Inside the Verdict - Mark Molumphy

The lawsuit centered on public statements Musk made during his attempt to purchase Twitter, including tweets that plaintiffs argued misrepresented key facts about the deal and impacted investors. Molumphy said he and his legal team focused on a straightforward question for jurors: whether Musk’s public statements aligned with the documentary evidence, including texts, emails, and internal communications with his deal team introduced at trial.

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“We weren’t trying the public persona,” Molumphy explained. “We were focused on the evidence and on what was said publicly versus what the documents showed privately.” The trial drew intense media attention and presented unusual legal questions about social media’s role in securities litigation. According to Molumphy, one of the most significant aspects of the case was the jury’s consideration of whether statements made on a social media platform should carry the same legal weight as traditional corporate disclosures.

“A lot of companies now communicate directly through social media,” he said. “This case raised important questions about accountability and the impact those statements can have on investors and markets.” Although the verdict involved billions of dollars and one of the world’s most recognizable business leaders, Molumphy said the most powerful moments at trial came from the testimony of ordinary investors whose retirement savings and financial security were affected.

“Our clients were individual investors, not big institutions,” he said. “They were talking about retirement funds, mortgages, and personal losses. Those stories mattered.” The road to trial lasted nearly four years and required an enormous commitment of time and resources. Securities class actions are notoriously document-intensive, and Molumphy said simply reaching trial is a major hurdle. Fewer than 20 cases have ever reached a jury verdict. Yet the experience reinforced what first drew him to litigation as a student at USF Law. Molumphy joined his current firm, Cotchett, Pitre & McCarthy, LLP, as a summer associate during law school and has remained there for his entire 33-year career. Early mentorship from fellow USF Law alumni helped shape his approach to trial work, particularly from legendary trial lawyer Frank Pitre ‘81.

“They taught me that everything you do in litigation should be done with an eye toward trial,” Molumphy said. “How will this look to a jury? How will the other side respond? That perspective stayed with me.” He also credits his professors at USF Law with sharpening the critical thinking skills that continue to guide his courtroom strategy today. “The best professors taught you to think from both sides of an argument,” he said. “That’s essential in trial work because you’re constantly anticipating what the other side will do next.”

Despite the significance of the verdict, Molumphy emphasized that the case is not over. Post-trial motions and appeals are ongoing, and the legal team is currently working through the claims process for affected shareholders. Still, the unanimous jury verdict marked a rare outcome in securities litigation and a defining moment in Molumphy’s career, reflecting decades of trial work, preparation, and persistence.