Shareholder Derivative Litigation

Securities Class Actions


Yale Law School (J.D. 1992)

University of California, Los Angeles (B.A. 1989)

Bar Admissions


District of Columbia

Court Admissions

U.S. District Courts for the Northern and Central Districts of California

U.S. District Court for the District of Colorado

U.S. District Courts of Appeals for the Second and Ninth Circuits


Legal 500 Recommended Attorney, M&A Litigation (2016)

Top 50 San Diego Super Lawyer (2016)

Super Lawyer (2015-2017)


Association of Business Trial Lawyers of San Diego

Co-Chair of Class Actions & Derivative Suits Subcommittee, American Bar Association Section of Litigation, Securities Litigation Committee

Former Member of Board of Governors, Association of Business Trial Lawyers of San Diego

Speaking Engagements

"Board Governance & Fiduciary Responsibilities" at LOFT Investors Forum (2015)

"Handling a Securities Case: From Investigation to Trial and Everything in Between," presented by the Practising Law Institute (New York Center) (2012 - 2015)

"Derivative Litigation and the Target Case" at HarrisMartin's MDL Conference: Target Data Security Breach Litigation (2014)

"Survey of Corporate Misconduct & It's Impact on Investors & Capital Markets" at Investment Trends Summit (2013)


Phone: (619) 525-3990
E-mail: farroyo@robbinsarroyo.com

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Felipe J. Arroyo


Felipe J. Arroyo has over twenty years of experience litigating complex actions on behalf of clients, and concentrates his practice on shareholder rights litigation. He has helped secure results for shareholders and companies in high-profile shareholder derivative suits and securities class actions. Mr. Arroyo has represented shareholders in a variety of industries, including insurance, finance, banking, technology, and pharmaceuticals. He has successfully litigated derivative cases against top executives of publicly traded companies who participated in a range of misconduct, including stock option backdating, the global subprime meltdown, misappropriation, insider trading, and various types of false or misleading statements. Litigation teams led by Mr. Arroyo have recovered hundreds of millions of dollars for companies and shareholders, including some of the largest monetary recoveries in the history of shareholder derivative litigation.

Prior to joining Robbins Arroyo LLP in 2006, Mr. Arroyo practiced complex commercial litigation for over a decade with a top tier international law firm headquartered in Los Angeles, where he represented a diverse client base of Fortune 500 companies in varied industries, such as technology, energy, entertainment, and hospitality. While there, he directed a Trial Advocacy Prosecution Program, supervising, training, and advising attorneys on trial strategy and practice while they litigated misdemeanor jury trials pro bono for a municipal client. Mr. Arroyo also served as general counsel to a fitness company for two years, successfully prosecuting a global patent infringement litigation campaign, and practiced complex commercial litigation and securities fraud at the Washington DC offices of a global New York-based firm.

Mr. Arroyo is Co-Chair of the Class Actions & Derivatives Suits Subcommittee for the American Bar Association’s Section of Litigation and previously served as a member of the Board of Governors at the Association of Business Trial Lawyers in San Diego. He frequently speaks on shareholder litigation and corporate governance topics to investor and legal communities.

Mr. Arroyo earned his Juris Doctor from Yale Law School in 1992. While at Yale, he served as a senior editor of Yale Law Journal and as a director of Yale Moot Court of Appeals. He earned his Bachelor’s in Economics from the University of California, Los Angeles, where he served as a member of the A.S.U.C.L.A Finance Committee.

Selected Noteworthy Cases

  • Toll Brothers Inc., Martinez v. Toll, No. 2:09-cv-00937-CDJ (E.D. Pa. Mar. 27, 2013): Mr. Arroyo served as a lead member of a litigation team in a shareholder derivative action against the directors of luxury home builder Toll Brothers, Inc. The complaint alleged that certain Toll Brothers officers and directors, including the co-founders, grossly misled investors about company earnings projections during a housing market downturn and traded on inside information by selling over $730 million of their stock. During four years of contentious litigation, Mr. Arroyo engaged with defendants in myriad discovery, including deposing Robert and Bruce Toll, document production, multiple mediations, and extensive settlement negotiations. Mr. Arroyo was instrumental in securing one of the largest Brophy (Brophy v. Cities Serv. Co., 70 A.2d 5 (Del. Ch. 1949)) settlements ever, a $16.25 million cash payment for the company, including a $6.45 million payment from the executive directors.
  • KB Home, In re KB Home Shareholder Derivative Litigation, 06-cv-05148-FMC-CTx (C.D. Cal. Feb. 9, 2009): Mr. Arroyo supported a team that obtained $30 million in cash benefits for KB Home shareholders and prompted this prominent builder of single-family homes to implement preventative good governance measures.
  • HCA, Inc., In re HCA, Inc. Derivative Litigation, No. 3:05-cv-0968 (M.D. Tenn. Dec. 20, 2007): Mr. Arroyo undertook a leadership role on a team of attorneys that challenged a $33.5 billion leveraged buyout of HCA, Inc. by a founding member and financial sponsors, including Bain Capital and Kohlberg Kravis & Roberts. His litigation efforts helped achieve for shareholders forced disclosure of material information before they voted on the proposed buyout. The settlement also secured deal term modifications designed to open the door to alternative bidders.
  • Cardinal Health, Inc., Staehr v. Walter, No. 02-CVG-11-0639 (Ohio Ct. C.P. –Del. Cnty. Dec. 17, 2007): Mr. Arroyo played an instrumental role in recovering $70 million for shareholders, one of the largest shareholder derivative monetary recoveries in history, in this shareholder derivative action alleging mismanagement by certain officers and directors at one of the largest distributors of pharmaceutical products in the country. Mr. Arroyo helped prosecute the plaintiff’s claims, defeating numerous motions to dismiss and conducting extensive discovery.