Securities

  • April 19, 2024

    IRS Previews New Digital Assets Reporting Form

    The Internal Revenue Service released a draft of a form brokers will have to use for the first time to disclose their digital asset sales to the agency, including instructions for taxpayers whose transactions are subject to the reporting requirements. 

  • April 19, 2024

    China Seeks To Boost Hong Kong's Status As Market Hub

    China's securities regulators unveiled several measures on Friday designed to boost Hong Kong's stature as an international hub and ultimately benefit both jurisdictions amid lean times for capital raising, according to statements from securities officials.

  • April 19, 2024

    Climate Lawsuits Aren't The SEC's Only Legal Headache

    The U.S. Securities and Exchange Commission has been grabbing headlines over the past couple of months as it attempts to fend off a host of lawsuits challenging recently enacted climate disclosure rules, but the agency has been no stranger to litigation brought by business groups opposing everything from new stock buyback disclosures to the agency's growing private fund oversight to its hands-off approach to crypto rule writing. 

  • April 19, 2024

    Feds Say Fake Promoter Touted Beyonce, Nicki Minaj Shows

    A man used claims that he was a big-time concert promoter to solicit over $1 million from investors using promises of large returns, but he used the money to fuel a Ponzi scheme and make personal purchases, federal prosecutors in Texas have alleged.

  • April 19, 2024

    Hatteras Fund Investors Sue In Chancery After 95% Drop

    Stockholders in a series of funds managed by alternative investment boutique Hatteras Investment Partners LP have launched a proposed class action against the company's board in Delaware's Court of Chancery, alleging breaches of fiduciary duty in conjunction with the funds' liquidation.

  • April 19, 2024

    Ex-Pharma Exec Says Judge 'Coercive' In SEC Contempt Case

    A former pharmaceutical executive facing criminal contempt charges for using an alias to flout a U.S. Securities and Exchange Commission ban says a Massachusetts federal judge was "coercive" in suggesting he might avoid prosecution if he cooperated with the agency.

  • April 18, 2024

    Ex-BigLaw Atty Can Stay Free During OneCoin Fraud Appeal

    A Manhattan federal judge Thursday granted a former Locke Lord LLP partner's motion for bail pending appeal of his 10-year prison sentence after he was found guilty of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying he does not pose a flight risk given his medical conditions.

  • April 18, 2024

    SEC Faces $1.8M Atty Fee Bid After Sanctions In Crypto Case

    A court-appointed receiver and defendants in the U.S. Securities and Exchange Commission's case against crypto project Debt Box requested Wednesday that the regulator pay roughly $1.8 million in sanctions to cover the fees incurred by an allegedly ill-gotten temporary restraining order and receivership.

  • April 18, 2024

    Ex-Autonomy CEO Wanted Whistleblower Fired, Ex-GC Says

    Former Autonomy CEO Michael Lynch thought a finance department whistleblower was "trying to destroy the company" and wanted him fired, the software company's former U.S. general counsel testified Thursday in a criminal fraud trial over claims Lynch conned HP into buying the British company at an inflated price of $11.7 billion.

  • April 18, 2024

    Hedge Fund Says Its $100M Award Over Peru Bonds Is Valid

    A hedge fund has asked a D.C. federal judge not to throw out its suit seeking to enforce a $100 million arbitral award it secured over Peru's valuation of old government bonds, saying the country wants to relitigate claims that were already rejected by the arbitrators.

  • April 18, 2024

    Satellite Broadband Co. Faces Investor Suit Over Project Delay

    Satellite manufacturer AST SpaceMobile Inc. was hit with an investor suit accusing it of concealing supply issues that prevented the timely launch of a satellite fleet intended to provide broadband services, leading to a 24% share price decline when the issues were eventually disclosed.

  • April 18, 2024

    Senate Dems Question 4 Biggest Banks Over Fraud Controls

    Two Democratic senators have asked the nation's four largest banks to share their systems to combat wire fraud and protect consumers from the fallout of unauthorized transfers.

  • April 18, 2024

    Chancery OKs Case Lead For Blue Bell Creameries Suit

    A Delaware vice chancellor on Thursday restored a Blue Bell Creameries Inc. stockholder's widow as lead plaintiff in a derivative suit seeking to hold directors and officers of the ice cream company accountable for deadly food-safety oversight failures in 2015.

  • April 18, 2024

    Doximity Faces Investor Suit Over Slashed Revenue Hopes

    Medical professional networking service Doximity Inc., likened to "LinkedIn for doctors," and two of its executives are facing a proposed class action alleging it hurt investors by concealing slowing sales.

