Capital Markets

  • May 17, 2021

    Kodak Says NY Has Threatened To File Insider Trading Suit

    Eastman Kodak Co. said Monday that the New York attorney general has threatened to file a lawsuit over CEO Jim Continenza's purchase of shares a month before the company's July announcement of a since-scrapped $765 million government loan.

  • May 17, 2021

    Jay-Z's Pot Co. Invests $50M In Marijuana-Focused SPAC

    The Parent Company, a cannabis conglomerate formed from a blank check deal, is investing $50 million in another blank check company gearing up to acquire a California pot brand, the pair said Monday.

  • May 17, 2021

    JD Logistics Gets Ready To Deliver $3.4B Hong Kong IPO

    Chinese e-commerce giant JD.com's logistics division filed plans on Monday with Hong Kong regulators for an initial public offering that could raise $3.4 billion, potentially generating Hong Kong's second-largest IPO of 2021.

  • May 17, 2021

    Dropbox Investors Seek Initial OK For $1.38M Settlement

    Investors in file-hosting service Dropbox have asked a federal judge in California to give an initial nod to a $1.375 million settlement deal that would end consolidated claims that the company hid a slowdown in revenue growth as it held an initial public offering in 2018.

  • May 17, 2021

    2nd Circ. Told $1.9B In Debt Valid Despite Venezuelan Actions

    A lower court was right to find that Venezuela's state-owned oil company is responsible for $1.9 billion in principal and interest on defaulted Citgo-backed bonds and that any holding to the contrary would disrupt foundational capital market principles, debtholder interests told the Second Circuit.

  • May 17, 2021

    Crypto Startup Coinbase Primes $1.25B Convertible Bond Sale

    Cryptocurrency exchange Coinbase Inc., represented by Fenwick & West LLP, on Monday unveiled plans to raise $1.25 billion privately through a convertible debt offering, raising fresh capital one month after its public debut.

  • May 17, 2021

    Ebix Execs Face Shareholder Suit Alleging Mishandled Audit

    Software and e-commerce service provider Ebix Inc. and its board of directors have been hit with an investor suit in New York federal court accusing the board of mishandling an independent audit that revealed a material weakness over the company's failure to design controls relating to the financial reporting of its gift card business in India.

  • May 17, 2021

    S&P Dow Jones To Pay SEC $9M Over Inverse VIX Crash

    S&P Dow Jones Indices LLC has agreed to pay the U.S. Securities and Exchange Commission $9 million to resolve negligence claims connected to the February 2018 price crash of notes inversely tied to stock market volatility.

  • May 17, 2021

    OneCoin, 'CryptoQueen,' Financier In Default In $4B Fraud Suit

    OneCoin Ltd., the fugitive "CryptoQueen" and a Florida financier have failed to respond to a proposed class action over the alleged $4 billion OneCoin cryptocurrency scam, according to documents filed Monday in New York federal court.

  • May 17, 2021

    3 Firms Rep Giga Energy's Go-Public Deal Worth Up To $7.3B

    Giga Energy, a business that plans to focus on clean energy and commercial transportation services, is going public through a merger with blank-check company Yunhong International in deal worth up to $7.3 billion and being led by Ellenoff Grossman, Ogier and Loeb & Loeb.

  • May 17, 2021

    4 Firms Rep $43B AT&T, Discovery Reverse Morris Trust Deal

    The entertainment, sports and news assets of AT&T's WarnerMedia will be combined with Discovery Inc. in a $43 billion blockbuster deal that is structured as a reverse Morris trust and was built by four law firms, the companies said Monday.

  • May 14, 2021

    Crowell & Moring Partner Seeks Sanctions On Hedge Fund

    A Crowell & Moring LLP international disputes partner is urging a D.C. federal court to sanction a Cayman Islands hedge fund for filing an "unnecessary" bid for information as it looks to take the lion's share of a nearly $29 million arbitral award against Pakistan.

  • May 14, 2021

    SEC Commish Says Data Key To GameStop, Other Top Issues

    Data analysis will be the key to sorting out the most pressing issues on the U.S. Securities and Exchange Commission's regulatory agenda, including the recent market volatility surrounding the stock of video game retailer GameStop, Commissioner Caroline Crenshaw said Friday.

  • May 14, 2021

    M&A Is Back With A Vengeance, But The Market Has Evolved

    Mergers and acquisitions activity has rebounded after last year's coronavirus-induced slowdown, but the market has evolved, with massive special-purpose acquisition company deals taking center stage and private equity players increasingly showing interest in minority investments. Here, Law360 chats with two Simpson Thacher attorneys about current trends and the future of M&A.

  • May 14, 2021

    Cooley-Led Biotech Prices IPO Low As More Companies Delay

    Biotechnology firm Vera Therapeutics Inc. went public Friday after completing a $48 million initial public offering that priced well below its estimated range, represented by Cooley LLP, amid a rocky market that has prompted other companies to postpone IPOs.

  • May 14, 2021

    Bibox Fights Token Buyer's Bid To Revive State Law Claims

    Digital asset trading platform Bibox said that a user's state law claims of securities violations were rightly dismissed the first time and that a request for consideration was merely an effort to get "a second bite at the apple."

  • May 14, 2021

    'Public Benefit' Corporate Model Is Making Inroads

    More businesses are going public as "public benefit corporations," a legal designation that signals a company's commitment to goals beyond maximizing profits, though the jury is still out on whether carrying such a label actually generates positive social impacts.

  • May 13, 2021

    SEC Data Push A 'Game Changer' For 2021 Enforcement

    As a U.S. Securities and Exchange Commission official on Thursday highlighted agency actions that used data to uncover alleged accounting violations, industry experts suggested similar cases will abound this year as the agency's data capabilities become a "game changer" for enforcement.

