Securities

  • January 13, 2020

    Ban On Insider Trading During '8-K Gaps' Heads To Senate

    The House overwhelmingly passed a bill Monday that would prohibit stock trades by company leaders during the window between a major corporate event and its public disclosure, closing what lawmakers call a loophole that facilitates insider trading.

  • January 13, 2020

    Energy Transfer Faces Another Suit In Mariner East Fallout

    A government employees' retirement fund has become the latest entity to claim it lost money when allegations became public that Energy Transfer LP coerced Pennsylvania state employees for a permit for its nearly $3 billion Mariner East natural gas pipeline system.

  • January 13, 2020

    Fla. Pot Co. Says It Was Smeared In Short-Selling Scheme

    The Sunshine State's largest medical marijuana company is alleging that a research firm defamed it in a report late last year in an effort to drive down the company’s stock price.

  • January 13, 2020

    Feds Dispute Ariad Insider Suspect's 'Wrong Man' Theory

    Federal prosecutors asked a Manhattan jury Monday to rely on what they call "overwhelming" circumstantial evidence to convict an entrepreneur of leaking secrets about his father's pharmaceutical company to a trader friend, pushing back against a defense theory that another suspect is the tipper.

  • January 13, 2020

    Asset Manager Pleads Guilty In $164M Pump-And-Dump Scam

    The accused mastermind of a $164 million international pump-and-dump stock scheme pled guilty to securities fraud and conspiracy to commit securities fraud in Boston federal court Monday.

  • January 13, 2020

    FDA Slams Theranos Execs' 'Unprecedented' Doc Bid

    A U.S. Food and Drug Administration attorney on Monday criticized demands by former Theranos CEO Elizabeth Holmes and another executive for internal documents to help them prepare their criminal defense against fraud charges, saying the scope of the requests are "wholly unprecedented” and diverting the agency’s valuable resources.

  • January 13, 2020

    Instructure Slams Activist Investor's Opposition To $2B Sale

    Instructure's board of directors on Monday accused an activist investor of spreading a "misleading narrative" in an effort to tank the education software company's $2 billion take-private deal with Thoma Bravo.

  • January 13, 2020

    Receiver Says Baker Donelson Must Face Timber Scam Suit

    A court-appointed receiver for a timber mill business in Mississippi embroiled in Ponzi scheme allegations is defending her suit against Baker Donelson Bearman Caldwell & Berkowitz PC, contending she can sue the firm now because she also represents the business' investors.

  • January 13, 2020

    Banks Call TelexFree Suit Revision A Waste of Time

    A slew of financial services providers including Wells Fargo, Bank of America, TD Bank and PwC pushed back Friday in Massachusetts federal court against an attempt to revise allegations linking them to the TelexFree Ponzi scheme, arguing the repeat bids for revision are wasting the court's time.

  • January 13, 2020

    Insurers Say Hertz's $23M Legal Bill In SEC Deal Not Covered

    A pair of insurers told a New York federal court that Hertz isn't covered for a $23 million legal bill incurred amid a U.S. Securities and Exchange Commission probe because the inquiry into the car rental giant's income reporting wasn't a formal investigation.

  • January 13, 2020

    Texas Regulator Puts Crypto Among Top Threats To Investors

    The Texas State Securities Board identified cryptocurrency offerings as a major source of risk in a list published Monday of the biggest threats investors will face in 2020.

  • January 13, 2020

    Ex-Deutsche Trader Says DOJ Outsourced Spoofing Probe

    A former trader at Deutsche Bank is seeking to convince an Illinois federal judge that prosecutors outsourced their investigation into spoofing to the bank and its counsel at Linklaters, Cadwalader and Kirkland, raising the same constitutional rights issue as in U.S. v. Connolly.

  • January 13, 2020

    Record-Breaking Saudi Aramco IPO Raises Another $3.8B

    Saudi Aramco's record-breaking initial public offering soared to new heights after the state-backed oil conglomerate raised an additional $3.8 billion by selling more shares, putting an exclamation point on the largest IPO in history.

