Jason D. Frank
For the last two decades, Jason D. Frank has represented clients in shareholder class actions, derivative suits, SEC proceedings, internal investigations, and a broad array of complex business litigation. He has litigated in trial and appellate courts throughout the United States, appearing before courts in virtually every federal circuit.
Jason has been selected as one of the Best Lawyers in America, one of Boston’s Best Lawyers, and a “Super Lawyer” in the field of securities litigation. He is on the team that received the Securities Litigation “Law Firm of the Year” award for 2013 from U.S. News and World Report. Jason is the architect of one of the most significant securities class certification victories in recent history. In OPERS v. Freddie Mac, in a putative class action arising out of the subprime crisis, Jason obtained an order denying certification, on multiple grounds, of a class of purchasers of common stock in a Fortune 100 company trading on the New York Stock Exchange.
- Freddie Mac (2025): Obtained the grant of summary judgment for Freddie Mac, which faced securities fraud claims arising out of the subprime credit crisis. Our firm previously secured the first district court decision in the nation to refuse to certify a class of shareholders of common stock in a New York Stock Exchange-traded company based on a plaintiff’s failure to establish that the stock traded in an efficient market. After several trips to the Sixth Circuit, the shareholder plaintiff was forced to proceed on its individual claims, hoping to revive class claims on appeal. In a 64-page decision that relies heavily on our briefing and forecloses all claims, the court held that the plaintiff failed to identify triable issues on any of almost three dozen allegedly false statements. The court granted summary judgment in favor of defendants on virtually every element of the plaintiff’s claims, including falsity, scienter, materiality, reliance, loss causation, and even damages.
- Freddie Mac (2023): Obtained reversal by the US Court of Appeals for the Sixth Circuit of District Court’s grant of plaintiff’s request for summary judgment to enter against itself, where plaintiff essentially sought an interlocutory appeal of district court’s denial of class certification
- Casa Systems (2021): Court dismissed, with prejudice, all 1933 Act strict liability claims asserted against the Company and certain of its directors and officers in a federal securities class action filed in Massachusetts state court, pursuant to the US Supreme Court’s ruling in the Cyan case, arising out of the initial public offering of Casa’s stock
- Prophecy Asset Management (2020): New York’s First Department, Appellate Division, affirmed grant of motion to dismiss in breach-of-contract case
- Synchronoss Technologies (2019): Court dismissed all claims asserted against the company, its CEO and CFO in a federal securities fraud class action, where plaintiffs based their claims on the facts that the company had restated two years of financial statements, that it had missed its earnings guidance, and that the individual defendants had sold company stock during the class period
- Tempur Sealy (2019): Court dismissed, with prejudice, all claims in a securities fraud class action asserted against Tempur Sealy, its CEO and CFO, following stock drop triggered by the loss of the company’s largest customer, Mattress Firm
- Prophecy Asset Management (2019): New York Supreme Court, Commercial Division, granted motion to dismiss in $25 million breach-of-contract dispute between hedge fund adviser and sub-adviser over terms of sub-advisory agreement
- Freddie Mac (2018): First chaired Daubert hearing that resulted in court denying class certification in a multi-billion-dollar federal securities fraud class action pending in US District Court for the Northern District of Ohio against Freddie Mac, where plaintiffs challenged the adequacy of Freddie Mac’s disclosures regarding its participation in the subprime and nonconforming mortgage markets prior to Freddie Mac’s placement into conservatorship
- Teva Pharmaceutical Industries Ltd. (2018): Court dismissed all claims asserted against a leading generic drug manufacturer and its officers and directors in securities fraud class action, including the dismissal of all strict liability claims asserted under the Securities Act of 1933, with leave to replead
- NetScout Systems (2015): Court denied in its entirety defendant Gartner, Inc’s motion to strike claims for violation of the Connecticut Unfair Trade Practices Act and for corporate defamation based on NetScout’s allegations that Gartner has a “pay-to-play” business model and that Gartner published false and defamatory statements
