Try our Advanced Search for more refined results
Securities
-
May 01, 2024
Del. Justices Reverse Toss Of $7.3B Inovalon Deal Challenge
Delaware's top court on Wednesday reversed a Chancery Court dismissal of stockholder challenges to the $7.3 billion go-private sale of Inovalon Holdings Inc. to Nordic Capital, saying that the lower court wrongly concluded that minority investors were adequately informed about the deal and special committee conflicts of interest.
-
May 01, 2024
Paramount Faces Chancery Suit Over Skydance Merger Moves
The general treasurer of Rhode Island has sued Paramount Global in Delaware's Chancery Court for access to records regarding efforts to merge the mass media giant with Skydance Media, accusing Paramount's billionaire controller, Shari Redstone, of usurping company opportunities and tilting the terms and processes toward her own benefit.
-
May 01, 2024
Globe Life Hid Toxic Culture And Policy Fraud, Investors Say
Life insurance company Globe Life Inc. has been hit with a proposed class action alleging investors were damaged when a short-seller report revealed that the company had been ignoring rampant sexual harassment among its employees and participating in fraudulent underwriting practices.
-
May 01, 2024
Conn. Attorney Scores Default $85K Win In Legal Bill Feud
A federal judge has ordered two Colorado companies, one of which claimed to be working on a cryptocurrency exchange, to pay a default judgment of $85,456 after failing to answer a Connecticut firm's claims that they failed to pay nearly $107,000 in legal fees.
-
May 01, 2024
Insulin Pump Maker Wins Toss of Investor Suit For Now
A California federal judge has sided with an insulin pump maker and tossed a suit alleging it misled investors about the potential growth of the company amid inflation and an uptick in competition, saying the suing investors have failed to plead any false or misleading statements or knowledge of wrongdoing by the defendants.
-
May 01, 2024
Trump's Truth Social Stake Expands To Nearly 65%
Former President Donald Trump's stake in his social media platform rose to 65%, according to a securities filing, valuing his stake at more than $5 billion based on current trading, though Trump is barred from selling shares for several months.
-
May 01, 2024
AI Is Top Of Mind For Companies — And Securities Regulators
As references to artificial intelligence in securities filings soar, attorneys say companies must ground their disclosures in fact and be upfront about risks posed by AI in order to avoid the wrath of regulators, who promise to crack down on misleading claims.
-
April 30, 2024
SEC Vet Joins NC Firm 'Reinventing' White Collar
The former assistant secretary of the U.S. Securities and Exchange Commission, Christina Zaroulis Milnor, has left government service after more than a decade to launch a Washington, D.C., office for North Carolina-based Cranfill Sumner LLP alongside two firm partners who say they are reinventing traditional white collar work, the firm announced Wednesday.
-
April 30, 2024
2nd Circ. Revives Commerzbank RMBS Suit Against US Bank
The Second Circuit on Tuesday revived part of a nearly decade-old Commerzbank AG lawsuit brought against U.S. Bank NA over its role as a trustee on a slew of pre-2008 crisis RMBS trusts, sending some of the German bank's previously dismissed claims back to district court for a "closer inspection."
-
April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
-
April 30, 2024
SEC Says Penny Stock Firm Failed To Register As A Dealer
The U.S. Securities and Exchange Commission has sued a New Jersey company for allegedly dealing in penny stock without registering as a securities dealer, echoing claims the agency made against a different lender, which the Eleventh Circuit largely affirmed in February.
-
April 30, 2024
'Bitcoin Jesus' Dodged Nearly $50M In Taxes, Feds Say
The U.S. has charged an early bitcoin investor dubbed "Bitcoin Jesus" over allegations that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much of the cryptocurrency he owned, according to an announcement from the U.S. Department of Justice on Tuesday.
-
April 30, 2024
Chancery Tosses Meta Activist Investor Suit Over Social Ills
A Delaware vice chancellor tossed a Meta activist investor's suit seeking to prioritize wider social impact over company profits, saying Delaware's single-firm corporate model assumes directors owe fiduciary duties to their company's stockholders, and there's no case law articulating that because it's "so basic," just as "fish don't talk about water."
-
April 30, 2024
SEC Fines Adviser Firm For Splitting Legal Fees With Client
A Puerto Rico-based investment adviser will pay more than $500,000 to settle the U.S. Securities and Exchange Commission's claims it entered into an improper joint legal fee arrangement with a mutual fund that was also its client.
-
April 30, 2024
SEC Fines 3 Men For Insider Trading On Zogenix Buyout
The U.S. Securities and Exchange Commission reached deals Tuesday totaling more than $170,000 with three men accused of trading shares of biopharmaceutical company Zogenix Inc. based on insider information.
