Ropes & Gray

Linked to 914 companies since Feb 1994. A filing names it for 57% 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.

60 of these companies later showed signs of SEC or DOJ scrutiny and had another red flag. Comparable companies would show 57.3, so that is 1.05× what you would expect.

SEC or DOJ scrutiny and another red flag: 1.05×; 60 companies, 57.3 expected, q 1.000
SEC or DOJ scrutiny: 0.97×; 90 companies, 92.5 expected, q 1.000
Stopped filing, and the SEC acted: 0.14×; 4 companies, 27.8 expected, q 1.000
Shares fell 95% from their high: 0.91×; 150 companies, 164.8 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	60	57.3	1.05	1.000
SEC or DOJ scrutiny	90	92.5	0.97	1.000
Stopped filing, and the SEC acted	4	27.8	0.14	1.000
Shares fell 95% from their high	150	164.8	0.91	1.000
Two or more different red flags	177	157.1	1.13	0.471
Said its accounts could not be relied on	164	142.0	1.15	1.000
Bankruptcy or receivership	45	38.9	1.16	0.864
Restructuring or accelerated debt	235	179.2	1.31	0.002
Delisting notice	416	329.8	1.26	<0.001
SEC accounting enforcement release	21	19.7	1.07	1.000
An SEC release or DOJ statement names it, an officer or its stock	51	48.1	1.06	1.000

