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Capital Markets
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April 18, 2024
Atty Wants Law Firm Subpoenaed In $12M Somali Fraud Case
A Maryland attorney accused of misappropriating more than $12 million in Somali state assets has asked a federal judge to subpoena his former firm, Shulman Rogers Gandal Pordy & Ecker PA, to produce his employment records.
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April 18, 2024
Alston & Bird Adds A Former New York Insurance Deputy
Alston & Bird LLP has hired the former deputy superintendent for the life insurance bureau of the New York State Department of Financial Services, who joins the firm as a partner in its New York office, the firm announced Wednesday.
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April 18, 2024
3 Firms Advise French Software Firm Planisware's $257M IPO
French software company Planisware on Thursday launched its initial public offering on the Euronext Paris exchange with plans to raise around €241 million ($256.9 million), giving the company a valuation of €1.1 billion.
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April 18, 2024
Deals Rumor Mill: Tapestry-Capri, StubHub IPO, Salesforce
The FTC is preparing to sue to block Tapestry's $8.5 billion takeover of designer brands' owner Capri, StubHub is eyeing a summer IPO at an estimated $16.5 billion valuation, and Salesforce is making a play to acquire data-management software firm Informatica. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 18, 2024
Crypto Trader Convicted Of $110M Mango Markets Scam
A Manhattan federal jury found a cryptocurrency trader guilty Thursday of illegally taking $110 million out of Mango Markets by inflating the value of its tokens, then borrowing against that valuation to suck money out of the decentralized exchange.
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April 18, 2024
Crowell & Moring Adds Corporate Partners From Neal Gerber
Crowell & Moring LLP has added two longtime partners and practice group leaders from Chicago-based firm Neal Gerber & Eisenberg LLP to help bolster its corporate, mergers and acquisitions and capital markets services and expand its services in the Windy City.
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April 17, 2024
SEC Urged To Rethink Whistleblower Awards To Short-Sellers
A University of Kansas law professor has released research showing that a growing number of corporate outsiders, including short-sellers, are receiving whistleblower rewards from the U.S. Securities and Exchange Commission, and he told Law360 on Wednesday the agency should reconsider giving money to those who also seek to profit from trading on the tips they call in.
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April 17, 2024
Wilson Sonsini-Led Digital Marketer Ibotta Inks Upsized IPO
Walmart-backed digital marketing platform Ibotta Inc. on Wednesday priced an upsized, $577.3 million initial public offering above its range, represented by Wilson Sonsini Goodrich & Rosati PC and underwriters' counsel Willkie Farr & Gallagher LLP.
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April 17, 2024
RTX Investor Sues Brass In Del. For Better Antitrust Oversight
A shareholder of RTX has sued the aerospace and defense giant's current and former officers and directors in Delaware's Court of Chancery, accusing them of failing over a period of at least eight years to prevent antitrust violations in the company's hiring practices.
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April 17, 2024
Karuna Investor Ends Suit After Bristol-Myers Seals $14B Deal
A Karuna Therapeutics shareholder has dropped her proposed class action after Bristol-Myers Squibb Co. completed its $14 billion purchase of the biotechology company, a deal the suit alleged was brought about by misrepresentations to investors to gain their support.
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April 17, 2024
New Stablecoin Bill Eyes Investor Protections, AML Regime
Sens. Cynthia Lummis, R.-Wyo., and Kirsten Gillibrand, D.-N.Y., have unveiled their long-awaited proposal to regulate stablecoins, which would require issuers to hold full reserves, ban algorithmic stablecoins and define the authority that state and federal banking regulators will have over the tokens.
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April 17, 2024
MoFo Advises Southwest Gas Carve-Out Centuri's $260M IPO
Southwest Gas Holdings Inc.'s infrastructure services unit Centuri Holdings Inc. on Wednesday priced a $260.4 million initial public offering at the top of its range, enabling Centuri to become a standalone public company, represented by Morrison Foerster LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
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April 17, 2024
Coding Bootcamp Fined $164K For Misleading Student Loans
A company that runs coding "bootcamps" has been permanently banned from consumer lending after U.S. regulators found it inflated its job placement rates to students and lied to them about a tuition financing program that turned out to be risky loans.
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April 17, 2024
SEC Has Careful Eye On Disclosures Amid Israel-Hamas War
Against the backdrop of protracted war, the U.S. securities watchdog is urging U.S.-listed Israeli companies to disclose more details describing how the Israel-Hamas conflict is affecting their operations in order to keep investors apprised of risks, lawyers say.
