Securities

  • April 22, 2024

    CFTC Says Gemini Can't Pin Misstatements On 'Intermediary'

    The U.S. Commodity Futures Trading Commission has told a New York federal court that cryptocurrency exchange Gemini Trust Co. LLC is seeking to "shirk responsibility" for misleading the agency's staff about the risks of a proposed bitcoin futures contract.

  • April 22, 2024

    Real Estate Investment Cos. Owe SEC $8.4M For $17.5M Fraud

    A pair of companies allegedly used in service of a fraudulent real estate investment scheme will pay over $8.4 million to end claims they were part of the $17.5 million ploy that took in more than 150 would-be investors with claims that the securities involved were "recession-proof."

  • April 22, 2024

    Ex-Tech CEO Gets 18 Months, $1M Fine For Investor Fraud

    The former CEO of software company HeadSpin Inc. will spend 18 months in prison and pay a $1 million fine after pleading guilty to wire fraud and securities fraud for cooking the books as he pitched investors and raised over $100 million.

  • April 22, 2024

    Jury Begins Deliberating In Ex-Ecuador Official's Bribery Trial

    Jurors began deliberating Monday afternoon in Florida federal court on the fate of the former comptroller of Ecuador, who prosecutors say took millions of dollars in bribes and directed his son, a banker in Miami, to launder the money.

  • April 22, 2024

    Exec In Insider Trading Case Says Feds Denied Him Counsel

    The former CEO at the center of a novel insider trading case is asking that the California jury deciding his fate not be allowed to hear evidence obtained during a pre-indictment interrogation, arguing he was denied access to an attorney despite insisting on speaking to counsel at least a dozen times.

  • April 22, 2024

    Robinhood 'Meme Stock' Investors Lose New Class Cert. Bid

    A Florida federal judge has denied a bid from Robinhood investors to file a new motion for class certification in a suit over the trading platform's suspension of so-called meme stock purchases, saying the deadline for class certification has passed and the investors have not shown a good reason to extend it.

  • April 22, 2024

    E-Truck Maker Rivian Faces Investor Suit Over Sales Slump

    Electric-vehicle manufacturer Rivian Automotive Inc. has been hit with a proposed class action alleging it misled investors by overstating the demand for its products and downplaying the impact historically high interest rates were having on its customers' shopping habits.

  • April 22, 2024

    Palo Alto Networks Execs Face Suit Over Misleading Outlook

    Executives and directors of cybersecurity company Palo Alto Networks have been hit with a shareholder derivative suit in California federal court alleging they misled investors about the success of its platform consolidation strategy, which was expected to result in lucrative government contracts.

  • April 22, 2024

    Agiliti Faces Another Chancery Suit Over $2.5B Squeeze-Out

    A shareholder of Agiliti sued the medical equipment management company Monday in Delaware's Chancery Court for more details surrounding events leading up to an impending $2.5 billion squeeze-out merger with an affiliate of Thomas H. Lee Partners, its largest and controlling stockholder, echoing a similar lawsuit filed in late March.

  • April 22, 2024

    Broker In Penny Stock Scheme Says SEC Is Forum Shopping

    A former California securities broker serving a prison term for a $150 million pump and dump scheme said Monday that a companion civil case brought by the Securities and Exchange Commission does not belong in Massachusetts.

  • April 22, 2024

    Conn. Judge Whittles $1.4M Malpractice Request To $165K

    A Connecticut state court judge has sliced a $1.4 million malpractice bid down to less than $165,000 in a dispute over an attorney's failure to properly secure a loan, citing the client's own negligence and its recovery of most of the money at issue from other sources.

  • April 22, 2024

    Steptoe & Johnson Adds Securities Duo In Oklahoma

    Steptoe & Johnson PLLC has announced the hiring of two experienced securities attorneys from regional firm Conner & Winters LLP to its corporate and mergers and acquisitions practice in its Oklahoma City office.

  • April 22, 2024

    Walden Macht Launches Securities Group With Ex-Sidley Atty

    White collar boutique Walden Macht & Haran LLP announced Monday that it has launched a securities enforcement defense practice headed by a recent arrival from Sidley Austin LLP in New York.

  • April 22, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.

  • April 22, 2024

    SEC Says Terraform, Founder Owe $5.3B After Fraud Verdict

    The U.S. Securities and Exchange Commission has asked a Manhattan federal judge to order bankrupt cryptocurrency exchange Terraform Labs and its founder to pay roughly $5.3 billion, weeks after a jury found them liable for a massive fraud.

  • April 19, 2024

    SBF Inks Deal To Help FTX Investors Go After Promoters

    Investors who launched multidistrict litigation over cryptocurrency exchange FTX's collapse asked a Florida federal judge Friday to bless their settlement with founder Sam Bankman-Fried, who has agreed to assist in their case against celebrities who promoted the platform and other defendants alleged to be part of the fraud scheme.

  • April 19, 2024

    Jane Street Denied TRO In Trade Theft Suit Against Millennium

    A New York federal judge on Friday refused Jane Street Group LLC's bid for an emergency order after the trading firm accused rival Millennium Management LLC and two former employees of stealing and misappropriating a confidential trading strategy.

