Securities

  • April 19, 2024

    Ex-Pharma Exec Says Judge 'Coercive' In SEC Contempt Case

    A former pharmaceutical executive facing criminal contempt charges for using an alias to flout a U.S. Securities and Exchange Commission ban says a Massachusetts federal judge was "coercive" in suggesting he might avoid prosecution if he cooperated with the agency.

  • April 18, 2024

    Ex-BigLaw Atty Can Stay Free During OneCoin Fraud Appeal

    A Manhattan federal judge Thursday granted a former Locke Lord LLP partner's motion for bail pending appeal of his 10-year prison sentence after he was found guilty of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying he does not pose a flight risk given his medical conditions.

  • April 18, 2024

    SEC Faces $1.8M Atty Fee Bid After Sanctions In Crypto Case

    A court-appointed receiver and defendants in the U.S. Securities and Exchange Commission's case against crypto project Debt Box requested Wednesday that the regulator pay roughly $1.8 million in sanctions to cover the fees incurred by an allegedly ill-gotten temporary restraining order and receivership.

  • April 18, 2024

    Ex-Autonomy CEO Wanted Whistleblower Fired, Ex-GC Says

    Former Autonomy CEO Michael Lynch thought a finance department whistleblower was "trying to destroy the company" and wanted him fired, the software company's former U.S. general counsel testified Thursday in a criminal fraud trial over claims Lynch conned HP into buying the British company at an inflated price of $11.7 billion.

  • April 18, 2024

    Hedge Fund Says Its $100M Award Over Peru Bonds Is Valid

    A hedge fund has asked a D.C. federal judge not to throw out its suit seeking to enforce a $100 million arbitral award it secured over Peru's valuation of old government bonds, saying the country wants to relitigate claims that were already rejected by the arbitrators.

  • April 18, 2024

    Satellite Broadband Co. Faces Investor Suit Over Project Delay

    Satellite manufacturer AST SpaceMobile Inc. was hit with an investor suit accusing it of concealing supply issues that prevented the timely launch of a satellite fleet intended to provide broadband services, leading to a 24% share price decline when the issues were eventually disclosed.

  • April 18, 2024

    Senate Dems Question 4 Biggest Banks Over Fraud Controls

    Two Democratic senators have asked the nation's four largest banks to share their systems to combat wire fraud and protect consumers from the fallout of unauthorized transfers.

  • April 18, 2024

    Chancery OKs Case Lead For Blue Bell Creameries Suit

    A Delaware vice chancellor on Thursday restored a Blue Bell Creameries Inc. stockholder's widow as lead plaintiff in a derivative suit seeking to hold directors and officers of the ice cream company accountable for deadly food-safety oversight failures in 2015.

  • April 18, 2024

    Doximity Faces Investor Suit Over Slashed Revenue Hopes

    Medical professional networking service Doximity Inc., likened to "LinkedIn for doctors," and two of its executives are facing a proposed class action alleging it hurt investors by concealing slowing sales.

  • April 18, 2024

    Perkins Coie 'Beating A Dead Horse' To Duck Case, Judge Says

    An Illinois judge on Thursday refused to reconsider his decision to let an investment company move ahead with its lawsuit accusing Perkins Coie of helping the company's former investment manager steal $12 million and opted not to certify questions raised by the firm about his reasoning to the Illinois Supreme Court.

  • April 18, 2024

    SEC Exams Division Flags Misleading Claims In Adviser Ads

    Investment advisers are publishing various misrepresentations and omissions in marketing materials, according to a recent risk alert from the U.S. Securities and Exchange Commission's examinations division that flagged a litany of compliance issues with the agency's marketing rule.

  • April 18, 2024

    Defense Paints Friend As Snitch In Ex-Ecuador Official's Trial

    The defense attorney for former Ecuador comptroller Carlos Ramon Polit Faggioni painted a reinsurer who testified Wednesday against the official as a snitch and turncoat during a federal money laundering trial in Miami, saying he effectively became a government agent to get information that could be used against his friend.

  • April 18, 2024

    Pharma Ex-Exec Can't Revive $12M Underpayment Suit in US

    A Manhattan federal judge has refused to rethink her decision tossing a $12 million suit accusing Altum Pharmaceuticals Inc. and its cannabis-focused parent company, BetterLife Pharma Inc., of stock dilution and underpaying a former executive chairman of the board of directors, saying the claims are better suited for Canadian courts.

  • April 18, 2024

    Investors In Failed Manila Casino Deal Sue For SPAC Shares

    Shareholders in a blank-check company that failed to take a Philippines casino public have intervened in two Delaware Chancery Court lawsuits to recoup their failed investments, with one seeking to litigate damages from the busted $2.6 billion deal and the other pushing for the company's liquidation.

