Capital Markets

  • February 23, 2018

    Reg A+ 'Mini-IPOs' Face Market Resistance

    Nearly all publicly traded companies that have raised money though so-called Reg A+ initial public offerings — a scaled-down version of a traditional IPO intended to ease burdens on smaller companies — have seen their shares plunge since going public, raising questions about the program's viability.

  • February 23, 2018

    High Court Fight Over SEC In-House Judges Heats Up

    A high-profile challenge to the U.S. Securities and Exchange Commission’s in-house court intensified in recent days as government lawyers urged the U.S. Supreme Court to give the agency's chair the power to remove administrative law judges, while a money manager whose case is now before the justices has asked them to come down hard against the regulator over what he calls its use of an unconstitutional tribunal.

  • February 23, 2018

    Illinois Software Exec Pleads Not Guilty In Spoofing Case

    The owner of an Illinois software firm pled not guilty Thursday to conspiracy and spoofing charges stemming from accusations he led efforts to carry out a futures trader’s plan to implement software allowing the trader to create false orders and manipulate the precious metals market.

  • February 23, 2018

    Germany Refuses To Extradite Traders For SFO Euribor Trial

    German prosecutors said Friday they will not extradite four Deutsche Bank traders to the U.K. to face charges that they manipulated a key European interest rate benchmark.

  • February 23, 2018

    Wilson Sonsini, Simpson Thacher Guiding Dropbox IPO

    Wilson Sonsini Goodrich & Rosati PC and Simpson Thacher & Bartlett LLP are guiding the initial public offering process of cloud storage tech giant Dropbox Inc., according to papers filed with the U.S. Securities and Exchange Commission Friday.

  • February 23, 2018

    PE-Backed 'Emerging Growth Co.' Files For $300M IPO

    A newly organized blank check company created by private equity firm Terrapin Partners filed for a $300 million initial public offering Friday, with its eye on large private technology companies and technology disrupting markets, according to a filing with the U.S. Securities and Exchange Commission.

  • February 23, 2018

    2nd Circ. Gives 2nd Shot To Schwab's Libor Claims

    A Second Circuit panel on Friday breathed new life into claims brought by Charles Schwab Corp. against a slew of the world’s largest banks over their alleged manipulation of the London Interbank Offered Rate, finding that the investment firm should be given a chance to replead some of its case.

  • February 23, 2018

    UK Health Care REIT Scores £94M From Share Sale

    U.K.-based real estate investment trust Target Healthcare REIT Ltd. on Friday said a recent stock offering raked in £94 million ($131.3 million) to be used to finance a number of current investments, as well as pending and potential projects.

  • February 23, 2018

    Ex-SEC Chair Urges Delay Of Post-IPO Suit Policy Debate

    Former SEC Chairman Harvey Pitt on Friday urged current Chairman Jay Clayton to put on “the back burners” the idea of allowing companies to bar investors from filing lawsuits after an initial public offering, saying debating the subject would divert the agency’s “limited resources.”

  • February 22, 2018

    Resort-Focused Aspen REIT Pulls Reg A+ IPO

    Aspen REIT Inc., a real estate investment trust that was formed to own a Colorado mountainside resort and sought to become the first single-asset REIT to list on major stock exchange, late on Wednesday postponed an offering to raise about $34 million through a Regulation A+ “mini-IPO."

  • February 22, 2018

    SEC Case Exposes Justices' Rift Over 'Legislative History'

    The Supreme Court’s long-running tensions over the use of legislative history as a way to interpret law broke out into public view Wednesday in a case over the Dodd-Frank Act’s whistleblower provisions, as Justices Sonia Sotomayor and Clarence Thomas clashed over the value of a Senate report.

  • February 22, 2018

    Chevron Spared As Justices Say 'Whistleblower' Term Clear

    After speculation that a former executive's retaliation case would lead to a re-evaluation of the so-called Chevron doctrine, the U.S. Supreme Court instead found Wednesday that the definition of “whistleblower” in the Dodd-Frank Act is so clear that the question of courts deferring to agencies’ interpretations of ambiguous statutes was moot.

  • February 22, 2018

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

  • February 22, 2018

    2 Biotechs Brave Volatility To Raise $401M In Follow-Ons

    Two publicly traded life science companies braved recent market volatility and priced follow-on offerings that netted $401 million total late on Wednesday, led by Danish firm Ascendis Pharma A/S, which raised money to support development of a product that would treat growth hormone deficiency.

  • February 22, 2018

    Investors, US Bank Agree To Move MBS Claims To NY Court

    Investors accusing U.S. Bank of bungling its duties as trustee to an array of mortgage trusts said Wednesday that they’ve agreed to drop what’s left of their New York federal court case and head to state court, a move that comes less than a month after they were denied class certification.