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	Paul KinsellaRopes & Gray	54	89%	11	4.8	2.28	0.589	1.70	0.39	0.63
2	David A. FineRopes & Gray	17	77%	5	1.2	4.22	0.589	2.95	1.71	0.00
3	Paul D. TroppRopes & Gray	108	75%	4	4.4	0.92	1.000	0.86	0.00	0.93
4	Christopher J. CapuzziRopes & Gray	56	70%	2	2.0	1.00	1.000	0.79	0.00	0.86
5	Marc A. RubensteinRopes & Gray	48	58%	3	3.6	0.84	1.000	0.64	0.56	1.25
6	Craig E. MarcusRopes & Gray	45	76%	1	2.3	0.44	1.000	0.69	0.00	0.91
7	Patrick O BrienRopes & Gray	45	82%	4	3.2	1.25	1.000	0.98	0.00	1.09
8	Keith F. HigginsRopes & Gray	35	83%	5	3.5	1.44	1.000	0.86	0.00	0.53
9	Thomas HoldenRopes & Gray	35	66%	3	2.1	1.45	1.000	0.95	0.00	1.03
10	Zachary BlumeRopes & Gray	31	84%	1	1.3	0.76	1.000	1.30	1.69	0.51
11	David C. ChapinRopes & Gray	30	27%	2	1.8	1.10	1.000	0.61	0.00	1.00
12	Alfred O. RoseRopes & Gray	27	26%	4	1.7	2.30	1.000	1.30	0.00	2.10
13	Brian C. ErbRopes & Gray	27	70%	1	1.8	0.54	1.000	0.31	0.80	0.33
14	Julie H. JonesRopes & Gray	25	72%	2	2.8	0.71	1.000	0.41	0.00	1.26
15	Rachel PhillipsRopes & Gray	23	78%	1	1.0	1.02	1.000	1.56	0.00	1.99
16	Jane D. GoldsteinRopes & Gray	22	55%	1	1.3	0.79	1.000	0.41	0.00	0.51
17	Christopher D. ComeauRopes & Gray	21	91%	1	1.0	1.02	1.000	0.66	0.00	0.48
18	William M. ShieldsRopes & Gray	21	48%	1	1.8	0.55	1.000	0.69	0.00	0.00
19	Paul W. Boltz Jr.Ropes & Gray	17	88%	1	1.0	0.97	1.000	1.07	1.29	0.82
20	DAVID B. WALEKRopes & Gray	14	93%	2	1.4	1.47	1.000	0.90	0.00	1.20
21	Tara FisherRopes & Gray	14	79%	2	0.5	3.72	1.000	1.97	0.00	0.29
22	Michael D. BeauvaisRopes & Gray	11	73%	1	0.8	1.34	1.000	0.90	0.00	0.89
23	Mary E. WeberRopes & Gray	10	80%	2	1.5	1.30	1.000	0.86	0.00	1.63
24	John B. AyerRopes & Gray	8	50%	1	0.4	2.36	1.000	2.54	0.00	1.19
25	Jason FreedmanRopes & Gray	7	29%	1	0.3	3.92	1.000	6.99	0.00	0.00
26	Joel F. FreedmanRopes & Gray	33	42%	0	2.2	0.00	—	0.00	0.97	1.34
27	Carl MarcellinoRopes & Gray	32	69%	0	1.4	0.00	—	0.41	0.00	1.20
28	William J. MichenerRopes & Gray	21	91%	0	0.6	0.00	—	0.00	0.00	1.26
29	Thomas J. DanielskiRopes & Gray	19	95%	0	0.8	0.00	—	0.00	0.00	0.93
30	Emily OldshueRopes & Gray	18	83%	0	0.6	0.00	—	1.28	0.00	0.26
31	Thomas FraserRopes & Gray	17	65%	0	0.6	0.00	—	0.00	0.00	0.00
32	Daniel S. EvansRopes & Gray	12	50%	0	0.8	0.00	—	0.00	0.00	0.00
33	Jay J. KimRopes & Gray	11	27%	0	0.5	0.00	—	1.96	0.00	0.86
34	Steven A. WilcoxRopes & Gray	11	55%	0	0.9	0.00	—	0.00	0.00	1.27
35	Nicholas RoperRopes & Gray	7	100%	0	0.3	0.00	—	0.00	0.00	0.80
36	Richard J. MorrisonRopes & Gray	7	71%	0	0.4	0.00	—	0.00	0.00	0.00
37	LAUREN I. NORTONRopes & Gray	6	100%	0	0.5	0.00	—	1.27	0.00	0.00
38	Lisa M. KahleRopes & Gray	6	100%	0	0.6	0.00	—	0.00	0.00	0.91
39	Amanda McGrady MorrisonRopes & Gray	5	40%	0	0.2	0.00	—	2.69	0.00	0.00
40	Benjamin KozikRopes & Gray	5	100%	0	0.2	0.00	—	0.00	0.00	1.60
41	Geoffrey B. DavisRopes & Gray	5	40%	0	0.4	0.00	—	0.00	2.83	1.85
42	Philip KassinRopes & Gray	5	20%	0	0.1	0.00	—	0.00	0.00	0.00
43	Sarah H. YoungRopes & Gray	5	100%	0	0.1	0.00	—	0.00	0.00	0.00
44	Tom FraserRopes & Gray	5	60%	0	0.3	0.00	—	0.00	0.00	0.00

