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Michael Clyde

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Profile photo for Hal M. Clyde
Partner

Michael Clyde

Michael has represented clients in securities, corporate governance, professional liability, antitrust, and other complex litigation for more than 45 years.

Michael Clyde is an experienced litigator, handling such issues as securities, corporate governance, and financial disclosure and accounting. He also conducts internal investigations, responds to threats of litigation, and advises officers and directors on avoiding or promptly resolving disputes. 

Additionally, he has represented witnesses in and targets of regulatory, insider trading, and fraud investigations in front of the United States Securities and Exchange Commission and other federal and state agencies. 

Education & Credentials

Education

  • University of Utah, S.J. Quinney College of Law, J.D., Executive Note Editor, Utah Law Review, 1977
  • University of Utah, Phi Beta Kappa, 1974

Bar and Court Admissions

  • California
  • Arizona
  • U.S. District Court for the District of Arizona
  • U.S. Court of Appeals for the Second Circuit
  • U.S. Court of Appeals for the Fifth Circuit
  • U.S. Court of Appeals for the Ninth Circuit
  • U.S. Court of Appeals for the Tenth Circuit
  • U.S. District Court for the Northern District of California
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the Eastern District of New York

Related Employment

  • Cravath, Swaine & Moore, New York, NY, Associate, 1978-1983
  • Manhattan District Attorney, Special Assistant, 1978-1979

Professional Recognition

  • Named Best Lawyers' Phoenix, "Antitrust Law Lawyer of the Year," 2019, 2021, 2024; "Securities / Capital Markets Law Lawyer of the Year," 2020

  • Listed in Best Lawyers in America: Antitrust Law; Litigation - Antitrust; Litigation - Securities; Securities / Capital Markets Law, 2007-2025

  • Listed in Southwest Super Lawyers, 2007, 2010-2014

  • *Peer Review Rated AV in Martindale-Hubbell (AV®, BV® and CV® are registered certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies.)

Impact

Professional Leadership

  • American Bar Association
  • State Bar of Arizona, Member, Antitrust Section Executive Council, 1989-1992, Chairman, Antitrust Section, 1992-1993
  • New York State Bar Association
  • Maricopa County Bar Association

Professional Experience

Securities & Corporate Governance Litigation

craigslist Inc. v. eBay Inc.

Superior Court of California, County of San Francisco
Lead counsel for craigslist in action by craigslist alleging fraud, violation of the California Securities Act and unfair competition in connection with eBay's purchase of a minority interest in craigslist. Case pending.

eBay Domestic Holdings Inc. v. Craig Newmark, et al.

Court of Chancery of Delaware
Lead trial counsel for craigslist in action by eBay challenging corporate governance measures taken by craigslist to prevent eBay from unilaterally electing an agent to the craigslist Board of Directors, to approve indemnification agreements for craigslist officers and directors, and to approve a right of first refusal offered to all craigslist shareholders and a rights plan. The approval of the indemnification agreements was affirmed on summary judgment and the staggered board was affirmed after trial.

Hill v. Krtil

Superior Court of California, Sacramento County
Defense of Nor-Cal Products, Inc. and two of its former shareholders in an action for alleged breaches of fiduciary duty, fraud and elder abuse made by another former shareholder.

Special Value Continuation Partners LP v. Richard Bachman, et al.

District Court of Texas, Harris County
Defense of the former officers and directors of Trico Marine Services, Inc. in an action alleging fraud, negligent misrepresentation and breach of fiduciary duty in connection with three private equity firms' extensions of credit to Trico.

In re Energy Connect Group, Inc. Shareholder Litigation

Represented Johnson Controls, Inc. in action challenging Johnson Controls’ acquisition of EnergyConnect Group, Inc.

D’Agostino v. JDA Software Group, Inc., et al.

Superior Court of Arizona, Maricopa County
Represented JDA Software in litigation challenging its acquisition by Red Prairie Corporation.

InduSoft, Inc. v. Marcos Taccolini, et al.

U.S. District Court for the Western District of Texas
Represented InduSoft and its affiliates in lawsuit against former officer and employee for unfair competition and breaches of buy-out agreements, including misappropriation of protected trade secrets.

Plumbers Local No. 137 Pension Fund v. Raymond P. Davis, et al.

U.S. District Court for the District of Oregon
Lead counsel for PricewaterhouseCoopers LLP in derivative action one behalf of Umpqua Holdings Corporation alleging breaches of fiduciary duty, breach of contract and unjust enrichment by officers and directors of Umpqua, allegedly aided and abetted by PwC. Case voluntarily dismissed as against PwC.

