Capital Markets

  • December 5, 2017

    2nd Circ. Revives Alibaba Securities Class Action Over IPO

    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.

  • December 5, 2017

    Valeant Prices Upsized $1.5B Bond To Refinance Debt

    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.

  • December 5, 2017

    SEC Approves NYSE Plan To Delay End-Of-Day Material News

    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.

  • December 5, 2017

    Growth Lending Co. Closes $275M Equity Offering

    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.

  • December 5, 2017

    BNY Mellon Says Royal Park’s Proposed Class Still Lacking

    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.

  • December 5, 2017

    Summit REIT Unveils $92M Offering Meant To Fund Deals

    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.

  • December 4, 2017

    Targeted Bill Could Bring First Broad Changes To Dodd-Frank

    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.

  • December 4, 2017

    Justices Won't Hear Banks' Appeal In FDIC's $140M MBS Suit

    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.

  • December 4, 2017

    NYSE Seeks To Lower Required No. Of Investors For SPACs

    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.

  • December 4, 2017

    SEC Accuses Accounting Firm Of Fraud Over Microcap Audits

    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.

  • December 4, 2017

    LPL Asks Calif. Judge To Nix Stock-Drop Suit For Good

    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.

  • December 4, 2017

    Real Estate Broker Leads 2 IPO Launches Totaling $749M

    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.

  • December 4, 2017

    Exchanges Set To Launch Bitcoin Futures Trading

    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.

  • December 3, 2017

    Tax Bill’s Swift Passage May Create Legal Quandaries

    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.

  • December 2, 2017

    Senate Passes $1.4 Trillion Tax Cut Legislation

    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.

  • December 1, 2017

    Citibank Reaches Deal To Exit Lehman's $1B Clawback Fight

    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.

  • December 1, 2017

    Quebecois Duo Hit With SEC Fraud Suit Over $15M ICO

    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.

  • December 1, 2017

    VC Group Gets Win In Foreign Entrepreneur Rule Row

    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.

  • December 1, 2017

    Biotech Cos. Among 5 IPOs That Could Surpass $580M

    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.

  • December 1, 2017

    Blackstone Unit Aims For $344.5M-Plus Stock Offering

    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.

Expert Analysis

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    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.

  • What A Solar Eclipse Has To Do With Market Efficiency

    Daniel Bettencourt

    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.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    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.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    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.

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    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.

  • ICO Token Purchasers May Be Entitled To A Refund

    John Reed Stark

    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.

  • The Case For Creating A Mediation Department At Your Firm

    Dennis Klein

    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.

  • A New, Relaxed Standard For Class Cert. In Securities Cases

    Brian Headshot.jpg

    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

    Dodd-Frank And Deregulation: Some Lessons From History

    Dennis Kelleher.jpg

    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.

  • Being There: Defending Depositions

    Alan Hoffman

    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.