  • January 13, 2020

    Securities Group of the Year: Bernstein Litowitz

    Bernstein Litowitz Berger & Grossmann LLP recovered more than $1 billion for shareholders in a variety of high-profile litigations over the past year, including a landmark $53 million derivative action settlement and a $92.5 million deal for investors in Starz, landing it a spot among Law360's Securities Practice Groups of the Year.

  • January 13, 2020

    SEC Seeks Sanctions For Blockvest's 'Bad Faith Deception'

    The U.S. Securities and Exchange Commission is demanding sanctions against cryptocurrency company Blockvest LLC and its founder for their "willful and bad faith deception" of a California federal court.

  • January 13, 2020

    Supreme Court Won't Hear Fight Over SEC's Pay-To-Play Rule

    The high court on Monday declined to review a state Republican Party's challenge to the U.S. Securities and Exchange Commission's power to implement a rule preventing "pay-to-play" practices by investment advisers who make political contributions, leaving in place a D.C. Circuit decision in the SEC's favor.

  • January 13, 2020

    AmerisourceBergen Loses Bid To Shield Opioid Docs

    In a potentially far-reaching decision Monday, the Delaware Chancery Court ordered AmerisourceBergen Corp. to provide stockholders with records on its compliance with opioid drug distribution controls, sweeping aside company claims that investor demands were too broad and lacked a "proper purpose."

  • January 13, 2020

    Del. Justices Ax Late Votes In BlackRock Board Battle

    Delaware’s Supreme Court on Monday reversed a Chancery Court finding that BlackRock Advisors should count votes for a hedge fund’s board candidates even though it missed a deadline for candidate questionnaires, but rejected claims that Saba Capital Master Fund challenged BlackRock’s nomination requirements too late.

  • January 11, 2020

    The Firms That Dominated In 2019

    Law360’s top seven Firms of the Year cleaned up at the 2019 Practice Group of the Year awards, notching a combined 46 wins after spending the past year helping companies navigate blockbuster deals and secure key high court rulings.

  • January 10, 2020

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2019 Practice Groups of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • January 10, 2020

    Cuomo Plan Would Reinforce NY's Financial Protection Role

    New York Gov. Andrew Cuomo has outlined a set of financial services policy priorities for the coming year that he says will bolster the state's consumer protection capabilities, an agenda that attorneys say underscores the state's aggressive regulatory reputation but doesn't strike out in unexpected directions.

  • January 10, 2020

    Newsom Aims To Revamp Biz Oversight To Fill Trump Vacuum

    California Gov. Gavin Newsom outlined his plan to restructure the California Department of Business Oversight to better protect consumers and promote the development of novel financial products, characterizing the effort in his budget address on Friday as a response to the federal government "pulling away."

  • January 10, 2020

    Judge Lifts Hefty Sanctions Against Bitcoin Founder

    A Florida federal judge on Friday vacated a magistrate judge’s order requiring self-proclaimed Bitcoin inventor Craig Wright to give up billions of dollars in bitcoin, ruling that the sanction went too far in punishing Wright for disobeying discovery orders in a bitter dispute with his former partner’s estate.

  • January 10, 2020

    NY AG Won't Appeal Exxon's Win In Landmark Climate Trial

    The New York Attorney General's Office said Friday that it will not appeal Exxon Mobil Corp.'s bench trial win last month in a state court case accusing the energy behemoth of deceiving investors about climate change-related risks to its business.

  • January 10, 2020

    Del. Supreme Court Lets $3.8B Ligand Note Fix Stand

    The Delaware Supreme Court on Friday affirmed a Chancery Court ruling over a botched formula used in a bond indenture from Ligand Pharmaceuticals Inc., rejecting certain traders' contention that the decision disregarded investor protections by allowing Ligand to unilaterally fix its potential $3.75 billion blunder.

Expert Analysis

  • More Joint SEC-CFTC Actions Raise Concerns Over 'Piling On'

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    As joint enforcement actions between the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission continue to increase, recent cases have shown that the agencies sometimes impose overlapping fines for the same conduct, raising questions about fairness and efficiency, say Elizabeth Gray and Abigail Edwards at Willkie.

  • Digital Asset Regulation Poses Challenges For Insurers

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    The insurance industry is grappling with how to interpret and apply traditional insurance products to the recent string of enforcement actions and litigation related to initial coin offerings, say Jennifer Odrobina of Sompo International and David Buishas of BatesCarey.

