08/22/2007
Cooley mounts successful trial defense for former Arthur Andersen partner in Peregrine Systems fraud case
On July 27, 2007, Cooley litigators achieved a major jury trial success in a federal fraud prosecution against Daniel F. Stulac, a former partner at Arthur Andersen LLP who was charged in October 2004 by the U.S. Attorney’s Office in San Diego with securities fraud, wire fraud and bank fraud in connection with the financial reporting of Peregrine Systems, Inc., a San Diego-based software provider. At the time of the indictment, the U.S. Attorney described the case as "the largest fraud in the history of the Southern District of California."
After a three-month trial and two weeks of deliberations, the jury announced it was deadlocked with votes favoring acquittal of Cooley's client on all counts.
The case was widely watched by legal analysts as another in a series of post-Enron financial fraud trials involving alleged accounting improprieties. The case was unique in that it marked the first time post-Enron that an outside auditor was charged with directly conspiring with management to manipulate earnings and deceive investors.
The Cooley team was led by Michael Attanasio, a partner and experienced jury trial lawyer who has tried numerous cases to verdict in federal courts around the country. Mr. Attanasio was assisted by lead associate Aaron Arnzen and a team of attorneys, paralegals, and staff from Cooley's San Diego office.
For an article in the San Diego Union Tribune regarding the jury deadlock and quoting Michael Attanasio, click here.