- Tempur Sealy (2015): Sixth Circuit Court of Appeals affirmed district court’s grant of a motion to dismiss securities fraud class action filed against a leading mattress manufacturer and its officers and directors, notwithstanding allegations concerning over $15 million in stock trading by company management
- Beacon Mutual (2015): Supreme Court of Rhode Island affirmed the dismissal of a $100 million class action filed against the largest workers’ compensation insurer in Rhode Island, where we were retained after the denial of motions to dismiss and summary judgment and after the grant of class certification
- Freddie Mac (2014): Court dismissed, with prejudice, all claims asserted against Freddie Mac in multi-billion-dollar federal securities fraud class action pending in US District Court for the Northern District of Ohio, where plaintiffs challenged the adequacy of Freddie Mac’s disclosures regarding its participation in the subprime and nonconforming mortgage markets prior to Freddie Mac’s placement into conservatorship
- Tempur Sealy (2014): Court dismissed all claims asserted against a leading mattress manufacturer and its officers and directors, with prejudice, in securities fraud class action, notwithstanding allegations concerning over $15 million in stock trading by company management during the class period
- Freddie Mac (2013): Second Circuit Court of Appeals affirmed the grant of motion to dismiss, with prejudice, all claims asserted against Freddie Mac in multibillion-dollar federal securities fraud class action filed in the Southern District of New York, where plaintiffs alleged Freddie Mac mislead investors regarding its participation in the subprime and nonconforming mortgage markets, as well as its capital adequacy, internal controls and underwriting practices, prior to Freddie Mac’s placement into conservatorship
- Aetna (2013): Appellate court (First Department) sustained all claims that Aetna asserted against a non-bankrupt affiliate of Lehman Brothers and the individuals who acted on its behalf in a case seeking more than $100 million in compensatory damages as well as multiple damages and attorneys' fees under the Connecticut Unfair Trade Practices Act
- Beacon Mutual (2012): Court dismissed a $100 million class action filed against the largest workers’ compensation insurer in Rhode Island, where we were retained after the denial of summary judgment and grant of class certification
- Freddie Mac (2012): Court dismissed, with prejudice, all claims asserted against Freddie Mac in a multibillion-dollar federal securities fraud class action pending in the Southern District of New York, where plaintiffs alleged Freddie Mac misled investors regarding its participation in the subprime and nonconforming mortgage markets, as well as its capital adequacy, internal controls, and underwriting practices, prior to Freddie Mac's placement into conservatorship
- Trustee of Retirement Plan (2012): Settled case with US Department of Labor (DOL), with no payment or penalty, despite the fact that the DOL found that trustee violated fiduciary duties in connection with investments in Bernie Madoff funds
- Freddie Mac (2011): Court dismissed all claims asserted against Freddie Mac in a federal securities fraud class action where plaintiffs alleged Freddie Mac misled investors regarding its participation in the subprime and non-traditional mortgage markets, its capital adequacy, and its internal controls and underwriting practices, prior to Freddie Mac’s placement into conservatorship
- Battery Ventures (2011): Illinois appellate court affirmed grant of summary judgment dismissing $12 million in claims filed against Battery Ventures in connection with Battery and Blackstone’s $90 million investment in the London International Financial Futures and Options Exchange (LIFFE)
- Kopin Corporation (2011): Court granted motion to dismiss declaratory judgment and breach of fiduciary duty claims asserted in a putative class action against Kopin and its directors and senior officers, in connection with the alleged backdating of employee stock option grants and the restatement of the company’s financial results
- Synchronoss Technologies (2010): Court granted motion to dismiss all claims asserted against the company, its CEO and CFO in a federal securities fraud class action where plaintiffs based their claims on the fact that the company had failed to achieve its earnings guidance and the individual defendants had sold millions of dollars in company stock during the class period, which triggered the voluntary dismissal of two related derivative actions
