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Securities
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April 30, 2024
Chancery Partially Vacates Trump Media Suit Fast-Track Order
A Delaware vice chancellor pulled the plug Tuesday on a bid to fast-track part of a suit brought by two co-founders of Trump Media & Technology Group against former President Donald Trump's Truth Social media company before it went public.
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April 30, 2024
Vaxart Investors Want Sanctions Over Deleted Texts
A group of Vaxart investors asked a California federal judge to issue sanctions against Armistice Capital LLC, which previously controlled Vaxart and allegedly sold $267 million worth of its Vaxart shares at inflated prices, saying the hedge fund and its executives purposely deleted text messages integral to the investors' claims.
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April 30, 2024
Judge Seeks Promises From Adviser, Wife In $5.9M SEC Case
A federal judge in Connecticut said Tuesday that he planned to at least temporarily deny a request from an investment adviser and his wife to release $50,000 from purported personal accounts to pay attorneys after the U.S. Securities and Exchange Commission accused the adviser of wrongly pocketing $5.9 million from clients.
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April 30, 2024
Crypto Exec Denies $2B Laundering Charges, Is Out On Bail
The CEO of crypto mixer Samourai Wallet has pled not guilty to charges he helped facilitate over $2 billion in illegal transactions and was released on $1 million bail after surrendering to federal authorities voluntarily.
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April 30, 2024
Truth Social Investor Had No Criminal Intent, NY Jury Told
Counsel for a Florida investment pro accused of insider trading on advance knowledge of a deal to take public former President Donald Trump's media concern Truth Social argued to a Manhattan federal jury Tuesday that he acted in good faith.
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April 30, 2024
NY Bank Investors Spar Over Bid To Merge, Pause Suits
New York Community Bancorp Inc. shareholders traded barbs in filings this week over whether a New York federal judge should allow an individual shareholder to intervene in the larger group's attempt to consolidate and stay their derivative shareholder suits against the bank.
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April 30, 2024
Dechert Adds Wilson Sonsini, Ex-SEC Crypto Expert In DC
A cryptocurrency and financial technology attorney who spent nearly six years with the U.S. Securities and Exchange Commission has left his most-recent role as a partner with Wilson Sonsini Goodrich & Rosati PC to join Dechert LLP in Washington, D.C., the firm announced Tuesday.
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April 30, 2024
Goodwin Private Funds Partner Joins Fried Frank In NY
Fried Frank has announced it hired a New York-based asset management attorney who spent more than a decade at Simpson Thacher & Bartlett LLP and was most recently a partner at Goodwin Procter LLP.
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April 30, 2024
King & Spalding Adds Miami Atty To Gov't Investigations Team
A former federal prosecutor who was most recently a partner at Miami boutique Meland Budwick PA has joined King & Spalding LLP's special matters and government investigations practice, the firm announced Tuesday.
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April 30, 2024
Titan Of The Plaintiffs Bar: BLB&G's Jeroen Van Kwawegen
Were it not for the University of Amsterdam's study abroad program, Netherlands-born Jeroen van Kwawegen might have never moved to the United States. And were it not for a long-distance relationship that got its start in the U.S., van Kwawegen might still be based across the Atlantic.
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April 30, 2024
Binance Founder Gets 4 Mos. For Lax Money Laundering Policy
Binance founder Changpeng Zhao was sentenced Tuesday to four months in prison for his failure to implement an effective anti-money laundering program at the global crypto exchange, as a federal judge rejected a more severe punishment sought by the government citing concerns about sentencing disparity.
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April 30, 2024
Judge Says $4.5M Davis Wright Deal Should Be Approved
An Oregon federal magistrate judge has recommended approval of a $4.5 million deal resolving investor claims against Davis Wright Tremaine LLP for its role in endorsing an alleged real estate securities scheme.
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April 30, 2024
Moritt Hock Adds 3 Attorneys In NYC, Garden City Offices
Moritt Hock & Hamroff LLP has hired an associate and counsel and has rehired a former corporate associate who spent three years working for the firm, according to a Monday announcement.
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April 29, 2024
'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty
The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."
