The Second Circuit on Tuesday reinstated a putative securities class action against Alibaba Group Holding Ltd. and several executives after finding that a lower court judge improperly dismissed the suit tied to the company's $25 billion initial public offering.
Valeant Pharmaceuticals Inc. on Monday priced an upsized $1.5 billion private bond offering that will refinance previously issued debt, marking the Canadian drug giant’s third major bond sale this year as it revamps its balance sheet and seeks to regain investor confidence.
The U.S. Securities and Exchange Commission on Monday approved a New York Stock Exchange plan to bar companies from releasing end-of-day material news for up to five minutes after markets close, a move intended to prevent price discrepancies and market confusion.
Growth lending company Runway Growth Credit Fund Inc. announced Tuesday that it has closed its $275 million initial equity capital offering with help from an increased commitment from funds managed by Oaktree Capital Management LP.
The Bank of New York Mellon Corp. has asked a New York federal judge to reject a new effort to allow a case over failed mortgage-backed securities it oversaw to advance as a class action, saying Royal Park Investments' class definition is still too “expansive and amorphous” to be certified.
Summit Industrial Income REIT on Monday announced a unit offering that could hand the open-ended mutual fund real estate investment trust roughly $92 million, the same day it said it had inked a $66.1 million deal to buy a four-property portfolio in the greater Toronto area.
A Senate panel on Tuesday is set to mark up bipartisan legislation that would ease certain Dodd-Frank rules for community banks and shrink the number of big banks subject to tougher supervision, marking the first legislative effort to roll back post-financial crisis rules that has a potential path to success.
The U.S. Supreme Court on Monday said it won’t review a Second Circuit decision allowing the Federal Deposit Insurance Corp. to move forward with a $140 million mortgage securities suit against a group of five banks, leaving in place the appellate court’s interpretation of a so-called extender statute in the Financial Institutions Reform, Recovery and Enforcement Act.
The U.S. Securities and Exchange Commission has requested public comment on a New York Stock Exchange proposal to ease rules on special-purpose acquisition companies, which include halving the minimum number of investors and adding a capital requirement to exempt SPACs from penny-stock rules.
The U.S. Securities and Exchange Commission on Monday accused a California-based public accounting firm and a number of its current and former partners of doing flawed audit work for an energy services holding company and two other penny-stock company clients that have themselves been accused of fraud by the agency.
The largest U.S. independent broker-dealer urged a California federal judge on Friday to toss a proposed class action accusing it of covering up "severely disappointing" financial results while a major private equity backer cashed out to the tune of $187 million, saying the investors behind the suit haven't fixed the problems that got their last complaint thrown out.
Two companies eager to seal deals before the year-end holiday break launched initial public offerings on Monday, led by commercial real estate broker Newmark Group Inc.’s estimated $615 million IPO, followed by private equity-backed cable equipment maker Casa Systems Inc.’s approximate $134 million offering.
CBOE Global Markets Inc. said Monday it will begin trading bitcoin futures on its exchange Sunday, eight days before its rival CME Group Inc. does the same, following a recent green light for both venues by the U.S. Commodity Futures Trading Commission.
The accelerated course of the Republicans’ $1.4 trillion tax cut bill, heralding some of the most sweeping changes for corporations in decades, has created ambiguities that could take years to iron out while the process to reconcile differences between the House and Senate versions of the bill will leave nothing sacrosanct, including the cardinal 20 percent corporate tax rate.
The U.S. Senate passed an expansive tax cut bill early Saturday that is projected to add more than $1 trillion to the deficit, after garnering enough support from faltering and fiscally conservative Republicans.
Following an undisclosed agreement, a New York federal judge Friday dismissed Citibank from a suit in which a Lehman Brothers unit seeks to claw back $1 billion in swaps transactions from various large banks including Bank of America and JPMorgan Chase.
A Quebecois man whom Canadian financial regulators have repeatedly accused of fraud is now in the sights of the U.S. Securities and Exchange Commission, which filed a suit in New York federal court on Friday alleging that he and his supposed girlfriend have been ripping off investors in a fraudulent initial coin offering that purportedly raised $15 million.
A D.C. federal judge on Friday granted a venture capital group's bid to vacate a Trump administration rule that delayed an Obama-era regulation for international entrepreneurs, finding it unlawful because the government failed to give time for public notice or comment.
Five firms are slated to lead five issuers set to raise nearly $581 million in initial public offerings during the week of Dec. 4, anchored by three venture-backed life science companies joined by a bank that specializes in real estate lending and a payday lender.
Blackstone Group LP’s real estate finance subsidiary will make a secondary public offering of at least $344.5 million in class A common stock in order to fund the purchase of additional commercial mortgage loans, the company announced Friday.
Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.
A common criticism of the event study methodology for testing market efficiency is that the number of events is insufficient and that the results cannot be generalized for the entire class period. That's where Albert Einstein and the 1919 total solar eclipse come in, say Daniel Bettencourt and Steven Feinstein of Crowninshield Financial Research.
Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.
Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.
While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.
Purchasing an investment is not like buying a pair of shoes at Zappos. You can’t return the investment for a refund if you don’t like the fit — unless you bought tokens in an initial coin offering, says John Reed Stark, president of John Reed Stark Consulting LLC.
There are at least four reasons supporting the need for some form of a mediation group within a law firm, especially in firms with larger practices, according to Dennis Klein, owner of Critical Matter Mediation and former litigation partner at Hughes Hubbard & Reed LLP.
After the Second Circuit’s decision last week in Waggoner v. Barclays, it should be easier for securities fraud plaintiffs to win class certification when their cases involve securities that are not listed on national exchanges, says Brian Lehman of The Lehman Law Group.
Financial Crisis Anniversary
The Dodd-Frank Act, while imperfect, addressed what actually did cause the financial crisis: unreasonable risk-taking, low capital and high leverage, shadow banking, and much more. The evidence is overwhelming that financial reform is working, that the risk of a crash in the U.S. is greatly reduced, and that banks are highly profitable, says Dennis Kelleher, president of Better Markets Inc.
Defending depositions is challenging. The lawyer is the only shield and protector for the witness and the client. The rules of engagement are less than clear, and fraught with ethical perils. Difficult judgment calls often must be made in the heat of battle. This is where lawyers really earn their keep, says Alan Hoffman of Husch Blackwell LLP.