AMERCO Securities Litigation

U.S. District Court for the District of Arizona
Defense of PricewaterhouseCoopers LLP in a class action for alleged violations of federal securities laws.

Swift Transportation Company Inc. v. Ernst & Young, LLP

Superior Court of Arizona, Maricopa County
Represented several officers and directors in lawsuit for fraud and negligent misrepresentation in connection with Swift's merger with M.S. Carriers Inc.

Philip Lovell v. Vicor Corporation

U.S. District Court for the District of Arizona
Counsel for Vicor and its officers and directors in Arizona Securities Act and Arizona Consumer Fraud action. Claims against Vicor and its officers and directors were dismissed with prejudice.

Klein, et al. v. Freedom Strategic Partners, LLC, et al.

U.S. District Court for the District of Nevada
Lead counsel for members of and LLC defending a class action alleging breaches of fiduciary duties and misrepresentations.

Johnson v. Sasak

U.S. District Court for the District of Arizona
Superior Court of Arizona, Maricopa County
Defended Deloitte & Touche LLP in federal and state class actions in Arizona. Summary judgment granted dismissing Deloitte & Touche LLP.

Maniatis v. Janos

U.S. District Court for the District of Arizona
Represented Deloitte & Touche LLP in a malpractice and securities action. Summary judgment granted dismissing claims against Deloitte & Touche LLP.

National Century Financial Enterprises Litigation

Counsel for PricewaterhouseCoopers in multiple securities actions.

Schmidt v. Blanchard

U.S. District Court for the District of Arizona
Represented Deloitte & Touche in derivative action alleging breach of fiduciary duties and other misconduct by officers, directors and outside auditors of eFunds Corporation.

Tonnemacher v. Sasak

U.S. District Court for the District of Arizona
Defense of Deloitte & Touche LLP in securities action.

Western Savings & Loan Association Litigation

U.S. District Court for the District of Arizona
Represented Deloitte & Touche LLP in class action and other related securities cases.

Professional Liability Litigation

Craig Story v. Deloitte LLP

Fourth Judicial District of Idaho, Ada County
Lead counsel for Deloitte defending an action brought by the former CEO of Pure Health Systems, Inc. (PHSI), in an action alleging breach of fiduciary duty and other misconduct in connection with the sale of PHSI to a private equity group. Case was dismissed with prejudice.

Sell v. Sewell, et al.

U.S. Supreme Court of Arizona
Lead counsel for regional accounting firm and two of its partners in action alleging Arizona Securities Act, breach of fiduciary duty and negligent misrepresentation claims. All claims dismissed except for negligent misrepresentation claims based on the investments of eleven of the more than one hundred and fifty investors. The remaining negligent misrepresentation claims were settled after obtaining landmark ruling by the Arizona Supreme Court rejecting aiding and abetting claims under the Arizona Securities Act.

Claim Asserted by National Surety

Lead counsel for national accounting firm in responding to a 2013 demand letter asserting claims for malpractice in connection with audits of a construction company for whom the surety issued bonds. Surety decided not to pursue litigation against the accounting firm.

Global Aircraft Solutions Inc.

Lead counsel for national accounting firm in 2010 and 2011 in resolving, without litigation, allegations of a public company against its former accounting firms. Matter settled.

Standard Chartered PLC v. Price-Waterhouse LLP

Superior Court of Arizona, Maricopa County
Arizona Court of Appeals
Counsel for Price-Waterhouse in post-trial proceedings, on appeal, and on remand. The case involved questions of first impression under the Arizona Securities Act and various common law theories. The Arizona Court of Appeals overturned a $338 million accountant malpractice verdict and directed judgment in favor of Price Waterhouse on all but a single claim, which was settled on remand. Ariz. 6, 945 P.2d 317 (Ariz. Ct. App.1996)

AMERCO Inc., et al. v. PricewaterhouseCoopers, LLP, et al.

Superior Court of Arizona, Maricopa County
Represented PricewaterhouseCoopers in defense of professional malpractice and other claims seeking more than $2.5 billion in damages.

Aries v. Clifton Gunderson, LLP

Counsel for accounting firm in professional liability claim related to tax planning and third-party claim for indemnity. Professional liability claim settled.