-
April 30, 2024
5th Circ. Questions Texas' Standing In SEC Proxy Rule Battle
The Fifth Circuit appeared skeptical Tuesday of a Texas-led challenge to a U.S. Securities and Exchange Commission regulation that will require fund managers to make it easier for investors to identify ESG issues on corporate ballots, with the judges wondering whether the Lone Star State and others had standing to bring the lawsuit.
-
April 30, 2024
Debt Box Wants Attorney Fees Paid If SEC Brings New Action
Crypto project Debt Box has asked a Utah federal judge to impose multiple "guardrails" if the court allows the U.S. Securities and Exchange Commission to refile its troubled registration suit against the firm, including payment of all attorney fees arising from the original, compromised suit.
-
April 30, 2024
Genius Sports Investors Urge Chancery To Save Merger Suit
The special-purpose acquisition company that took Genius Sports Ltd. public in 2021 didn't fully disclose how a newly inked agreement with the National Football League would affect the sports data company, investors told Delaware's Court of Chancery on Tuesday, urging a judge to preserve their case against the SPAC and its directors.
-
April 30, 2024
FTC Puts $26B Permian Basin Gas Deal Under Scrutiny
The Federal Trade Commission is taking an in-depth look at the proposed oil and gas merger between Diamondback Energy and Endeavor Energy Resources by issuing a second request for additional information about the deal, according to new securities filings.
-
April 30, 2024
Sen. Warren Probes Annuity Cos. Over Use Of 'Secret' Perks
Large annuity providers are using lavish vacations and other kickbacks to drive sales that disadvantage consumers, Sen. Elizabeth Warren, D-Mass., said Tuesday, demanding information from more than a dozen companies on the heels of a new Labor Department rule aiming to ramp up scrutiny on financial advisers.
-
April 30, 2024
Chancery Partially Vacates Trump Media Suit Fast-Track Order
A Delaware vice chancellor pulled the plug Tuesday on a bid to fast-track part of a suit brought by two co-founders of Trump Media & Technology Group against former President Donald Trump's Truth Social media company before it went public.
-
April 30, 2024
Vaxart Investors Want Sanctions Over Deleted Texts
A group of Vaxart investors asked a California federal judge to issue sanctions against Armistice Capital LLC, which previously controlled Vaxart and allegedly sold $267 million worth of its Vaxart shares at inflated prices, saying the hedge fund and its executives purposely deleted text messages integral to the investors' claims.
-
April 30, 2024
Judge Seeks Promises From Adviser, Wife In $5.9M SEC Case
A federal judge in Connecticut said Tuesday that he planned to at least temporarily deny a request from an investment adviser and his wife to release $50,000 from purported personal accounts to pay attorneys after the U.S. Securities and Exchange Commission accused the adviser of wrongly pocketing $5.9 million from clients.
-
April 30, 2024
Crypto Exec Denies $2B Laundering Charges, Is Out On Bail
The CEO of crypto mixer Samourai Wallet has pled not guilty to charges he helped facilitate over $2 billion in illegal transactions and was released on $1 million bail after surrendering to federal authorities voluntarily.
-
April 30, 2024
Truth Social Investor Had No Criminal Intent, NY Jury Told
Counsel for a Florida investment pro accused of insider trading on advance knowledge of a deal to take public former President Donald Trump's media concern Truth Social argued to a Manhattan federal jury Tuesday that he acted in good faith.
Expert Analysis
-
Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
-
How Activision Ruling Favors M&A Formalities Over Practice
The Delaware Chancery Court’s recent nod to a proposed class action, alleging shareholder notice violations in Activision Blizzard’s sale to Microsoft, puts practitioners on notice that customary merger and acquisition market practices do not offer protection from potential liability, say John Stigi and Eugene Choi at Sheppard Mullin.
-
Takeaways From The 2023 DOJ Fraud Section Report
Attorneys at Wiley discuss notable trends from the U.S. Department of Justice's recently reported Fraud Section activity last year and highlight areas of enforcement to watch for in the future, including healthcare fraud and Foreign Corrupt Practices Act violations.
-
How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
-
Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
-
How Harsher Penalties For AI Crimes May Work In Practice
With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.
-
2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.
The Second Circuit’s recent use of the irrevocable liability test to rule a class action may proceed against decentralized crypto exchange Binance heightens the possibility that other blockchain-based businesses with domestic customers and digital infrastructure will find themselves subject to U.S. securities laws, say attorneys at Holland & Knight.
-
Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
-
The Challenges SEC's Climate Disclosure Rule May Face
Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.
-
Compliance Steps After ABA White Collar Crime Conference
Senior law enforcement officials’ statements this month at the American Bar Association's white collar crime conference suggest government enforcement efforts this year will increasingly focus on whistleblower incentives, artificial intelligence and data protection, and companies will need to update their compliance programs accordingly, say attorneys at Baker McKenzie.
-
Investment Advisers Should Prep For Money Laundering Regs
Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.
-
Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
-
How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.
-
How AI May Be Used In Fintech Fraud — And Fraud Detection
Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.
-
What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.