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Securities
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April 12, 2024
Peru Says Gramercy's $100M Bond Arbitration Bid Too Late
Peru is hitting back at Connecticut-based hedge fund Gramercy's bid to enforce a $100 million arbitral award that it secured over the country's valuation of old government bonds, telling a D.C. federal court that the investor had failed to bring its challenge within three years of learning of the alleged misconduct as required by a bilateral trade agreement.
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April 12, 2024
SEC Fines 5 Advisers Over Alleged Marketing Rule Violations
The U.S. Securities and Exchange Commission announced Friday that five investment advisory firms have agreed to pay $200,000 in combined penalties to settle allegations that they violated the commission's marketing rule by advertising misleading hypothetical performance.
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April 12, 2024
Hedge Fund Fires Back At Hotel REIT With Proxy Contest Suit
Blackwells Capital LLC has fired back at Braemar Hotels & Resorts Inc. with a lawsuit against the hotel REIT and its board chair Monty Bennett, seeking a green light to move forward with a campaign to place its own candidates on the company's board.
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April 12, 2024
Ocean Energy Co. Thwarting Shareholder Vote, Investor Says
An investor that has been trying for nearly a year to nominate an alternative slate of directors for the board of an offshore renewable energy company sued in Delaware's Court of Chancery late Thursday, alleging the company and its management have been scheming to prevent a fair stockholder vote.
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April 12, 2024
Capital Recruiter Awarded $7.8M In Back Fees In Breach Suit
An Atlanta-area capital recruiting firm is owed more than $7.8 million in lost commissions from a former financial technology client that violated its agreement to pay the recruiter to connect it with investors, according to a verdict from a Georgia federal jury.
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April 12, 2024
IoT Co. Execs Sued Over Projected Revenue Shortfall
Executives and directors of Internet of Things services company Lantronix Inc. have been hit with a shareholder derivative suit accusing them of misleading investors about its revenue prospects for nearly a year.
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April 12, 2024
Ex-Pfizer Worker's Pal Avoids Prison In Insider Trading Case
An electrical engineer was sentenced to probation Friday for trading Pfizer Inc.'s stock using confidential tips about the efficacy of its COVID-19 drug, after a Manhattan federal court recognized his decision to voluntarily assist prosecutors with the trial conviction of his friend, a former Pfizer employee who leaked insider information.
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April 12, 2024
KB Home's 'Emeritus' Director Bylaw Invalid, Chancery Rules
A KB Home bylaw that allowed the homebuilder's board to unilaterally shift an acting director into a non-functioning "emeritus" role without conducting a stockholder vote is invalid under Delaware law, a Delaware Chancery Court judge said Friday, siding with a shareholder who challenged the rule.
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April 12, 2024
SEC Says Developer Pulled EB-5 Funds From Nursing Homes
The U.S. Securities and Exchange Commission accused a Las Vegas developer of using $10 million raised by overseas investors hoping to immigrate to the U.S. to pay down a loan for a project unconnected to their immigration applications.
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April 12, 2024
Trump Media Attys Flag Co-Founders' Del. Suit Expansion
Attorneys for Trump Media & Technology Group and its insiders have objected to what they say is an attempt by two co-founders to secure fast-tracking of an expanded but still-sealed Chancery Court lawsuit initially focused on share-dilution claims against company insiders.
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April 12, 2024
Fraudster Gets 2 Years For African Sports Ponzi Scheme
A federal judge has sentenced a Massachusetts fraudster to 27 months in prison and ordered him to pay more than $625,000 in restitution for a Ponzi scheme involving African youth sports, according to a Thursday statement.
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April 12, 2024
Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal
Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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April 12, 2024
Off The Bench: Ohtani 'Victim' In Theft, Arbitration Nod To NFL
In this week's Off The Bench, Shohei Ohtani looks to get off the hook on sports-betting allegations while his former interpreter faces charges, the NFL wins a critical court victory in the Brian Flores lawsuit, and troubled WWE founder Vince McMahon cuts even more financial ties with the company.
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April 12, 2024
Ex-Amazon Engineer Gets 3 Years For $12M Crypto Hacks
The former technical lead of Amazon's "bug bounty" program was sentenced in Manhattan federal court Friday to three years in prison for using his specialized computer engineering skills to steal more than $12 million from two decentralized cryptocurrency exchanges.
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April 12, 2024
HomeStreet Hit With Shareholders Suit Over FirstSun Merger
Banking company HomeStreet Inc. has been hit with a proposed class action alleging that it failed to disclose details about the sale process of its merger with FirstSun Capital Bancorp., saying that the company entered into the agreement with "little to no consideration" to any of its shareholders.
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April 12, 2024
Justices Limit Shareholder Suits Over Corporate Disclosures
A unanimous U.S. Supreme Court on Friday ruled that a corporation's failure to disclose certain information about its future business risks, absent any affirmative statement that would make such silence misleading, cannot itself be the basis of a private securities fraud claim.
