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Private Equity
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March 19, 2024
5th Circ. Ducks 'Pandora's Box' In Tossing SEC Gag Rule Row
The U.S. Securities and Exchange Commission on Tuesday defeated a challenge to its so-called gag rule against settling defendants, with the Fifth Circuit writing that it didn't want to open a "Pandora's box" by ruling that it had jurisdiction to review a financial radio show host's appeal of a decision that wasn't a final judgment.
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March 19, 2024
Goodwin, Simpson Thacher Steer Astera's Upsized $713M IPO
Astera Labs Inc., a provider of connectivity chips designed to support cloud software and artificial-intelligence systems, priced an upsized initial public offering Tuesday that raised $712.83 billion, represented by Goodwin Procter LLP and underwriters counsel Simpson Thacher & Bartlett LLP.
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March 19, 2024
Reddit Reveals Patent Complaint From Nokia As IPO Nears
Reddit Inc. on Tuesday said it received a letter from Nokia Corp. alleging that it has infringed certain Nokia patents, a disclosure that comes just ahead of the social media platform's long-anticipated initial public offering.
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March 19, 2024
Leech Tishman Tells 6th Circ. Time Ran Out On Fraud Suit
A former Leech Tishman attorney was not party to a tolling agreement between his law firm and investors caught in a Ponzi scheme he allegedly should have warned them away from, so the firm should escape vicarious liability once the time limit expired for the investors to sue him, counsel for the firm told the Sixth Circuit Tuesday.
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March 19, 2024
Carlisle Buying Roofing Biz From PE Firm GreyLion For $410M
Dorsey & Whitney LLP-guided Carlisle Companies Inc. said Tuesday it had agreed to buy roofing component business MTL, which is represented by Latham & Watkins LLP, from private equity firm GreyLion Partners for $410 million in cash.
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March 19, 2024
3rd Circ. Says CFPB Can Go After Student Loan Trusts
The Third Circuit ruled Tuesday that the Consumer Financial Protection Bureau can carry on with its debt collection practices suit against a group of Delaware student loan trusts, rejecting their claims that they are just passive financing entities outside the reach of the agency's enforcement authority.
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March 19, 2024
Unilever To Spin Off Ice Cream Biz, Including Ben & Jerry's
European consumer goods giant Unilever on Tuesday unveiled plans to separate its ice cream business, which includes Ben & Jerry's, as part of an effort to simplify and "streamline" its operations.
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March 19, 2024
Ropes & Gray Adds Former Cooley Antitrust Partner In DC
Ropes & Gray LLP has added a longtime Cooley LLP partner who has helped guide some of the largest corporate mergers and acquisitions in recent years, some of which totaled multiple billions of dollars, the firm announced Monday.
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March 19, 2024
4 Things To Watch In Reddit's Coming IPO
Social media platform Reddit Inc. aims to go public this week in a potentially landmark initial public offering that carries distinct risks but, if successful, could energize the broader IPO pipeline. Here, Law360 walks through four things to watch in Reddit's upcoming IPO.
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March 19, 2024
Diversified Energy To Buy Gas Assets For $410M
U.S. oil producer Diversified Energy said Tuesday that it will buy natural gas assets from investment manager Oaktree Capital for $410 million, which will include hedging for protection against the fall in gas prices.
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March 18, 2024
Minute Media Buys Rights To Publish Sports Illustrated
Digital content business Minute Media has purchased the publishing rights for Sports Illustrated, keeping alive a longtime brand that recently obliterated its newsroom with layoffs and shut down its betting platform, according to a Monday announcement.
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March 18, 2024
Paul Hastings-Led Francisco Partners To Pay $1.2B For Jama
Tech-focused private equity investor Francisco Partners has agreed to buy Portland, Oregon-based Jama Software from shareholders including Insight Partners and Madrona Ventures for $1.2 billion, the companies said Monday.
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March 18, 2024
Nuvei's Stock Soars On Disclosure Of Potential PE Buyout
Canadian fintech Nuvei Corp. said it has formed a special committee to evaluate strategic options after reports indicated that private equity firm Advent International is pursuing a buyout, developments that led to a more than 33% jump in the company's stock Monday.
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March 18, 2024
Home Solar Co.'s Ex-CEO Wants Out Of Faulty-Panel Suit
The CEO of a bankrupt solar company asked a Michigan federal judge on Monday to toss a lawsuit from a couple who purchased a solar system they claim was defective, saying having a "distinctive leadership style" does not make him an alter ego for the company.
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March 18, 2024
NYSE Moves To Boot Wilbur Ross-Backed SPAC
Ross Acquisition Corp. II, a special-purpose acquisition company founded by former U.S. Commerce Secretary Wilbur Ross, disclosed Monday the New York Stock Exchange has suspended trading of its shares and began the delisting process after the SPAC failed to complete a merger within the required three-year time frame.
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March 18, 2024
AI-Focused Astera Labs Boosts IPO's Projected Size To $653M
Astera Labs Inc., a provider of connectivity chips designed to address the growing demand for artificial-intelligence software, on Monday increased the size and price range of its coming initial public offering, which is now set to raise about $653 million.
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March 18, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar e-cigarette settlements, $4 billion in stock buybacks and a $6.1 million appraisal tweak were among the big-dollar items logged in the Delaware Court of Chancery's ledger last week. Also on the docket: a Panama port project, a news outlet's defamation case, drone disputes and a flood of mail from Tesla shareholders. In case you missed it, here's all the latest from the Chancery Court.
