Deals & Corporate Governance
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February 27, 2024
Anesthesia Group Settles Colo. AG's Monopoly Claims
U.S. Anesthesia Partners has said it would cede control of deals with several Colorado hospitals and pay $200,000 in legal fees to settle the state attorney general's allegations that the practice group had anti-competitive control of the market.
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February 27, 2024
Arnold & Porter Transactions Vet Joins Foley & Lardner
Foley & Lardner LLP announced it has brought on a former Arnold & Porter Kaye Scholer LLP attorney with over 30 years of experience working on transactional matters as a partner in its Silicon Valley, California, office.
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February 27, 2024
Hospital Denies Nurses OT For Work During Breaks, Suit Says
A Michigan hospital has been refusing to pay a group of nurses and technicians overtime wages by automatically deducting pay for meal breaks they cannot take, according to a proposed collective action filed in federal court.
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February 26, 2024
Stimwave Prosecutors Accused Of Brady Violation Mid-Trial
The former CEO of Stimwave Technologies has alleged in the middle of her criminal fraud trial that the Manhattan U.S. Attorney's Office withheld key evidence about proffer meetings, teeing up a potential Brady fight before a skeptical judge.
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February 26, 2024
Ropes & Gray-Led THL Taking Agiliti Private In $2.5B Deal
Medical equipment management company Agiliti is going private in a deal with private equity firm Thomas H. Lee Partners, Agiliti announced Monday.
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February 26, 2024
Justices Say Tribes Can Argue Separately In Healthcare Row
Two Native American tribes seeking to uphold rulings that ordered the federal government to reimburse them millions of dollars in administrative healthcare costs can argue their cases separately, the U.S. Supreme Court said Monday.
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February 23, 2024
Health REIT Hid Halted $375M Equity Stake Deal, Suit Says
A Medical Properties Trust Inc. shareholder accused the hospital-focused real estate investment trust in Maryland federal court of hiding the California government's halting of a $375 million equity stake transaction with a healthcare management services company.
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February 23, 2024
Healthcare AI Startup Abridge Raises $150M
AI clinical documentation company Abridge said on Friday that it had raised a $150 million series C round to build on its existing product lines and accelerate research and development.
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February 23, 2024
Walgreens Investors Near Deal In Suit Over Opioid Epidemic
An Illinois federal judge agreed Friday to maintain a stay in a stockholder derivative suit accusing Walgreens and its leadership of failing to limit retail pharmacies from dispensing unreasonable amounts of opioids, a day after the parties announced an agreement in principle to resolve their dispute.
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February 23, 2024
Eye Care Tech Co. Gets Go-Ahead For April Sale In Ch. 11
A Texas bankruptcy judge said Friday she will approve sale procedures that will put a troubled optometry software maker on the block in April, after the debtor said it will give creditors a few more days to respond if it decides to name a stalking horse bidder.
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February 22, 2024
North Carolina Hospitals Can't Exit Monopoly Claims
Two healthcare companies cannot escape a consolidated antitrust suit claiming that a North Carolina hospital system drove up the price of health insurance for public employees, as a federal judge has found that the claims plausibly allege that the anti-competitive conduct occurred within the time window to sue.
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February 22, 2024
Biotech VC Firm ORI Capital Closes $260M Fund
Biotech venture capital firm ORI Capital announced Thursday that it has closed a $260 million fund to invest in early-stage biotech companies globally.
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February 22, 2024
Locke Lord Settles Failed Health Plan Malpractice Suit
Locke Lord LLP has reached a settlement to resolve a health plan fiduciary's malpractice suit alleging the firm provided bad legal advice that doomed the plan, permanently ending an Illinois federal suit first filed in 2018.
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February 21, 2024
Actelion Cites FDA Safety Rules Against Tracleer Antitrust Suit
Actelion Pharmaceuticals Ltd. said federal rules controlling distribution of potentially dangerous drugs spare it from antitrust litigation over its hypertension drug Tracleer, arguing it was required to deny needed samples to would-be generic competitors until they presented the right certification of safeguards.
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February 21, 2024
Calif. Bill Would Let AG Audit Private Equity Healthcare Deals
California Attorney General Rob Bonta and Assembly Speaker Pro Tempore Jim Wood have filed legislation that will give the state's AG oversight of private equity and hedge fund acquisitions of healthcare facilities, saying that private equity is causing soaring consumer costs.
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February 21, 2024
JPMorgan Got $400M Before Inovalon Sale, Del. Justices Hear
Inovalon didn't properly disclose that investors that bought the healthcare data company in 2021 paid $400 million in fees to its financial adviser, a JPMorgan unit, before the transaction, a reason enough to revive a lawsuit challenging the $7.3 billion acquisition, counsel for stockholders told Delaware's Supreme Court Wednesday.