  • April 18, 2024

    Red States Back Call To Overturn Nasdaq Diversity Rule

    Utah and 23 other Republican-led states have filed an amicus brief asking the full Fifth Circuit to vacate a Nasdaq board diversity rule and declare it unconstitutional, saying the U.S. Securities and Exchange Commission, which approved the rule, is "affirmatively perpetuating" race-based discrimination instead of eliminating it.

  • April 18, 2024

    Pomerantz To Rep Investors In AT&T Lead Cable Class Action

    A New Jersey federal judge approved Pomerantz LLP as the lead counsel for a proposed investor class action alleging AT&T lied about its effort to be environmentally conscious while contributing to the installation of toxic lead cables, with the New York City Public Pension Funds serving as lead plaintiff.

  • April 18, 2024

    Wife Of Alleged $3B TelexFree Scammer 'Hounded' In MDL

    The estranged wife of alleged TelexFree Ponzi schemer Carlos Wanzeler said Thursday that plaintiffs in a decade-old civil suit are needlessly "hounding" her for information they already have and urged a Massachusetts federal court to free her from the "litigation purgatory." 

  • April 18, 2024

    Crypto Trader Convicted Of $110M Mango Markets Scam

    A Manhattan federal jury found a cryptocurrency trader guilty Thursday of illegally taking $110 million out of Mango Markets by inflating the value of its tokens, then borrowing against that valuation to suck money out of the decentralized exchange.

  • April 18, 2024

    Crowell & Moring Adds Corporate Partners From Neal Gerber

    Crowell & Moring LLP has added two longtime partners and practice group leaders from Chicago-based firm Neal Gerber & Eisenberg LLP to help bolster its corporate, mergers and acquisitions and capital markets services and expand its services in the Windy City.

  • April 17, 2024

    Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told

    A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.

  • April 17, 2024

    Walgreens Investors' $36M Deal In Opioid Suit Gets First OK

    An Illinois federal judge on Wednesday granted his initial approval of a $36 million settlement to end a stockholder's derivative suit accusing Walgreens and its leadership of failing to limit retail pharmacies from dispensing unreasonable amounts of opioids.

  • April 17, 2024

    SEC Urged To Rethink Whistleblower Awards To Short-Sellers

    A University of Kansas law professor has released research showing that a growing number of corporate outsiders, including short-sellers, are receiving whistleblower rewards from the U.S. Securities and Exchange Commission, and he told Law360 on Wednesday the agency should reconsider giving money to those who also seek to profit from trading on the tips they call in. 

  • April 17, 2024

    SEC Says Sports Media Tech Co. Fraudulently Raised $22M

    The U.S. Securities and Exchange Commission filed a suit on Wednesday accusing media technology company Icaro Media Group Inc. and its CEO of raising more than $22 million from investors on fake claims that it was about to launch a sports content application in partnership with major telecommunications companies.

  • April 17, 2024

    RTX Investor Sues Brass In Del. For Better Antitrust Oversight

    A shareholder of RTX has sued the aerospace and defense giant's current and former officers and directors in Delaware's Court of Chancery, accusing them of failing over a period of at least eight years to prevent antitrust violations in the company's hiring practices.

  • April 17, 2024

    2nd Circ. Won't Revive Investor Fight Over Honeywell Spinoff

    The Second Circuit affirmed Wednesday the dismissal of a proposed securities class action accusing a bankrupt Honeywell transportation business spinoff of misleading investors about significant risks it faced under its asbestos-liability indemnity deal with Honeywell, finding that the spinoff was frank about the uncertainty of its financial future.

Expert Analysis

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Compliance Risk After SEC Warning Against 'AI Washing'

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    The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.

  • Cybersecurity Issues For Financial Industry To Track In 2024

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    In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.

  • 4 Ways The DOJ Is Changing Its Approach To Insider Trading

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    The U.S. Department of Justice’s recent increased focus on insider trading cases and the manner in which the DOJ is pursuing prosecutions reflect a break from historical practices and signal that the DOJ is branching into new areas to pursue perceived illicit trading activities, say attorneys at Davis Wright.

  • 5 Recent Developments Family Offices Are Watching In 2024

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    Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.

  • How State AGs Process And Prioritize Consumer Complaints

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    Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • 10 Issues To Watch As ESG Remains Alive And Well In 2024

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    Practitioners and stakeholders should watch a number of key environmental, social and corporate governance issues in the new year, including court rulings and comprehensive research, as the data shows ESG is here to stay, says Heidi Friedman at Thompson Hine.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • The Most-Read Securities Law360 Guest Articles Of 2023

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    Securities guest article topics that piqued reader interest this year include how the U.S. Securities and Exchange Commission utilized seldom-used rules to go after bad actors, and how Delaware courts increased scrutiny on boards of directors — sometimes in surprising ways.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • How SEC And NY Cyber Reporting Rules Affect Key Industries

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    The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

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