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March 18, 2024
Ex-CEO Sues Trump-Tied SPAC For Litigation, Probe Fees
A director and former CEO of Donald Trump-tied Digital World Acquisition Corp. has sued the venture in Delaware's Court of Chancery, seeking legal fee advancements from DWAC for costs arising from federal probes, lawsuits in multiple states and potential fiduciary breach claims.
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March 18, 2024
Proskauer Guides $58M Sale Of Seattle Reign NWSL Team
The National Women's Soccer League's Seattle Reign FC will fall under new ownership as a group including men's soccer franchise Seattle Sounders FC and private equity giant Carlyle announced plans to buy the women's team in a deal that values it at $58 million.
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March 18, 2024
PE Biz Oakley Capital To Invest £9M In Optical Tech Biz
Private equity investor Oakley Capital said Monday an associated fund has agreed to buy Horizons Optical for an undisclosed sum, a deal expected to pool in £9 million ($11.5 million) investment for the medical software business.
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March 18, 2024
Ex-Goodwin Partner Now PE Vice Chair At Paul Hastings
Paul Hastings LLP announced Monday that they are adding another private equity attorney from Goodwin Procter LLP, choosing the New York partner to serve as its global vice chair of private equity.
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March 15, 2024
FTC Probing Reddit's AI Licensing Ahead Of IPO
Reddit Inc., which earlier this week announced plans for an estimated $715 million initial public offering, revealed in a U.S. Securities and Exchange Commission filing Friday that the Federal Trade Commission is looking into the company's sale of user-generated content to train artificial intelligence.
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March 15, 2024
Split Texas Justices Leave Contempt Charges Against Nate Paul
The Texas Supreme Court on Friday declined to take up an appeal challenging criminal contempt charges against troubled real estate investor Nate Paul, with dissenting justices arguing that the court would "likely conclude" that Paul's due process rights were violated if it accepted the case.
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March 15, 2024
Apollo Voting Rules Favoring Founders Challenged In Del.
An Apollo Global Management Inc. investor has launched a challenge to board agreements favoring the company's former managing partners in decisions on board and executive committee seats, citing recent Court of Chancery rulings that invalidated similar measures.
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March 15, 2024
PE Has Heightened Appetite For Deals Versus Corporates
Private equity players had a greater appetite for large deals compared to their corporate counterparts moving into 2024, and they also anticipated hashing out a higher number of them, according to a report from software company SS&C Intralinks.
Expert Analysis
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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Fintech Cos. Should Consider Asset-Based Financing For RE
Fintech companies that own or plan to acquire real property may be able to utilize asset-based financings to access more efficient and cost-effective forms of capital beyond traditional venture capital sources, say attorneys at Mayer Brown.
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SEC Risk Alert Provides Helpful Info For Adviser Exam Prep
The U.S. Securities and Exchange Commission's recent risk alert makes clear that as the registered investment adviser population continues to grow in size and complexity, the Division of Examinations will keep pace by examining a significant number of advisers each year through its sophisticated and coordinated program, say attorneys at Simpson Thacher.
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Alleged $636M Deal Error Highlights Ethics Considerations
Adelman v. Proskauer, a malpractice suit that allegedly arose from a cut-and-paste error resulting in potential damages of $636 million, presents an intriguing juxtaposition of facts and legal issues — and practical ethical considerations for transactions attorneys, says Richard Leisner at Trenam Law.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.
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Alleged $636M Deal Error Shows Value Of Old-School Methods
Though Proskauer Rose has now settled claims involving a copy-paste error in deal documents that could have resulted in $636 million in damages, the debacle reminds attorneys that classic revision methods using paper copies can help avoid drafting errors and actually save time in the long run, says Richard Leisner at Trenam.
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Series
ESG Around The World: European Union
As the EU makes ESG regulation a priority, companies — both those based in the EU and others just doing business there — need to keep abreast of myriad new legislation that has either already taken effect or will in the near future, as noncompliance could result in fines, damages and director liability, say attorneys at Steptoe & Johnson.
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Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees
The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Issues Ahead As Psychedelic Medicine Faces Pivotal Moment
Recent regulatory changes and decriminalization efforts have opened doors for research and development in psychedelic medicine, but challenges like stigma, access and funding persist, meaning companies will need to address these issues to support the industry’s credibility, say consultants at FTI Consulting.
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How Investors Can Seize Renewables Opportunities In RE
As governments and stakeholders increasingly focus on sustainability in the real estate sector, investors could capture significant upside by implementing an operational real estate strategy focused on renewable energy sources, say attorneys at Goodwin.
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2 Cases May Expand CFPB's Reach On Deceptive Practices
In two separate cases, the Consumer Financial Protection Bureau is asserting a broad interpretation of who is subject to the Consumer Financial Protection Act's prohibition on unfair, deceptive, or abusive acts and practices, raising questions about what an expansion of its authority might mean for consumer credit markets, say John Coleman and Leslie Meredith at Orrick.
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What Large Language Models Mean For Document Review
Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.
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Series
Participating In Living History Makes Me A Better Lawyer
My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.
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Opinion
Private Equity Owners Can Remedy Law Firms' Agency Issues
Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.