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April 29, 2024
Pomerantz, Glancy Prongay Spar To Lead LexUrban Fraud Suit
Glancy Prongay & Murray LLP and Pomerantz LLP are vying to represent a proposed class of investors in a New York federal suit against real estate company LuxUrban Hotels, with Glancy Prongay accusing Pomerantz of "cobbl[ing] together" a would-be co-counsel group and Pomerantz defending its proposed lead plaintiffs as a proper "cohesive duo."
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April 29, 2024
Terraform Says SEC's $5.4B Sanction Bid Fails Under Morrison
Crypto firm Terraform Labs and its founder Do Kwon struck back at the U.S. Securities and Exchange Commission's $5.4 billion sanctions request following its trial win, filing dual briefs Monday that argued the regulator has only shown that "a small number" of allegedly illegal token sales took place in the U.S. and under its jurisdiction as outlined in the U.S. Supreme Court's Morrison decision.
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April 29, 2024
TD Ameritrade Fined $600K Over Flawed Automated Approvals
TD Ameritrade Inc. has agreed to pay a $600,000 fine to the Financial Industry Regulatory Authority, which alleged the online stock trading platform relied on an inadequate automated approval system for options trading that allowed risk-prone customers to be approved for certain trades despite red flags.
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April 29, 2024
Maker Of 'Let's Go Brandon' Coin Seeks Lawsuit Transfer
An attorney behind the digital asset inspired by the "Let's Go Brandon" meme urged a Florida federal judge to hand off to another court a securities fraud lawsuit against him, arguing Monday that the remaining parties in the suit have no connection to the district where the action was filed.
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April 29, 2024
DCG Gets To Face Combined Crypto Actions In Conn.
Cryptocurrency venture capital company Digital Currency Group Inc. has won its bid to move an investor action from Manhattan to Connecticut, where it faces similar claims over alleged losses during the so-called "crypto winter."
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April 29, 2024
Pharma Co. Hit With Investor Suit Over Liver Drug Trials
Biopharmaceutical company Akero Therapeutics and three of its executives were hit with a proposed class action in California federal court alleging they made misleading statements about the patient population in a clinical trial for its liver disease treatment.
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April 29, 2024
Cyber Co. ZeroFox Investor Sues In Del. For Sale Docs
A ZeroFox Holdings Inc. stockholder sued in Delaware's Court of Chancery Monday for books and records on the cybersecurity intelligence company's $1.14 per share, $350 million sale to private equity firm Haveli Investments, citing questions about a pre-closing reduction in the company's value estimate.
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April 29, 2024
High Court Uncertainty Stalls SEC Case Against Marcum CPA
The U.S. Securities and Exchange Commission has agreed to stay an in-house proceeding against a partner at accounting firm Marcum LLP accused of failing to properly oversee public company audits, saying that an impending U.S. Supreme Court ruling could call into doubt the agency's ability to fine the accountant.
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April 29, 2024
Ex-Girlfriend Can Claim Late P&G Worker's Investment Funds
The ex-girlfriend of a deceased Procter & Gamble employee can receive over $754,000 he had in his investment account after a decades-long career with the company, a Pennsylvania federal judge ruled Monday, finding that the employee's estate hadn't shown he was misled about who he'd chosen as a beneficiary.
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April 29, 2024
Zillow Fights Investor Cert. In Home Pricing Program Suit
Zillow urged a Washington federal court not to certify a class of shareholders amid an investor's suit alleging he was misled about the performance of its home-flipping program, arguing that the alleged misstatements had no bearing on stock prices.
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April 29, 2024
Bank Of China Beats Investor Suit Over Oil Derivative Trading
The Bank of China has beaten a proposed class action alleging it misled investors and mismanaged an oil-linked derivative product, leading to $1.6 billion in losses, with a New York federal judge saying the suit fails to assert specific allegations against each of the defendants and suffers from group pleading, among other things.
Expert Analysis
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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Strategies For Single-Member Special Litigation Committees
The Delaware Supreme Court's recent order in the Baker Hughes derivative litigation allowing testimony from a single-member special litigation committee highlights the fact that, while single-member SLCs are subject to heightened scrutiny, they can also provide unique opportunities, says Josh Bloom at MoloLamken.
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Lessons For D&O Policyholders From Pharma Co. Ruling
A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.