  • February 22, 2018

    2 Tibet Pharma Defendants May Appeal Last Count In IPO Suit

    A New Jersey federal judge ruled Wednesday that two defendants in a class action accusing Tibet Pharmaceuticals Inc. of lying about its financial health before its 2011 initial public offering can appeal the judge’s May opinion that dropped all but one count against them, saying the appellate court could end litigation for the pair.

  • February 22, 2018

    Olshan Frome Adds Ex-Miller & Wrubel Securities Pro

    A former Miller & Wrubel attorney whose work has included representing funds in two multibillion-dollar settlements over residential mortgage-backed securities with Bank of America and JPMorgan Chase has joined Olshan Frome Wolosky LLP.

  • February 22, 2018

    Deutsche Says Foreign Investors Not Fit To Lead RMBS Suit

    Two investors who seek to lead a class action against Deutsche Bank AG over claims it didn't disclose risks related to residential mortgage-backed securities made $100,000 in profits on the investments, live outside the U.S. and admit to destroying evidence, the bank said Wednesday.

  • February 21, 2018

    Activist Investor Barington Pushes Bloomin' Brands Spinoff

    Activist hedge fund Barington Capital Group LP sent a letter Wednesday to struggling restaurant company Bloomin’ Brands Inc. urging it to spin off its three smaller brands into a new company while leaving its successful Outback Steakhouses to operate independently, among other changes.

  • February 21, 2018

    Wilson Sonsini Hires Ex-Associate As Securities Partner

    Wilson Sonsini Goodrich & Rosati PC will bolster its securities practice by snagging a partner at Goodwin Procter LLP who used to work at Wilson Sonsini as an associate, the firm announced Tuesday.

Expert Analysis

  • Examining SEC’s 2018 Exam Priorities

    James Lundy

    The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations deserves credit for the increased transparency and guidance provided in its 2018 priorities letter. That said, the OCIE is clearly prioritizing the protection of retail investors even more than in years past, say attorneys with Drinker Biddle & Reath LLP.

  • A New Era In Global Securities Litigation: Part 4

    Joni Jacobsen

    American plaintiffs firms are at the forefront of forming foundations of international investors bringing shareholder fraud actions. The law is developing not only in Europe, but in Canada, Australia and Asia as well, say attorneys with Dechert LLP.

  • In Somers, High Court Takes Us Back To 2014

    Scott Oswald

    Justice Ruth Bader Ginsburg’s opinion in Digital Realty Trust v. Somers, which put a tight limit on anti-retaliation protections under the Dodd-Frank Act, emerged on Wednesday as the obverse of her 2014 opinion in Lawson. The real-world impact of Somers is likely to be immediate and somewhat perverse, says Scott Oswald of The Employment Law Group PC.

  • A New Era In Global Securities Litigation: Part 3

    David Kistenbroker

    In addition to the Netherlands, the U.K. and Germany have also experienced rapid proliferation of collective actions in the recent past. As collective action vehicles in Europe develop, issues with enforcement and implementation have emerged, say attorneys with Dechert LLP.

  • Lessons From Rabobank's Anti-Money Laundering Failures

    Michael Gertzman

    Rabobank's $368 million resolution of an investigation into the bank's anti-money laundering program has several parallels with other recent Bank Secrecy Act actions that financial institutions may wish to consider in assessing their compliance programs, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • A New Era In Global Securities Litigation: Part 2

    Joni Jacobsen

    Shareholder plaintiffs barred from U.S. courts post-Morrison are looking to foreign jurisdictions. The Netherlands in particular is the European Union member state at the forefront of this sea change in securities litigation, say attorneys with Dechert LLP.

  • A New Era In Global Securities Litigation: Part 1

    David Kistenbroker

    Shareholder plaintiffs barred from U.S. courts are looking to courts in foreign jurisdictions to litigate alleged securities fraud and seek redress. To understand and prepare for this sea change, multinational defendants should be aware of jurisdictions in which they could be sued, as well as those in which they may be able to obtain global relief, say attorneys with Dechert LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.

  • Put The Brakes On Acceleration Bay Litigation Funder Ruling

    David Gallagher

    Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.

  • 3 Securities Enforcement Developments You May Have Missed

    Kurt Wolfe

    Over the past year, the U.S. Securities and Exchange Commission investigations and enforcement space has seen a number of developments that are likely to have transformative effects, some of which have garnered a great deal of commentary. Kurt Wolfe of Allen & Overy LLP highlights three issues that have received less attention.