  • May 13, 2021

    Gensler Says Climate Disclosure Rules Among 'Top Priorities'

    New U.S. Securities and Exchange Commission Chairman Gary Gensler said Thursday that rulemaking around climate risk and human capital disclosures will be "an early focus" of his tenure in light of investors' interest in the areas.

  • May 13, 2021

    Judge Doubts DOJ Can Keep Trump-Era EB-5 Rule Change

    A California federal magistrate judge appeared unwilling Thursday to accept the Biden administration's defense of a Trump-era policy nearly doubling the EB-5 visa program's investment requirements, saying she doesn't think the new U.S. secretary of Homeland Security can approve the rule change made by Trump's unlawfully appointed former acting secretary.

  • May 13, 2021

    BlackRock Taps Ex-SEC Division Head To Run External Affairs

    Investment management company BlackRock Inc. said Thursday it has hired the former director of the U.S. Securities and Exchange Commission's Division of Investment Management as a senior managing director and head of external affairs.

  • May 13, 2021

    Grayscale Pushes To Register $630M Crypto Fund With SEC

    Digital asset manager Grayscale said Thursday it has filed to register a $630 million investment fund focused on top cryptocurrencies with the U.S. Securities and Exchange Commission.

  • May 13, 2021

    Kirkland, Ellenoff Guide Biotech SPAC's $200M IPO

    A blank-check company seeking to combine with a health care business that has the capacity to develop new drug therapies and technologies told regulators Thursday it plans to raise $200 million in an initial public offering guided by Kirkland and Ellenoff Grossman.

  • May 13, 2021

    Deals Rumor Mill: Full Truck Alliance, A-Rod, Vice Media

    China’s Full Truck Alliance could be worth $20 billion after an IPO, Alex Rodriguez and an entrepreneur might pay $1.5 billion for two Minnesota basketball teams, and a proposed SPAC merger could value Vice Media at about $3 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • May 13, 2021

    Mortgage Insurer Pauses $496M IPO, Citing 'Trading Volatility'

    Citing "significant trading volatility" in its sector, the parent company of mortgage insurance business Enact Holdings said Thursday it was postponing the unit's $496 million initial public offering.

Expert Analysis

  • Opinion

    Investor Attempts To Hold Cos. Accountable Are Working

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    Aggressive investor demands for progress on important social issues are being met by direct responses from both companies and regulators, demonstrating shareholders' significant power to fix a broken corporate culture, says Rebecca Boon at Bernstein Litowitz.

  • CFTC Enforcement Predictions After Biden's First 100 Days

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    Attorneys at Sullivan & Cromwell highlight key enforcement topics the Commodity Futures Trading Commission may prioritize going forward and areas potentially ripe for policy change as the Biden administration passes its 100-day milestone.

  • 5 Steps For Law Firms Rethinking Flexible Work Post-COVID

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    A flexible work environment will be key to recruiting and retention efforts post-pandemic, so law firms must develop comprehensive policies that solidify expectations and boundaries on accommodations such as flextime, remote work and reduced hours, says Manar Morales at the Diversity & Flexibility Alliance.

  • Assessing SPAC Risk After SEC Pumps Brakes On Market

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    The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.

  • Judge's Rebuke Of Mass. AG Has Lessons For All Attorneys

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    A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.  

  • Font Considerations To Give Your Legal Briefs An Edge

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    Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.

  • Make Profitability Management Part Of Your Law Firm Culture

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    As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.

  • Outsourcing Proxy Voting Is Still A Concern After SEC Rule

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    Although robo-voting has modestly declined since the U.S. Securities and Exchange Commission finalized its proxy voting rule last summer, the SEC should ensure asset managers don’t wholly outsource their voting responsibilities to proxy advisers, and should consider disabling the practice outright, says Tim Doyle at Guidepost Strategies.

  • 4 Trends In Discoverability Of Litigation Funding Documents

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    Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.

  • Opinion

    SEC Should Drop Litigation Over Ripple's XRP Token

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    The U.S. Securities and Exchange Commission should settle or withdraw its allegations that Ripple Labs' XRP is an unregistered security, and focus on creating new rules for securities registration that account for the unique dynamics of digital assets, says J.W. Verret at George Mason University.

  • Enabling Nonsecurity Fractional Ownership Of NFTs

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    Distributed ledger and smart contracts may make fractional ownership of nonfungible tokens possible without the complications of traditional securities sales, and market participants stand to benefit from the associated innovation and efficiencies, say Mack Legal principal Thomas Mack and Google product counsel Richard Widmann.

  • 7 Lessons For Young Lawyers Starting Their Careers

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    This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.

  • Archegos Fallout Is A Wake-Up Call For Banks

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    Billions in bank losses related to the recent collapse of Archegos Capital Management point to bank risk management and compliance deficiencies, and highlight several steps brokerages should take to avoid exposure next time a family office customer blows up, say consultants at StoneTurn.

  • Opinion

    Justices Should Clarify Securities Fraud Loss Causation

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    At its May conference, the U.S. Supreme Court should agree to review BofI Securities Litigation, to clear up a circuit split on how to assess loss causation in securities fraud cases, as shareholder class actions increasingly focus on external events that led to a stock drop, says Lyle Roberts at Shearman & Sterling.

  • What Kan. Bankruptcy Ruling Means For Junior Lenders

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    Following a Kansas bankruptcy court's recent decision in Fencepost, junior lenders should be aware that voting provisions in subordination agreements may not be enforceable, say Laura Appleby and Elizabeth Little at Faegre Drinker.

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