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Lowenstein Sandler LLP

Steven M. Hecht

Steven M. Hecht

Vice-Chair, Appraisal Rights Practice


  • Class Action & Derivative Litigation
  • Capital Markets Litigation
  • Class Action Litigation
  • Business Litigation

WSG Practice Industries


Lowenstein Sandler LLP
New York, U.S.A.


After bringing and defending securities and fiduciary duty claims for almost 30 years, Steve believes that the greatest value proposition is to partner with his clients in pursuing value-enhancing litigation opportunities.  Steve is a go-to lawyer for investment funds interested in utilizing the legal process to create value for their investors. Whether by activist litigation, fiduciary duty claims, or appraisal strategies, Steve has extensive experience across the gamut of options for shareholders. 

As the co-creator of the firm's Appraisal Rights Litigation blog, the only online forum devoted to educating investors about how appraisal litigation can enhance their returns in M&A deals, Steve has become widely known for his insights on this underutilized but highly effective shareholder tool.

As a securities and complex commercial litigator focusing on corporate governance and shareholder rights, Steve represents a broad range of clients, including investment funds and their portfolio companies, mortgage lenders and servicers, and public and privately held companies across different industry sectors.  

Steve's work also involves representing clients before the SEC and FINRA, and he regularly appears in New York, New Jersey, and Delaware courts. He is a member of FINRA's Board of Arbitrators.

Bar Admissions

    New York
    New Jersey


Harvard Law School (J.D. 1992), cum laude
Haverford College (B.A. 1989), Phi Beta Kappa
Areas of Practice

Business Litigation | Capital Markets Litigation | Class Action & Derivative Litigation | Class Action Litigation | Commercial & Business Litigation | Global Capital Markets Litigation | Global Financial Crisis Group | Investment Management | Litigation | Mortgage & Structured Finance | Mortgage Banking | Mortgage Banking & Finance | Mortgage Banking and Finance | Securities Litigation

Professional Career

Significant Accomplishments

Counseled investment funds in cases involving shareholder rights, breach of fiduciary duty, derivative actions, appraisal rights, and activist litigation.

Pioneered shareholder litigation arbitrage strategy involving public company stockholder claims against underpriced mergers.

Secured multi-million dollar recoveries for investors in several recent cases, including against Marrone Bio and its advisors.

Defended client's constitutional right to a jury before Maryland's highest court. Watch the argument here.

Represented securities issuers against Rule 10b-5 claims in securities class actions.

Represented a media company in a stock option backdating case in which the court dismissed the plaintiff's complaint and also denied the plaintiff's request for leave to replead and file a further amended complaint.

Represented and negotiated, as corporate counsel, a settlement for a complex derivative action alleging related-party transactions and then challenged and substantially reduced the plaintiff's attorneys' fees, as reported at In re Emerson Radio Shareholder Derivative Action, 2011 WL 1135006 (Del. Ch. 2011).

Represented a private foreign satellite manufacturer in a business dispute, as reported at NML Capital, Ltd. v. The Republic of Argentina, 2011 WL 1533072, (S.D.N.Y. Aug. 30, 2011), vacated as moot on other grounds, 2012 WL 4123151 (2d Cir. 2012).

Represented a secondary mortgage purchaser against claims of predatory lending and discrimination, as reported at Grimes v. Fremont General Corp. et al., 785 F. Supp.2d 269 (S.D.N.Y. 2011).Defended a national mortgage servicing company against a purported class action claiming allegedly improper and unauthorized fees in connection with the mortgage foreclosure process, as reported at Perkins v. WaMu et al., 655 F. Supp.2d 463 (D.N.J. 2009).

Defended a mortgage lender against a claim for predatory lending, fraud, and violation of the Truth in Lending Act and RESPA, as reported at Sutherland v. REMAX 2000, Ask Realty Inc. & Wells Fargo Bank, 872 N.Y.S. 2d 693 (N.Y. Sup Ct. 2008).

Represented an online communications company in an action concerning the timely exercise of a contractual option to renew a license under a source code agreement, as reported at FaceTime Communications, Inc. v. Reuters Limited, 2008 WL 2853389 (S.D.N.Y. July 22, 2008).

Represented a former controlling stockholder in defense of the sale of a majority block of stock to competitors, resulting in a landmark decision of the Delaware Chancery Court, reported at Abraham v. Emerson Radio Corp., 901 A.2d 751 (Del. Ch. 2006).

Represented an investor group in a Delaware appraisal claim with respect to a merger involving a medical staffing solutions company. The matter was confidentially settled before depositions.

Represented a major investor in a Delaware appraisal claim with respect to a merger involving two Fortune 500 companies in the telecommunications space. The matter was confidentially settled pre-petition.

Professional Associations

FINRA (formerly NASD and NYSE Regulation)
  • Member, Board of Arbitrators

Professional Activities and Experience

  • Super Lawyers - (2010-2016)
  • 40 Under 40 - New Jersey Law Journal - 2006


    40 Under 40, July 24, 2006
    Are Finders Also Broker-Dealers?, March 8, 2004
    Cross-border Application of the Lanham Act Causing Confusion in Trademark Law, July 1998
    Del. Weighs In On Fair Value In Appraisal Rights Cases, August 7, 2013
    Derivative Actions, 2005
    Federal Appellate Court Dramatically Expands Application Of Securities Laws to Unspecified Stock Transactions, April 2004
    Finders, weepers: GP's should keep unregistered broker dealers away from deals, May 2006
    Gift Card Legislation Is No Gift to Retailers, April 16, 2012
    Governance Lawyers Just Keep On Coming, June 27, 2006
    Lowenstein Sandler Leads Academic Alliance in Highly Watched Delaware Supreme Court Appraisal Case, March 27, 2017
    Online Brokers Beware: Traditional Risks Threaten The New Era of Electronic Trading, April 1999
    Q & A: B/D Registration for Finder, December 13, 2004
    Retailers In Jeopardy Over Conflicting Zip Code Requirements, September 11, 2013
    Ruling Curbs Lanham Act's Cross-Border Reach, May 1998
    SEC Casts Wider Net With New Insider Trading Rules, December 2000
    Securities Litigation Today: Striking the Right Balance, January 2008
    The Price of Silence, March 30, 2006
    The SEC Goes Out Like a Lion: New Proposed Rules Regarding Insider Trading and Selective Disclosure, January 2000
    Third Circuit Reminds Lawyers That Honest Mistakes Are No Excuse, February 6, 2014
    UCC §1-207's Modernization of Accord and Satisfaction Law, June 14, 2004
    Unused Gift Cards: A Ticking Time Bomb?, May 19, 2015
    Watch Out Clearing Firms: Courts Might Demand Increased Oversight Over Introducing Broker-Dealers, February 2002

WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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