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April 17, 2024
Trader's Alleged $110M Mango Markets Fraud In Jury's Hands
A Manhattan federal jury weighed charges Wednesday against a cryptocurrency trader accused of illegally squeezing $110 million out of Mango Markets by inflating the finance platform's tokens, then borrowing against them, allegedly taking "supply and demand into his own hands."
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April 17, 2024
Bankman-Fried Appeal May Cite Unusual Preview Testimony
Sam Bankman-Fried's appeal of his conviction and 25-year prison sentence may cite a "rather unprecedented" trial procedure in which the FTX founder gave provisional testimony before officially taking the witness stand last year, one of his attorneys said Wednesday.
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April 17, 2024
Panel Agrees Pot Investor's Deal In 2017 Suit Nixes 2019 Suit
A Washington state appeals court has thrown out an investor's suit alleging that a cannabis venture failed to follow through on a deal to acquire ownership interest in exchange for a $650,000 investment, finding his settlement of a prior suit block his claims.
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April 17, 2024
PE-Backed Aerospace Parts Company Primes $275M IPO
Aerospace components maker Loar Holdings Inc. on Wednesday launched plans to raise an estimated $275 million in an initial public offering that will result in it becoming a public company traded on the New York Stock Exchange.
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April 17, 2024
Loeb & Loeb Adds 2 Corporate Partners From Morrison Cohen
Loeb & Loeb LLP has announced the latest in a string of corporate hires from Morrison Cohen LLP's ranks, touting two new partners with domestic and international experience with strategic transactions.
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April 16, 2024
Crypto Co. Can't Be Sued Over 'Scam Token,' 2nd Circ. Hears
The business, founder and venture capital backers behind decentralized cryptocurrency exchange Uniswap Labs told the Second Circuit that a New York federal judge was right to dismiss a suit from investors who claimed they bought scam tokens on the platform since the business didn't enter into any contract with buyers.
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April 16, 2024
Israeli Ad Tech Co. Overhyped Microsoft Ties, Investor Claims
Ad tech company Perion Network and some of its current and former executives face a proposed class action alleging its investors were damaged after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.
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April 16, 2024
Businessman Urges Calif. Court To Refuse $4.4M Award
A businessman who signed agreements with a Chinese energy management company on behalf of two different investment funds has told a California federal court that he never received proper notice about an arbitration that resulted in a $4.4 million award against him.
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April 16, 2024
Wis. Bank Must Face Bias Claims In Tribal Peyote Case
A Wisconsin federal judge ruled Tuesday that a local bank cannot avoid discrimination claims in a suit that accuses it of denying service to Indigenous company Medicine Fireplace, whose members use the psychoactive peyote plant in their religious ceremonies.
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April 16, 2024
SEC Hit With Class Action Over Database Privacy Concerns
A conservative think tank filed a lawsuit in Texas federal court Tuesday hoping to put an end to a U.S. Securities and Exchange Commission market surveillance tool known as the consolidated audit trail, arguing in the proposed class action that the database threatens to subject the personal information of tens of millions of American citizens to a possible data breach.
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April 16, 2024
Genesis To Return $2B Of Crypto Under Gemini Settlement
Bankrupt crypto lender Genesis will return 97% of digital assets from a customer program with crypto platform Gemini by early May after a New York bankruptcy judge on Tuesday approved a settlement that attorneys for Genesis said closes out bitter disputes and sets it up to repay other creditors under a Chapter 11 plan.
Expert Analysis
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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CFTC Moves May Boost Interest In Voluntary Carbon Markets
As companies try to reduce their net greenhouse gas emissions, many have been cautious about embracing voluntary carbon credit markets — but recent moves by the U.S. Commodity Futures Trading Commission to regulate this sector may address some of its well-known challenges, say Deborah North and Laura Daugherty at Cleary.
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3 Strategies For Aggressive Judgment Enforcement
As illustrated by the many creditors of Citgo Petroleum Corp. who may walk away empty-handed — despite the company's court-ordered sale — it is important to start investigating counterparty assets and planning for enforcement even before obtaining a judgment, says Brian Asher at Asher Research.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Black-Led VC Fund Case Could Hinge On Nature Of Grants
Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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Takeaways From SEC's Aggressive Cybersecurity Moves
The U.S. Securities and Exchange Commission's intensifying policy on cybersecurity and securities violations in the wake of a data breach — like its enforcement action against SolarWinds and its security officer — has emboldened shareholders to file related suits, creating a heightened threat to public companies, say attorneys at Baker McKenzie.