  • April 18, 2024

    Perkins Coie 'Beating A Dead Horse' To Duck Case, Judge Says

    An Illinois judge on Thursday refused to reconsider his decision to let an investment company move ahead with its lawsuit accusing Perkins Coie of helping the company's former investment manager steal $12 million and opted not to certify questions raised by the firm about his reasoning to the Illinois Supreme Court.

  • April 18, 2024

    SEC Exams Division Flags Misleading Claims In Adviser Ads

    Investment advisers are publishing various misrepresentations and omissions in marketing materials, according to a recent risk alert from the U.S. Securities and Exchange Commission's examinations division that flagged a litany of compliance issues with the agency's marketing rule.

  • April 18, 2024

    Defense Paints Friend As Snitch In Ex-Ecuador Official's Trial

    The defense attorney for former Ecuador comptroller Carlos Ramon Polit Faggioni painted a reinsurer who testified Wednesday against the official as a snitch and turncoat during a federal money laundering trial in Miami, saying he effectively became a government agent to get information that could be used against his friend.

  • April 18, 2024

    Pharma Ex-Exec Can't Revive $12M Underpayment Suit in US

    A Manhattan federal judge has refused to rethink her decision tossing a $12 million suit accusing Altum Pharmaceuticals Inc. and its cannabis-focused parent company, BetterLife Pharma Inc., of stock dilution and underpaying a former executive chairman of the board of directors, saying the claims are better suited for Canadian courts.

  • April 18, 2024

    Investors In Failed Manila Casino Deal Sue For SPAC Shares

    Shareholders in a blank-check company that failed to take a Philippines casino public have intervened in two Delaware Chancery Court lawsuits to recoup their failed investments, with one seeking to litigate damages from the busted $2.6 billion deal and the other pushing for the company's liquidation.

  • April 18, 2024

    Red States Back Call To Overturn Nasdaq Diversity Rule

    Utah and 23 other Republican-led states have filed an amicus brief asking the full Fifth Circuit to vacate a Nasdaq board diversity rule and declare it unconstitutional, saying the U.S. Securities and Exchange Commission, which approved the rule, is "affirmatively perpetuating" race-based discrimination instead of eliminating it.

  • April 18, 2024

    Pomerantz To Rep Investors In AT&T Lead Cable Class Action

    A New Jersey federal judge approved Pomerantz LLP as the lead counsel for a proposed investor class action alleging AT&T lied about its effort to be environmentally conscious while contributing to the installation of toxic lead cables, with the New York City Public Pension Funds serving as lead plaintiff.

  • April 18, 2024

    Wife Of Alleged $3B TelexFree Scammer 'Hounded' In MDL

    The estranged wife of alleged TelexFree Ponzi schemer Carlos Wanzeler said Thursday that plaintiffs in a decade-old civil suit are needlessly "hounding" her for information they already have and urged a Massachusetts federal court to free her from the "litigation purgatory." 

  • 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.

  • 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.

  • April 17, 2024

    Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told

    A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.

Expert Analysis

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • Bribery Bill Fills Gap In Foreign Corruption Enforcement

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    Congress recently passed the Foreign Extortion Prevention Act, significantly expanding the U.S. government's ability to prosecute foreign officials who seek or demand bribes, but if enacted, the legislation could also create tension with other nations, say attorneys at Ropes & Gray and Mayer Brown.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Del. Dispatch: The 2023 Corporate Cases You Need To Know

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    Corporate and mergers and acquisitions litigation has continued at a fevered pace this year, with the Delaware courts addressing numerous novel issues with important practical implications, including officer exculpation and buyer aiding-and-abetting liability, say attorneys at Fried Frank.

  • Volume-Based Transaction Pricing Proposal Raises Questions

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    A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

  • Understanding Advance Notice Bylaws Is Key For All Parties

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    Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.

  • 3 Defense Takeaways From The Bankman-Fried Trial

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    FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • Parsing 2023's Energy Markets Enforcement

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    A review of the Federal Energy Regulatory Commission's and Commodity Futures Trading Commission's recently released fiscal year 2023 enforcement reports highlight the significant energy market enforcement activities, litigation pursued and settlements reached by both agencies, as well as their respective strategic goals and focus areas, say attorneys at Morgan Lewis.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • ESG Investing Caught In Culture War Crosshairs In 2023

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    As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.

  • Inside CFTC's Latest Push To Regulate Carbon Markets

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    The Commodity Futures Trading Commission's newly proposed guidance for voluntary carbon credit derivative contracts is among several recent moves it has taken to address climate-related financial risk, and although the guidance is less robust than it could be, it should foster discussion toward a regulatory framework for this market, say attorneys at Morgan Lewis.

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