LAWYER
Rick S. Horvath
Partner | San Francisco
Rick S. Horvath

Rick S. Horvath focuses his practice on corporate governance matters, acting as a trusted advisor for boards of directors, special committees, significant investors, and private and public companies on navigating board-level conflicts, operational decisions, board-level internal controls, and the enhancement of corporate governance documents and policies. Mr. Horvath also advises on proxy contests and activist campaigns, contested corporate takeovers, corporate disclosures, and stockholder disputes. In addition, Mr. Horvath helps parties in connection with bespoke governance agreements for Limited Liability Companies and Limited Partnerships.

Mr. Horvath’s training as a litigator provides a unique perspective in advising clients as they navigate governance challenges, with Mr. Horvath having represented parties in scores of M&A litigation matters arising from deals with combined values in excess of $200 billion, over a dozen oversight or “Caremark” matters, contests for corporate control, challenges to stockholder rights plans (i.e., poison pills), disputes regarding board composition, and resolving appraisal demands.

Mr. Horvath frequently writes and speaks on governance matters, including publishing articles in the Harvard Law School Forum on Corporate Governance, The Legal 500, and Law360, speaking at events such as the Berkeley Fall Forum on Corporate Governance and the Annual West Coast M&A/Private Equity Forum, teaching classes at Harvard Law School and UC Berkeley Law, and interviews with the Financial Times, Delaware Business Court Insider, and Law360, among other publications.

In addition to his client work, Mr. Horvath has an active pro bono practice, including advising The Posse Foundation on various governance, corporate, and legal matters.

Representative Governance Experience

  • The Special Committee of the Enfusion Inc. board of directors in connection with the pending $1.5 billion acquisition of Enfusion by Clearwater Analytics Holdings, Inc.
  • The Special Committee of the 23andMe Holding Co. board of directors in connection with a potential transaction.
  • Mount Logan Capital in connection with its pending combination with 180 Degree Capital Corp.
  • Lexmark International, Inc. and certain of its investors in connection with Lexmark’s acquisition by Xerox Holdings Corporation.
  • US Ecology Inc. in connection with its $2.2 billion sale to Republic Services Inc.
  • The founders of Sculptor Capital Management in a complex corporate governance matter in connection with the proposed sale of Sculptor to Rithm Capital Corp., including litigation in the Delaware Court of Chancery.
  • Energy Harbor on governance matters in connection with its $6.8 billion sale to Vistra Corp.
  • Barcoding Holdings, LLC, a portfolio company of Graham Partners, in connection with its merger with DecisionPoint Systems, Inc.
  • Advised Nocturne Acquisition Corp. in its proposed de-SPAC transaction with Cognos Therapeutics, Inc., and resolve stockholder demand for additional disclosures.
  • Emtec, Inc. in connection with its majority investment from Kelso & Company.
  • An investment manager and directors in connection with a potential transaction with a portfolio company.
  • An investment fund in connection with a proxy contest against a proposed recapitalization of a public company.
  • A Silicon Valley technology company in responding to a stockholder activist campaign.
  • Investment funds on corporate governance matters related to amendments to the funds' governing documents.

Sample Litigation Experience

  • Delta Dental of California in obtaining the dismissal of claims for breach of fiduciary duty against Delta Dental’s directors and officers.
  • The Walt Disney Company and certain of its current or former directors and officers in derivative litigation arising out of alleged recruiting practices.
  • The outside directors of PG&E Corporation and Pacific Gas & Electric Company in derivative litigation related to the San Bruno pipeline explosion.
  • The directors of Sempra Energy in stockholder derivative litigation for breach of fiduciary duty arising out of a gas leak at the Aliso Canyon storage facility.
  • The directors of Hewlett-Packard Company in numerous derivative and securities litigation matters, including matters related to the departure of a former chief executive officer of HP, alleged violations of federal laws or regulations, and HP's US$11.7 billion acquisition of Autonomy Corporation plc.
  • Chevron Corporation in derivative litigation related to alleged violations of the False Claims Act.
  • A private equity fund and its portfolio company as first chair counsel in resolving disclosure claims, appraisal claims, and books and records litigation related to a take private transaction.

Includes matters handled at Dechert or prior to joining the firm.

  • “Rising Star,” Securities Litigation - Northern California Super Lawyers (2013 through 2017)
  • Named one of the “California Lawyer Attorneys of the Year” - The Daily Journal (2016)
  • The 2025 Incorporation Advice Memo - 2024 Berkeley Fall Forum on Corporate Governance, University of California Berkeley Center for Law and Business (November 12, 2024)
  • HSU Untied Interview with Rick Horvath, Partner at Dechert — HSU Untied Podcast (February, 2024) 
  • Risky Business: Navigating ESG Risk and Opportunities in Middle Market Deals — The 2nd Annual West Coast M&A/Private Equity Forum, The Thomson Reuters Institute (September 28, 2023)
  • ESG at Center Stage — Virtual California Investment Management Symposium, Dechert LLP, Webinar (October 27, 2021)
Services
    • Lehigh University, B.A., 1999
    • Lehigh University, M.S., 2001
    • University of Pennsylvania Law School, J.D., 2004
    • California
    • Delaware

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