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April 11, 2024
Investors Again Seek Asset Freeze To Enforce $60M Awards
Two Chinese investment firms have again urged a California federal court to impose a worldwide freeze against a renewable energy company's assets as they seek to enforce about $60 million in arbitral awards, saying the company is in increasing financial distress.
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April 11, 2024
PCAOB Says China Focus Boosted Its '23 Enforcement Haul
The Public Company Accounting Oversight Board said in a report released Thursday that its first China-based enforcement actions helped it rake in a record-breaking $20 million in civil penalties for auditor violations last year, a second-year record that it is already set to surpass in 2024.
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April 11, 2024
Crypto Trader Hit With Judgment In SEC's $4.3M Fraud Case
A cryptocurrency trader has consented to a judgment to end a U.S. Securities and Exchange Commission suit accusing him of duping investors out of $4.3 million by falsely claiming the money would be invested in digital assets that could be obtained at a discount.
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April 11, 2024
Wells Fargo Wants Ex-CEO's $34M Back-Pay Suit Tossed
Wells Fargo & Co. has asked a California state court to throw out a lawsuit filed by former CEO Timothy Sloan that seeks $34 million in compensation he alleges was wrongfully withheld from him, a payout the bank maintains it doesn't owe.
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April 11, 2024
REIT Hit With Suit By Ex-CEO Over Share Buyback Conflict
A real estate investment trust has been hit with a proposed class action by its former CEO alleging the company's insiders breached their fiduciary duties by failing to make a legitimate effort to repurchase certain preferred shares prior to their redemption date, leading to severe dilution of the common shares.
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April 11, 2024
JPMorgan Analyst's Acquittal Sinks Stock Tip Case, Man Says
A Los Angeles man is planning a Ninth Circuit appeal after he was found guilty of trading on privileged information supplied by a childhood friend who was an analyst at JPMorgan Securities LLC, reasoning that he could not be guilty because the friend was acquitted at a separate trial.
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April 11, 2024
Flopped Casino SPAC Investor Sues In Del. To Block Payout
An investor in a special purpose acquisition company that made a doomed, $2.7 billion effort to buy a casino in the Philippines has asked Delaware's Court of Chancery to prevent the SPAC from redeeming its outstanding shares, arguing it would violate Delaware law because the SPAC is insolvent.
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April 11, 2024
Canadian Trucking Co. Needs More Time For US DIP Approval
At a hearing Thursday in Delaware bankruptcy court, Canadian trucking company Pride Group was unable to reach an agreement on provisional approval of its debtor-in-possession facility that received the go-ahead in Canadian court, as the U.S. Trustee warned of the expanding scope of Chapter 15 provisional relief hearings.
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April 11, 2024
Odebrecht Exec Details Bribes To Ex-Ecuador Comptroller
The former director of Odebrecht SA's operations in Ecuador told jurors Thursday that he paid millions in bribes to "Miami" — a code name for Ecuador's former comptroller — related to various infrastructure projects the Brazilian conglomerate was building in the country.
Expert Analysis
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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2 SEC Orders Illuminate Bribery Risks For US-China Cos.
The U.S. Securities and Exchange Commission’s foreign bribery-related resolutions with 3M and Clear Channel offer important takeaways on compliance risks for companies with operations in China, from the role of traditionally low-risk vendors to gaps in internal accounting controls, say attorneys at Miller & Chevalier.
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Key Maritime Law Issues In 2024: Election-Year Unknowns
In the final installment of this three-part article reviewing the top challenges for the maritime industry this year, Sean Pribyl at Holland & Knight examines how the uncertainty surrounding the forthcoming U.S. election may affect the maritime sector — especially companies involved in offshore wind and deep-sea mining.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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Key Maritime Law Issues In 2024: Environmental Challenges
In the second installment of this three-part article examining key concerns for the maritime sector this year, Sean Pribyl at Holland & Knight considers how the industry will be affected by environmental concerns — including the growing push for decarbonization, and regulatory scrutiny around greenwashing and ESG issues.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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SEC Registrants Likely Won't Get Cyber Disclosure Delays
The U.S. Securities and Exchange Commission's sweeping cybersecurity disclosure final rules, its SolarWinds enforcement action and recent U.S. Department of Justice guidance show the pressure is on registrants to disclose incidents timely and accurately, but the circumstances in which an extension will be granted are extremely rare, say attorneys at Pillsbury.
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Key Maritime Law Issues In 2024: Geopolitics And Sanctions
Major challenges are on the horizon for the U.S. maritime sector in 2024, including geopolitical tensions in the Red Sea and ever-evolving sanctions targeting Iran and Russia — which may lead to higher shipping costs and greater compliance burdens for stakeholders, says Sean Pribyl at Holland & Knight.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.