  • Managing Financial Product Data In Antitrust Cases

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    The data considerations required in antitrust cases involving financial products are different than those for tangible products when it comes to economic analyses for class certification, liability and damages, say George Korenko and Matthew Milner at Edgeworth Economics.

  • Voting Records Support Concerns Over Proxy Firms' Influence

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    Research indicates thousands of asset managers mostly vote in line with proxy advisers' recommendations and aren't always transparent about it, validating concerns over proxy firms' outsize influence on investment management and our capital markets, says professor Paul Rose at the Ohio State University Moritz College of Law.

  • Insider Trading Bill Would Clarify, Expand Years Of Case Law

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    While still subject to Senate approval, the House's recent passage of the Insider Trading Prohibition Act is significant because it shows bipartisan approval for codifying — and potentially broadening — grounds for prosecuting insider trading established in case law, say attorneys at Baker Botts.

  • Strategies To Maintain Privilege In Crisis Response Scenarios

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    In several recent cases, courts have overridden claims that attorney-client privilege applies to communications with public relations firms in connection with litigation and to documents generated in internal investigations, but businesses can use several best practices to avoid the potential risk of waiving privilege, say attorneys at Ropes & Gray.

  • US Strengthened And Expanded Economic Sanctions In 2019

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    Stateside regulation of economic sanctions continued at a breakneck pace this year, with new rules targeting Venezuela, Cuba, Turkey and Iran, expanded guidance from the Office of Foreign Assets Control, and one of the most active enforcement years on record, say attorneys at Ropes & Gray.

  • Slack's Direct Listing Tests Limits Of Securities Act

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    Amid an evolving initial public offering market, Slack Technologies’ recent direct listing and resulting shareholder litigation highlight tension between listing requirements and potentially dated Securities Act investor protections, say attorneys at Labaton Sucharow.

  • How To Ward Off Nonclient Suits Over Lawyers' Speech

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    Because lawyers are often sued by nonclients based on public statements they have made, lawyers should be trained to avoid potentially actionable statements when speaking and writing, and they should also understand the overarching defenses against such lawsuits, says Matthew O’Hara at Freeborn & Peters.

  • State Protections For Vulnerable Investors Advance In 2019

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    This year several states passed laws aiming to improve protections for seniors and other vulnerable investors by expanding report and hold laws to cover suspicious transactions, extending hold periods for investigations, and broadening the range of people who can be contacted in investigations, say Lawrence Fenster and Andrew Mount at Bressler Amery.

  • Opinion

    Exit Of SEC's Jackson Would Create Wall Street Free-For-All

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    An early departure of Commissioner Robert Jackson from the U.S. Securities and Exchange Commission without a replacement lined up would give the Republican-leaning regulator free rein to push rulemaking that allows Wall Street to operate unrestrained, says Shawn Sebastian of the Working Families Party and Iowa Citizens for Community Improvement Action Fund.

  • What Is A 'Reasonably Useful Form' For Production Of ESI?

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    While federal rules require production of electronically stored information in its native format or a "reasonably useful form," recent court rulings offer guidance on avoiding production of ESI in its native format when it would be unduly burdensome, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.

  • Key Takeaways From CFTC's Compliance Officer Guidance

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    The U.S. Commodity Futures Trading Commission's newly issued guidance on chief compliance officer reporting raises important questions about materiality thresholds and enterprise-level compliance operations, says Steptoe & Johnson's Matt Kulkin, former director of the CFTC’s Division of Swap Dealer and Intermediary Oversight.

  • 5 Tips For Maximizing Insurance Claims In A Hard Market

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    As policyholders experience increases in premiums, reduced capacity and more restrictive terms in all lines of insurance coverage, many are turning to new strategies to increase claims recovery, says Micah Skidmore of Haynes and Boone.

  • IPO Benefits And Challenges For Early-Stage Biotech Cos.

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    While initial public offerings can provide early-stage biotech companies with market exposure and access to significant capital, they warrant careful consideration because they can also drain valuable time and resources, say Faith Charles and Paige Connelly of Thompson Hine.

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