search only	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
XEROX CORPXRX (last ticker on record)	Oct 1996	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restructuring Delisting notice (not a red flag)
Bausch Health Companies Inc.BHC (last ticker on record)	Dec 2009	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring
COMPASS MINERALS INTERNATIONAL INCCMP (last ticker on record)	Apr 2003	Text search only	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
EXELON CORPEXC (last ticker on record)	May 2000	Named in a filing	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
FLOWSERVE CORPFLS (last ticker on record)	Jun 1997	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
Kraft Foods Group, Inc.KRFT (last ticker on record)	May 2012	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
L3 TECHNOLOGIES, INC.LLL (last ticker on record)	Sep 2002	Text search only	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
MEDLEY MANAGEMENT INC.MDLY (last ticker on record)	Aug 2014	Text search only	SEC/DOJ scrutiny 95% wipeout Restructuring Delisting notice (not a red flag)
MICHAELS STORES INCMIK (last ticker on record)	Aug 2006	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
Mondelez International, Inc.MDLZ (last ticker on record)	Jun 2008	Named in a filing	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
MORGAN STANLEYMS (last ticker on record)	Apr 1997	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring
Mylan II B.V.MYL (last ticker on record)	Nov 2014	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
PRUDENTIAL FINANCIAL INCPRU (last ticker on record)	Aug 2001	Text search only	SEC/DOJ scrutiny Restatement Restructuring
Santander Consumer USA Holdings Inc.SC (last ticker on record)	Jul 2013	Text search only	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
United Airlines Holdings, Inc.UAL (last ticker on record)	Apr 2007	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
WARNER MEDIA, LLCTWX (last ticker on record)	Jan 2001	Named in a filing	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
Alpha Appalachia Holdings, Inc.MEE (last ticker on record)	Apr 2011	Named in a filing	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
CREDIT SUISSE GROUP AGCS (last ticker on record)	Oct 2002	Named in a filing	SEC/DOJ scrutiny 95% wipeout
CUMMINS INCCMI (last ticker on record)	Jul 1997	Named in a filing	SEC/DOJ scrutiny Restructuring
INTERNATIONAL BUSINESS MACHINES CORPIBM (last ticker on record)	Mar 1994	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring
JPMORGAN CHASE & COJPM (last ticker on record)	Apr 2001	Named in SEC correspondence	SEC/DOJ scrutiny Restatement
Koppers Holdings Inc.KOP (last ticker on record)	Feb 2005	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring
L3HARRIS TECHNOLOGIES, INC.LHX (last ticker on record)	Sep 2003	Named in a filing	SEC/DOJ scrutiny Restructuring
MCI INCMCIP (last ticker on record)	Nov 1999	Named in a filing	SEC/DOJ scrutiny Restatement
MYLAN INC.MYL (last ticker on record)	Sep 2004	Named in a filing	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
OIL STATES INTERNATIONAL, INCOIS (last ticker on record)	Jan 2001	Text search only	SEC/DOJ scrutiny 95% wipeout
OMNICARE INCOCR (last ticker on record)	May 1995	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
PACIFIC GAS & ELECTRIC CoPCG (last ticker on record)	Apr 2018	Named in a filing	SEC/DOJ scrutiny Bankruptcy Restructuring
PFIZER INCPFE (last ticker on record)	Oct 2002	Named in a filing	SEC/DOJ scrutiny Restructuring
STANLEY BLACK & DECKER, INC.SWK (last ticker on record)	Dec 2009	Named in SEC correspondence	SEC/DOJ scrutiny Restatement
UNITED AIRLINES, INC.CAL (last ticker on record)	Aug 2010	Named in a filing	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
VERIZON COMMUNICATIONS INCVZ (last ticker on record)	Apr 2005	Text search only	SEC/DOJ scrutiny Restructuring Delisting notice (not a red flag)
BOEING COBA (last ticker on record)	Sep 1996	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring
CHEMED CORPCHE (last ticker on record)	May 2004	Named in a filing	SEC/DOJ scrutiny Restructuring
ILLUMINA, INC.ILMN (last ticker on record)	Nov 2020	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring
JOHNSON & JOHNSONJNJ (last ticker on record)	Oct 1994	Named in SEC correspondence	SEC/DOJ scrutiny Restructuring
Perella Weinberg PartnersPWP (last ticker on record)	Feb 2021	Text search only	SEC/DOJ scrutiny Restatement
STATE STREET CORPSTT (last ticker on record)	Mar 2007	Named in a filing	SEC/DOJ scrutiny Restructuring
ALCATEL-LUCENT USA INC.LU (last ticker on record)	Mar 1999	Named in a filing	SEC/DOJ scrutiny Delisting notice (not a red flag)

At a glance

Every outcome

Lawyers at this firm

Linked companies

At a glance

Every outcome

Lawyers at this firm

Linked companies