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February 20, 2024
US Trustee Wants Sorrento Ch. 11 Tossed Or Relocated
The U.S. Trustee's Office has moved to have Sorrento Therapeutics' Chapter 11 case dismissed, alleging the biopharmaceutical company manufactured a venue in Texas bankruptcy court, even as the debtor asked for court approval to sell off its assets to its CEO under a revised reorganization plan.
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February 20, 2024
Biology AI Startup Bioptimus Raises $35M Seed Round
Artificial intelligence startup Bioptimus has raised $35 million to build an AI foundational model focused on biology, the company announced Tuesday.
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February 20, 2024
$71M Deal Proposed To End Premier Inc. Share Exchange Suit
Healthcare-purchasing giant Premier Inc. has agreed to a $71 million settlement of a derivative stockholder suit in Delaware's Chancery Court that challenged a $473.5 million payout in a 2020 restructuring, with stockholder attorneys seeking an award of up to $14 million in fees.
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February 20, 2024
Latham Adds Cooley Company Growth Pros In San Francisco
Latham & Watkins LLP is expanding its West Coast corporate team, announcing Tuesday that it is bringing in a pair of Cooley LLP experts in emerging-growth companies as partners in its San Francisco Bay Area offices.
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February 16, 2024
Chromocell Hits Stock Markets Following $6.6M IPO
Clinical-stage biotechnology company Chromocell Therapeutics Corp. began trading publicly on Friday after raising $6.6 million in its initial public offering, becoming the latest in a flurry of biotech IPOs.
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February 15, 2024
Citadel Securities, Others Beat Biotech Spoofing Suit, For Now
A New York federal judge has adopted in full a magistrate judge's recommendation to toss a suit accusing several broker-dealers, including Citadel Securities LLC and Virtu Americas LLC, of carrying out a spoofing scheme that repeatedly drove a biotechnology company's share price down, saying he agrees with the report's finding that the suit fails to show that the alleged scheme caused lower stock prices in every instance.
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February 15, 2024
HCA Says NC Hospital's Standard Of Care Hasn't Changed
For-profit hospital network HCA Management Services has fired back at claims of rampant mismanagement at its Asheville, North Carolina, hospital, saying the state attorney general's office has made accusations about the quality of care that aren't based on the terms agreed to when HCA bought the hospital four years ago.
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February 15, 2024
Invitae Can Use Cash Collateral For Speedy Ch. 11
Bankrupt genetic testing company Invitae Corp. on Thursday got the approval of a New Jersey bankruptcy court for routine first-day motions as it moves toward a planned April auction of its assets.
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February 15, 2024
Freenome Raises $254M For Early Cancer Detection Tests
Cancer-focused biotechnology company Freenome said Thursday it has raised $254 million from investors to advance cancer detection tests in its pipeline.
Expert Analysis
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Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees
The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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An Overview Of 6 PBM Bills Moving Through Congress
As legislators turn to pharmacy benefit manager reform as a potential next step in addressing the cost of prescription drugs, six congressional committees have recently advanced PBM-related legislation with generally high bipartisan support, suggesting that a final package is likely to advance through Congress, say Rachel Stauffer and Katie Waldo at McDermott+Consulting.
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What Large Language Models Mean For Document Review
Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.
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Participating In Living History Makes Me A Better Lawyer
My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.
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Private Equity Owners Can Remedy Law Firms' Agency Issues
Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.
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How To Protect Atty-Client Privilege While Using Generative AI
When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
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State Privacy Laws: Not As Comprehensive As You May Think
As more U.S. states enact privacy laws, companies must be aware that these laws vary in scope and content, meaning organizations should take a stringent approach to compliance by considering notice, choice and data security obligations, among other requirements, says Liisa Thomas at Sheppard Mullin.
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ESG Around The World: Australia
Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.
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Address The Data Monopoly, Otherwise Tech Giants Control AI
It is likely that we will experience a severe monopoly on artificial intelligence systems and patents by the largest players in the tech industry, so the way we treat data needs to change, whether through the legislature, the courts or tech companies, says Pranav Katti at Barclay Damon.
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Info Exchanges Must Stay Inside Now-Invisible Antitrust Lines
While the antitrust agencies recently withdrew long-standing enforcement policy statements for being "overly permissive" on information exchanges, we should not assume that all information exchanges are inherently suspect — they are still permissible if carefully constructed and vigorously managed, say attorneys at Nelson Mullins.
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Twitter Legal Fees Suit Offers Crash Course In Billing Ethics
X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.
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Amgen-Horizon Deal May Signal FTC's Return To Bargaining
The Federal Trade Commission's recent settlement of its challenge to Amgen's proposed acquisition of Horizon Therapeutics marks the latest in a string of midlitigation settlements, and may signal that competition regulators are more inclined toward such negotiations following recent litigation losses, say attorneys at Freshfields.