Arizona Laborers, Teamsters and Cement Masons Local #395 Pension Trust Fund v. Coopers & Lybrand LLP

Court of Appeals of Arizona
U.S. Supreme Court of Arizona
Represented Coopers & Lybrand LLP in a fraud and racketeering suit concerning The Mercado project in downtown Phoenix. Obtained affirmance of summary judgment on corporate fraud and conspiracy claims on statute of limitations grounds.

Case Filed Against Am Law 100 Law Firm

U.S. District Court for the District of Arizona
Defense counsel for a national law firm in a suit by the Trustee for the bankruptcy estate of a national restaurant chain seeking more than $2 billion in damages.

Case Filed Against National Law Firm

Superior Court of Arizona, Maricopa County
Defended national law firm against malpractice and related claims asserted by City of Mesa. Motion to dismiss granted.

Case Filed Against Southwest Law Firm

U.S. District Court for the District of Arizona
Represented regional law firm in malpractice action in the Federal District Court, District of Arizona. Summary judgment granted with award of attorneys’ fees.

Case Filed Against Southwest Law Firm

U.S. District Court for the District of Arizona
Defended law firm in action against company and outside counsel for malicious prosecution, libel and slander. Motion to dismiss granted.

In the Matter of Coopers & Lybrand LLP: Arizona State Board of Accountancy Investigation

State Board of Accountancy of Arizona
Represented Coopers & Lybrand and individual respondents in administrative investigation on proceedings before Arizona State Board of Accountancy. Some individuals dismissed from investigation. Settled as to remaining respondents.

In the Matter of Coopers & Lybrand LLP, et al. (and also in Symington Litigation)

State Board of Accountancy of Arizona
Represented Coopers & Lybrand LLP in connection with the Arizona Accountancy Board's investigation of various professional engagements for former Arizona Governor J. Fife Symington III and related entities. Also, was counsel for Coopers & Lybrand, which was subpoenaed to produce documents and testify at Symington's criminal trial and bankruptcy proceedings.

In the Matter of Touche Ross & Company

State Board of Accountancy of Arizona
Represented Touche Ross in investigation of audit engagements by Arizona Accountancy Board. Concluded with no revocation or suspension of professional licenses.

Bob's Custom Roofing Inc. v. Clifton Gunderson LLC

Represented accounting firm in malpractice action. Case voluntarily dismissed with prejudice without payment of any kind.

Magellan Properties LP v. KPMG Peat Marwick LLP

Represented Canadian partnership in malpractice and fraud action. Motion to dismiss granted in part and remaining claim settled.

Marrie v. Arizona State Board of Accountancy

Superior Court of Arizona, Maricopa County
Represented individual CPAs in action seeking review of administrative decision. Board of Accountancy judgment vacated and settled while on remand.

Patzman v. Heller Ehrman White & McAuliffe

Lead counsel for Heller Ehrman in professional liability case. Case settled.

Robert & Jennifer Deer v. Richard Brooks

Superior Court of Arizona, Maricopa County
Counsel for regional accounting firm in malpractice action. Motion for summary judgment granted dismissing all claims with prejudice.

Sell v. Deloitte & Touche LLP

Superior Court of Arizona, Maricopa County
Represented Deloitte & Touche LLP in malpractice action. Dismissed with prejudice.

Trapani v. Deloitte & Touche, LLP

Superior Court of Arizona, Maricopa County
Represented Deloitte in accounting malpractice action alleging professional negligence in connection with tax advice.

State of Arizona v. Farm & Home Life Ins. Company

U.S. District Court for the District of Arizona
Three securities cases. Settled after orders were entered dismissing Deloitte & Touche LLP from two of the cases and dismissing all but three claims in the third action.

Symington Litigation

Counsel for Coopers & Lybrand L.L.P., which was subpoenaed to produce documents and testify at former Arizona Governor Symington’s criminal trial and in connection with his bankruptcy proceedings.

Thompson, et al. v. Paul, et al.

U.S. Court of Appeals for the Ninth Circuit
U.S. District Court for the District of Arizona
Counsel for regional law firm in action in federal district court, District of Arizona, alleging securities fraud, malicious prosecution, and other claims. Motion to dismiss granted. Settled on favorable grounds upon remand after appeal to Ninth Circuit.

Unitech Industries Inc. v. Coopers & Lybrand, L.L.P.

Superior Court of Arizona, Maricopa County
Represented Coopers & Lybrand in action alleging breach of contract, breach of fiduciary duty, common law fraud, negligent misrepresentation, professional negligence, consumer fraud and Arizona racketeering. Fraud claims against Coopers & Lybrand were dismissed. Case was settled after evidence in support of a claim for $37 million in damages was excluded.

