Mr. Carroll secured important wins for the pharmaceutical industry in the U.S. Court of Appeals for the First Circuit. In May 2016, the First Circuit affirmed the dismissal with prejudice of purported securities fraud class action cases against a major Boston pharmaceutical company. In doing so, the court emphasized that the plaintiff’s use of so-called confidential witnesses Äî even when there are many of them Äî is no substitute for specific factual allegations of fraud. In another frequently cited First Circuit win for a pharmaceutical company, the court emphasized that drug companies have no obligation to immediately publicly disclose even very negative adverse events of a drug and that securities laws permit Äî indeed, require Äî that issuers reasonably investigate important developments prior to public disclosure. Mr. Carroll, on behalf of a German-based global pharmaceutical and chemical company, also won denial of a preliminary injunction motion seeking to enjoin a shareholder vote on whether to approve the company’s proposed $7 billion acquisition of a Massachusetts-based life science company.