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Securities
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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April 17, 2024
Karuna Investor Ends Suit After Bristol-Myers Seals $14B Deal
A Karuna Therapeutics shareholder has dropped her proposed class action after Bristol-Myers Squibb Co. completed its $14 billion purchase of the biotechology company, a deal the suit alleged was brought about by misrepresentations to investors to gain their support.
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April 17, 2024
Wells Fargo Headed To Trial In Ex-Exec's COVID-Era ADA Suit
Wells Fargo is headed to trial over a former investment director's Americans with Disabilities Act claim in a suit alleging he lost his job following an accommodation request after his employer prepared to mandate a return to office, with a North Carolina federal judge also trimming the former employee's age discrimination suit.
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April 17, 2024
New Stablecoin Bill Eyes Investor Protections, AML Regime
Sens. Cynthia Lummis, R.-Wyo., and Kirsten Gillibrand, D.-N.Y., have unveiled their long-awaited proposal to regulate stablecoins, which would require issuers to hold full reserves, ban algorithmic stablecoins and define the authority that state and federal banking regulators will have over the tokens.
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April 17, 2024
Judge Won't Toss Any Expert In Under Armour Securities Suit
The opposing parties in a suit related to Under Armour Inc.'s allegedly inflated stock prices can keep their expert witnesses, a Maryland federal judge ruled Tuesday, saying he was mostly unswayed by the arguments from both sides.
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April 17, 2024
Judge Says Ex-Bank Rep Worse Than Robber For Film Fraud
An Illinois federal judge handed down a 2½-year prison sentence Wednesday for a former Citigroup and Wells Fargo financial adviser who admitted to swindling clients out of nearly $1.5 million by soliciting them to invest in purported movie productions, saying the only difference between her and a bank robber is that "she didn't have a mask and a gun."
Expert Analysis
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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Strategies For Single-Member Special Litigation Committees
The Delaware Supreme Court's recent order in the Baker Hughes derivative litigation allowing testimony from a single-member special litigation committee highlights the fact that, while single-member SLCs are subject to heightened scrutiny, they can also provide unique opportunities, says Josh Bloom at MoloLamken.
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Lessons For D&O Policyholders From Pharma Co. Ruling
A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.