Antitrust & Unfair Competition Litigation

Churosh v. Del Monte Fresh Produce N.A. Inc.

U.S. District Court for the District of Arizona
Counsel for defendant Del Monte in action alleging monopolization and attempts to monopolize a market for extra sweet pineapples.

Diaz v. Farley

U.S. District Court for the District of Utah
Represented third party that intervened in an antitrust action to disqualify counsel for one of the defendants who had previously represented our client. Motion to disqualify granted.

Glass Container Antitrust Litigation

U.S. District Court for the Northern District of Illinois
Lead trial counsel for Brockway Inc., one of three defendants in price-fixing case. Jury verdict for plaintiffs vacated by Court; case settled pending appeal.

Kabuto Arizona Properties LLC v. Biltmore Hotel Partners

Court of Appeals of Arizona
Superior Court of Arizona, Maricopa County
Represented owners of Arizona Biltmore Hotel in action by owner of adjacent golf courses for alleged Lanham Act violations, declaratory judgment, breach of contract, trespass and negligence. Motion to dismiss granted by trial court and affirmed on appeal.

McEachern v. 1st Crossroads Plaza Inc.

Counsel for PetSmart in action alleging PetSmart had violated a lease covenant granting the plaintiff the exclusive right to provide veterinary services in a shopping center. Summary judgment for PetSmart granted, dismissing plaintiff's complaint and awarding PetSmart its attorney's fees.

PetSmart Inc. v. Gordon Marshall

Successful prosecution of action to enforce a noncompete between PetSmart and a former pet grooming supervisor. After the action was filed the application for a temporary restraining order was argued, the former pet grooming supervisor was terminated by the national competitor that had hired him and he agreed to abide by the terms of his noncompete agreement.

Other Litigation

Frugoli v. Fougnies

U.S. District Court for the District of Arizona
Counsel for defendants in lawsuit alleging plaintiff was inventor of patented pre-paid wireless system. Order denying that the plaintiff was an inventor entered August 25, 2004.

10K, L.L.C. v. Spurlock Land, L.L.C.

Lead counsel for European investors who brought action to compel performance of agreement to purchase 13,000 acres west of Phoenix. The court ordered specific performance of sale agreement and awarded our clients their attorneys’ fees.

Applied Materials Inc. v. Semiconductor Equipment Specialists Inc.

Counsel for plaintiff in action to recover and protect trade secrets; preliminary injunction granted together with unique order allowing ex parte collection of relevant electronic data under supervision of former Chief Justice of the Arizona Supreme Court acting as a special master.

Biltmore Hotel Partners v. Kabuto Arizona Properties, L.L.C.

Court of Appeals of Arizona
Represented owner of the Arizona Biltmore Hotel in action to declare the rights of the hotel under existing agreements with the owner of adjacent golf courses. Obtained reversal of adverse trial verdict and entry of judgment for client on all counts. 1 CA-CV 01-0508 (Ariz. Ct. App. 2002)

Cal. X-tra, et al. v. Phoenix Holdings, et al.

Defense counsel for real estate development entity in a fraud and breach of fiduciary duty suit involving 13,000 acres of real estate in West Phoenix.

Aventis Technologies Inc. v. The Barons Financial Group

U.S. District Court for the District of Arizona
Lead counsel in defense of J.P. Morgan Chase Bank in negligent misrepresentation action. Order dismissing all claims against J.P. Morgan Chase entered January 26, 2004. Docket number: No. CV 03-1624 PHX JWS

Equity Marketing Inc. v. PetSmart Inc.

Superior Court of Arizona, Maricopa County
Represented PetSmart in commercial contract dispute with vendor; settled.

Hawaiian Airlines v. SabreTech

Supreme Court of Arizona
Represented Hawaiian Airlines in action for faulty aircraft repair and maintenance; settled.

In the Matter of Charles Richard Chance

Superior Court of Arizona, Maricopa County
Counsel to two partners in a firm sued for alleged legal malpractice and breach of fiduciary duty. Settled.

Ingram v. Grant Thornton LLP

Superior Court of Arizona, Maricopa County
Counsel for Grant Thornton in action alleging professional malpractice, negligent misrepresentation, breach of fiduciary duty, breach of contract, fraud, and conspiracy. All claims dismissed without prejudice against Grant Thornton.

Lory v. Large Scale Biology Corporation

U.S. District Court for the District of Arizona
Counsel for Deloitte & Touche LLP in federal securities action. All claims dismissed with prejudice against Deloitte.

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