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.
#
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)
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)
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)
REDDY ICE HOLDINGS INCFRZ (last ticker on record)	Feb 2005	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Cano Health, Inc.CANOQ (last ticker on record)	Jun 2021	Text search only	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
EXCO RESOURCES INCXCOOQ (last ticker on record)	Mar 2004	Text search only	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
MAGNA ENTERTAINMENT CORPMECAQ (last ticker on record)	Jul 2004	Named in a filing	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
PILGRIMS PRIDE CORPPPC (last ticker on record)	Oct 2006	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
WeWork Inc.WE (last ticker on record)	May 2021	Text search only	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
AVAYA INCAV (last ticker on record)	May 2001	Text search only	SEC/DOJ scrutiny Bankruptcy Restructuring Delisting notice (not a red flag)
DAYTON SUPERIOR CORPDSUP (last ticker on record)	May 1996	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
HEXION INC.	Feb 2005	Text search only	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring
LYONDELL CHEMICAL COLYO (last ticker on record)	Jan 1996	Named in a filing	SEC/DOJ scrutiny Bankruptcy Restructuring Delisting notice (not a red flag)
NORTEK INCNTK (last ticker on record)	Aug 2008	Text search only	SEC/DOJ scrutiny Bankruptcy Restructuring 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
Alpha Natural Resources, Inc.ANR (last ticker on record)	Mar 2011	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
BLOCKBUSTER INCBBI (last ticker on record)	Jun 2004	Named in a filing	Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Container Store Group, Inc.TCS (last ticker on record)	Sep 2013	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
DermTech, Inc.DMTK (last ticker on record)	Apr 2017	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
DIEBOLD NIXDORF, IncDBD (last ticker on record)	Oct 2016	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
Fairway Group Holdings CorpFWMHQ (last ticker on record)	Sep 2012	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
FEDDERS CORP /DEFJCC (last ticker on record)	May 2004	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
Frontier Communications Parent, Inc.FYBR (last ticker on record)	Nov 2006	Named in a filing	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
Gadsden Properties, Inc.FCRE (last ticker on record)	Oct 2002	Text search only	Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Harry & David Holdings, Inc.	Oct 2005	Text search only	SEC/DOJ scrutiny Bankruptcy Restructuring
MI 2009 Inc.MZIAQ (last ticker on record)	Apr 1994	Named in SEC correspondence	Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
MILLENNIUM CHEMICALS INCMCH (last ticker on record)	Jul 2001	Text search only	Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
OFFICE PROPERTIES INCOME TRUSTOPI (last ticker on record)	Jul 2023	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
RHI Entertainment, Inc.RHIE (last ticker on record)	Sep 2007	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
TerraVia Holdings, Inc.TVIA (last ticker on record)	Mar 2011	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
TETON ENERGY CORPTEC (last ticker on record)	Jan 2004	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
ViewRay, Inc.VRAY (last ticker on record)	Dec 2019	Named in a filing	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
ATA HOLDINGS CORPATAHQ (last ticker on record)	Oct 1997	Named in a filing	95% wipeout Bankruptcy Delisting notice (not a red flag)
ATX COMMUNICATIONS INCCOMM (last ticker on record)	Feb 2002	Text search only	SEC/DOJ scrutiny Bankruptcy
BUFFETS HOLDINGS, INC.	Jun 2004	Text search only	Restatement Bankruptcy Restructuring
J CREW GROUP INCJCG (last ticker on record)	Dec 2010	Named in SEC correspondence	Bankruptcy Restructuring Delisting notice (not a red flag)
Momentive Performance Materials Inc.	Sep 2007	Text search only	Restatement Bankruptcy Restructuring
VERASUN ENERGY CORPVSE (last ticker on record)	Dec 2007	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring
AZTAR CORPAZR (last ticker on record)	Jun 2007	Text search only	Bankruptcy Restructuring
EchoStar CORPECHO (last ticker on record)	Oct 2023	Named in SEC correspondence	Bankruptcy Restructuring
Global Aviation Holdings Inc.GLAH (last ticker on record)	Oct 2007	Named in a filing	Bankruptcy Restructuring
Notable Labs, Ltd.NTBL (last ticker on record)	May 2023	Named in a filing	Bankruptcy Restructuring
PLIANT LLCPLIAP (last ticker on record)	Jul 2001	Text search only	Bankruptcy Restructuring
READERS DIGEST ASSOCIATION INCRDA (last ticker on record)	Jul 2003	Named in a filing	Bankruptcy Restructuring Delisting notice (not a red flag)
REVLON CONSUMER PRODUCTS CORP	Sep 2005	Text search only	Bankruptcy Restructuring Delisting notice (not a red flag)
ROTECH HEALTHCARE INCROHI (last ticker on record)	Nov 2010	Text search only	Bankruptcy Restructuring

At a glance

Every outcome

Lawyers at this firm

Linked companies

At a glance

Every outcome

Lawyers at this firm

Linked companies