- Battery Ventures (2010): Court granted summary judgment, dismissing $12 million in claims filed against Battery Ventures in connection with Battery and Blackstone’s $90 million investment in the London International Financial Futures and Options Exchange (LIFFE)
- LCA-Vision (2009): Court dismissed, with prejudice, all claims asserted against the company and its former CEO, CFO and GC in a federal securities fraud class action. Plaintiffs based their claims on the fact that the company has restated its financial statements, that it had revised downward its earnings guidance and that the individual defendants had sold millions of dollars in company stock during the class period
- Investors Financial (2009): Court dismissed, with prejudice, all claims asserted against the company and its senior officers, including in a federal securities fraud class action, where the company had restated three-and-a-half years of financial statements, had revised downward its earnings guidance and individual defendants had sold millions of dollars in company stock during the class period
- Teradyne (2008): Court granted motion for judgment on the pleadings on all claims, including securities fraud and breach of MAC clause claims, arising out of a $122 million merger transaction
- Novell (2008): Plaintiffs voluntarily dismissed multiple derivative suits against officers and directors relating to the company’s prior stock option granting practices, after plaintiffs determined that they did not possess valid arguments to oppose our motion to dismiss
- Tempur-Pedic (2008): Court granted motion to dismiss all claims asserted against company and its officers and directors, with prejudice, in securities fraud class action, notwithstanding allegations concerning more than $250 million in stock trading and distributions by alleged company insiders during the class period
- Witness Systems (2008): Court granted motion to dismiss all federal securities fraud class action claims asserted against the chairman of the company’s compensation committee, where the company restated its financial results after disclosing that the grant dates for certain stock options issued to company personnel had likely been selected with hindsight
- Kopin Corporation (2008): Court granted motion to dismiss breach of fiduciary duty and related claims asserted in shareholder derivative suits against the company’s senior officers and directors, in connection with the alleged backdating of employee stock option grants and the restatement of the company’s financial results
- Battery Ventures (2007): Court granted summary judgment, dismissing $12 million in claims filed against Battery Ventures in connection with Battery and Blackstone’s $90 million investment in the London International Financial Futures and Options Exchange (LIFFE)
- Teradyne (2006): Second Circuit Court of Appeals affirmed grant of motion to dismiss a $55 million fraud case filed against Teradyne in connection with the acquisition of one of its suppliers
- Teradyne (2005): District Court granted motion to dismiss a $55 million fraud case filed against Teradyne in connection with the acquisition of one of its suppliers
- Teradyne (2004): Court granted motion to dismiss all securities fraud class action claims asserted against Teradyne, its CEO and CFO arising out of the company’s unrealized financial projections
- The University of Chicago, 1993, Bachelor of Arts, with honors
- The University of Chicago Law School, 1996, Juris Doctor
- Massachusetts
- New York
- New York State Supreme Court for the Appellate Division for the Third Judicial Dept
- US Court of Appeals for the First Circuit
- US Court of Appeals for the Fourth Circuit
- US Court of Appeals for the Ninth Circuit
- US Court of Appeals for the Second Circuit
- US Court of Appeals for the Sixth Circuit
- US District Court for the District of Massachusetts
- Supreme Court of the United States

Ranked, Litigation: Securities, Massachusetts, Chambers USA (2025)
Listed, The Best Lawyers in America, Litigation – Securities, Boston (2009–2020, 2022–2026)
Member, Law Firm of the Year, Securities Regulation, US News/Best Lawyers – Best Law Firms (2019)
Recommended, Dispute resolution: Securities litigation: defense, The Legal 500 US (2013–2019)
Recognized, Securities Litigation, Super Lawyers (2011–2015)
Recognized, Massachusetts Rising Stars, Super Lawyers (2005–2006; 2010)
Recognized, Boston’s Best Lawyers (2009–present)
Member, American Bar Association, Subcommittee on Securities and Corporate Governance
Member, Massachusetts Bar Association
Member, Boston Bar Association