  • April 19, 2024

    AI Health Data Co. Faces Investor Suit Over Accounting Issues

    Atlanta-based health data platform company Sharecare and two of its executives face accusations that they failed to disclose certain accounting issues to investors, leading to stock price declines when the issues became public, according to a shareholder suit filed Friday in California federal court.

  • April 19, 2024

    5th Circ. Revives Six Flags Investor Suit Again

    The Fifth Circuit has once again restored a securities fraud class action against Six Flags over the amusement corporation's botched plans to expand in China, saying the lower court inappropriately decided the lead plaintiff lacked standing and wrongly denied another plaintiff a chance to lead the suit.

  • April 19, 2024

    Don't Let The Rush Into AI Create Risk Blind Spots, Cos. Told

    As corporations increasingly adopt artificial intelligence capabilities into their workflows, they should also implement guardrails to stave off major risks the rapidly evolving technology poses, lawyers said during a New York City Bar panel discussion Friday.

  • April 19, 2024

    Investor Suit Over Intel's Chip Production Won't Be Rebooted

    The Ninth Circuit on Friday upheld a federal district court's dismissal of a proposed class action against Intel that alleged the tech giant hid problems with the production of its highly anticipated new computer processors, ruling the suit fails to show the defendants knew the company would miss the projected product release date.

  • April 19, 2024

    Ill. Judge Accepts 3rd Try To Allege Fraud Against Boeing

    An investment fund leveling allegations of fraud against Boeing managed to convince an Illinois state court judge on its third attempt that the aircraft maker may have inflated stock values by purportedly covering up safety issues with its 737 Max airplanes.

  • April 19, 2024

    Trump Media CEO Fears Illegal Short Selling Is Harming Stock

    The chief executive of the company that owns Donald Trump's Truth Social platform wants Nasdaq's help in determining whether manipulation stemming from illegal short selling is harming the company's stock price, according to a securities filing on Friday.

  • April 19, 2024

    Casino SPAC Can Return Money, Not Shares, Chancery Rules

    Stockholders in a blank-check company that failed to merge with a Philippines-based casino are entitled to a distribution from $37.5 million sitting in trust, but the company may not redeem any shares until an investor's Delaware lawsuit plays out, a Chancery Court vice chancellor said Friday.

  • April 19, 2024

    AI Co. Founder Faces SEC Suit After Fraud Charges

    The fugitive founder of a purported artificial intelligence startup was sued Friday by the U.S. Securities and Exchange Commission over an alleged $2.8 million scheme to defraud investors.

Expert Analysis

  • Employee Experience Strategy Can Boost Law Firm Success

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    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • And Now A Word From The Panel: A Strong Year For MDLs

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    While the Judicial Panel on Multidistrict Litigation granted even fewer MDL petitions last year than in 2022, hitting a 21st-century low, a closer look at the record-setting number of total actions encompassed within current proceedings reveals that MDL practice is still quite robust, says Alan Rothman at Sidley.

  • What EU And UK Corp. Corruption Reform Means For US Cos.

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    Legislative developments in the U.K. and European Union have signaled that the prosecution of fraud and corruption is becoming a greater priority, and large U.S. companies with a global presence should view them as an opportunity to create and revise their global compliance programs, say attorneys at DLA Piper.

  • Series

    Competing In Triathlons Makes Me A Better Lawyer

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    While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • Precise Advance Notice Bylaws May Help Prevent Disputes

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    While the Chancery Court's December decision in Kellner v. AIM Immunotech shows that Delaware courts won't always uphold advance notice bylaws, and its willingness to selectively enforce or invalidate individual provisions doesn't create an incentive for companies to be surgical in their drafting, companies should nonetheless be precise when drafting such bylaws to avoid unnecessary disputes, say attorneys at Debevoise.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Series

    ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • How US Companies Can Wield The New Foreign Bribery Law

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    U.S. companies operating in high-risk markets can use the Foreign Extortion Prevention Act that passed last month to their advantage both in preventing bribe demands and in negotiating with the Justice Department to prevent prosecution or to receive cooperation credit, say attorneys at Squire Patton.

  • What To Expect From High Court In Corp. Disclosure Case

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    Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.

  • New Tech, Old Tricks: How GCs Can Fight White Collar Crime

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    As emerging technologies like artificial intelligence and cryptocurrency provide bad actors with new avenues to commit classic crimes, general counsel should develop a strategy to future-proof their organizations against such threats and prepare for regulatory scrutiny, say directors at FTI Consulting.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • FERC Actions Signal Concern Over Investors' Utility Stakes

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    Two recent orders and a notice of inquiry from the Federal Energy Regulatory Commission on the subject of whether large investors are asserting control of public utilities signal increasing regulatory scrutiny of the investment community's influence over the electric power industry, say attorneys at Day Pitney.

  • 10 Global Antitrust Trends To Anticipate In 2024

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    Proactive navigation of the antitrust enforcement environment remains crucial this year as legal policy and tools evolve to meet intensifying global economic complexity, including geopolitical tensions, trade realignment, market volatility and inflation, say attorneys at Freshfields.

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