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
Stark Novus Financial Inc.NRDE (last ticker on record)	Jan 2019	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Roadrunner Transportation Systems, Inc.RRTS (last ticker on record)	Sep 2008	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
SELLAS Life Sciences Group, Inc.SLS (last ticker on record)	Oct 2007	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
SYNCHRONOSS TECHNOLOGIES INCSNCR (last ticker on record)	Feb 2006	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Avaya Holdings Corp.AVYA (last ticker on record)	Jun 2011	Named in a filing	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
EyePoint, Inc.EYPT (last ticker on record)	Jun 2006	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
LadRx CorpLADX (last ticker on record)	Jul 2008	Text search only	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
MAGNA ENTERTAINMENT CORPMECAQ (last ticker on record)	Oct 2001	Text search only	SEC/DOJ scrutiny 95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
Sequential Brands Group, Inc.SQBG (last ticker on record)	Sep 2015	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring
SERACARE LIFE SCIENCES INCSRLS (last ticker on record)	Jun 2008	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Delisting notice (not a red flag)
SkinHealth Systems Inc.SKIN (last ticker on record)	Aug 2020	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
XEROX CORPXRX (last ticker on record)	Oct 2009	Text search only	SEC/DOJ scrutiny 95% wipeout Delisting notice (not a red flag)
Bioventus Inc.BVS (last ticker on record)	Oct 2020	Text search only	SEC/DOJ scrutiny 95% wipeout Restructuring
China Shenghuo Pharmaceutical Holdings IncKUN (last ticker on record)	Dec 2006	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Delisting notice (not a red flag)
EDUCATION MANAGEMENT CorpEDMC (last ticker on record)	Apr 2009	Text search only	SEC/DOJ scrutiny 95% wipeout Restructuring Delisting notice (not a red flag)
INFINITY PHARMACEUTICALS, INC.INFI (last ticker on record)	Jul 2006	Text search only	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Party City Holdco Inc.PRTY (last ticker on record)	Jan 2014	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Sage Therapeutics, Inc.SAGE (last ticker on record)	Mar 2014	Named in a filing	SEC/DOJ scrutiny 95% wipeout Restructuring Delisting notice (not a red flag)
Sonder Holdings Inc.SOND (last ticker on record)	Sep 2020	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Virgin Orbit Holdings, Inc.VORB (last ticker on record)	Feb 2021	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
XERIUM TECHNOLOGIES INCXRM (last ticker on record)	Apr 2004	Named in a filing	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
ACCURAY INCARAY (last ticker on record)	Nov 2006	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Akili, Inc.AKLI (last ticker on record)	Apr 2021	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
ALLURION TECHNOLOGIES, INC.ALUR (last ticker on record)	May 2024	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Alphatec Holdings, Inc.ATEC (last ticker on record)	Mar 2006	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
American Strategic Investment Co.NYC (last ticker on record)	Jan 2014	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
ARGOS THERAPEUTICS INCARGS (last ticker on record)	Nov 2013	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
AROTECH CORPARTX (last ticker on record)	Jan 1997	Named in a filing	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Astra Space, Inc.ASTR (last ticker on record)	Jul 2020	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Butterfly Network, Inc.BFLY (last ticker on record)	Feb 2020	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
China Medical Technologies, Inc.CMED (last ticker on record)	Nov 2011	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Went dark (not a red flag)
Claritev CorpCTEV (last ticker on record)	Jul 2020	Text search only	SEC/DOJ scrutiny 95% wipeout Delisting notice (not a red flag)
Clever Leaves Holdings Inc.CLVR (last ticker on record)	Aug 2020	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
CytomX Therapeutics, Inc.CTMX (last ticker on record)	Jul 2015	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
DAVIDsTEA Inc.DTEA (last ticker on record)	Dec 2014	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Delisting notice (not a red flag)
DELTA FINANCIAL CORPDFCLQ (last ticker on record)	Jul 2001	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
ENDEAVOUR INTERNATIONAL CORPENDRQ (last ticker on record)	May 2014	Text search only	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
EPIRUS Biopharmaceuticals, Inc.EPRS (last ticker on record)	Dec 2004	Named in a filing	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
FiberTower CORPFTWR (last ticker on record)	Jul 1997	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
GoodRx Holdings, Inc.GDRX (last ticker on record)	Jul 2020	Text search only	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
iHeartMedia, Inc.IHRT (last ticker on record)	May 2007	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
IRONWOOD PHARMACEUTICALS INCIRWD (last ticker on record)	Nov 2009	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Movella Holdings Inc.MVLA (last ticker on record)	Jan 2021	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Nerdy Inc.NRDY (last ticker on record)	Sep 2020	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
NOVAVAX INCNVAX (last ticker on record)	Aug 2004	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
OSCIENT PHARMACEUTICALS CORPOSCI (last ticker on record)	Jul 1995	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
Owlet, Inc.OWLT (last ticker on record)	Jul 2020	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Quanterix CorpQTRX (last ticker on record)	Jul 2017	Named in SEC correspondence	95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Rockley Photonics Holdings LtdRKLY (last ticker on record)	Apr 2021	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring Delisting notice (not a red flag)
RVL Pharmaceuticals plcRVLP (last ticker on record)	May 2018	Named in SEC correspondence	95% wipeout Bankruptcy Restructuring 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