Capital Markets Law360 provides breaking news and analysis on the capital markets sector. Coverage includes stock and bond offerings, mortgage-backed securities, foreign exchange, follow-on offerings, and debt deals, as well as related litigation and policy developments.
A “newly appointed” vice chancellor in Delaware’s Chancery Court erred by tossing claims against the former executive of a Chinese livestock company on summary judgment, the company’s court-appointed receiver told the state’s Supreme Court in an appeal filed Friday, arguing the decision contradicted an earlier ruling by a chancellor who recently retired.
The government of Puerto Rico and its federally appointed oversight board is defending a proposal to appoint independent agents to resolve competing claims over the territory’s sales tax revenues, saying in a Saturday court filing that objecting groups of creditors overlook the board’s neutrality and legal authority.
The U.S. Supreme Court's Monday ruling that suits over securities offerings are subject to time limits that can't be extended by class action filings will give public companies a measure of certainty against unexpected claims, experts said, but will require more legwork from institutional investors to preserve their claims and could gum up courts with premature opt-out litigation.
Four companies represented by four law firms filed initial public offerings totaling $296 million on Friday, including a yoga studio owner, a pet health products company and two biotechnology firms, bolstering an IPO pipeline that is heating up at the onset of summer.
Granite Point Mortgage Trust Inc., a mortgage real estate investment trust run by asset manager Pine River Capital Management LP, priced a $195 million initial public offering on Friday while distressed property investor Gadsden Growth Properties Inc. launched a $50 million IPO on Monday.