Securities

  • January 10, 2018

    BakerHostetler Grows Corporate Practice With Stradling Hire

    A former Stradling Yocca Carlson & Rauth PC partner who focuses on mergers and acquisitions, as well as transactions in the health care and life sciences industries, has joined BakerHostetler as partner to its business and corporate group practice in California.

  • January 10, 2018

    Datameer Directors Want Chancery To Affirm Ex-CEO's Ouster

    The directors of big data analytics company Datameer Inc. launched a lawsuit in Delaware Chancery Court on Wednesday in a bid to validate the recent ouster of the company’s co-founder and former CEO from the board.

  • January 10, 2018

    Atty Agrees To Pay $8.1M To SEC In Investor Fraud Deal

    A Nevada man who’s a licensed attorney in California has agreed to pay $8.1 million judgment entered in Reno federal court Tuesday in a deal with the U.S. Securities and Exchange Commission to resolve allegations that he misused funds raised from investors in what he pitched as a safe and lucrative offshore trading program.

  • January 10, 2018

    AmTrust Forms Committee To Weigh $1.1B Go-Private Deal

    Insurer AmTrust Financial Services Inc. said Wednesday its board of directors has formed a special committee to consider an estimated $1.1 billion bid by a trio of company executives and Stone Point Capital LLC-managed private equity funds to take the company private.

  • January 9, 2018

    Baupost Hit With $4M Short-Swing Suit Over Innoviva Stock

    Hedge fund billionaire Seth A. Klarman and his Baupost firms were hit with a complaint in Massachusetts federal court on Tuesday demanding disgorgement of more than $4 million in short-swing profits that they allegedly made off trading in stock of pharmaceutical company Innoviva Inc.

  • January 9, 2018

    8th Circ. Says SLUSA Sinks Customer Suit Against Scottrade

    An Eighth Circuit panel on Tuesday affirmed the dismissal of a proposed class action alleging that Scottrade Inc. violated its duty to seek the best execution for its customers by steering their limit orders to venues that pay it rebates, agreeing with a Missouri federal court that the Securities Litigation Uniform Standards Act precludes the suit.

  • January 9, 2018

    Digital Coin Offerer Says SEC Can't Sue In US Over $15M ICO

    An attorney for a Quebecois man accused by the U.S. Securities and Exchange Commission of ripping off investors in a fraudulent initial coin offering that purportedly raised $15 million said Tuesday that U.S. courts lack jurisdiction to hear the case.

  • January 9, 2018

    MoFo Will Face Macquarie Again Over IPO Malpractice Claims

    A New York appeals court on Tuesday restarted a malpractice suit brought by investment bank Macquarie Capital USA Inc. against Morrison & Foerster LLP over an alleged failure to raise a red flag about misrepresentations made in Puda Coal’s initial public offering.

  • January 9, 2018

    CEO In Texas State Senator's Securities Case Pleads Guilty

    A former CEO of a fracking-sand company pled guilty to fraud charges related to a Ponzi scheme Monday in Texas federal court, where a state senator and a consultant remain set to face trial next week in the case.

  • January 9, 2018

    Dimond Kaplan Lands Fla. Bar President-Elect

    Dimond Kaplan & Rothstein PA has added Michelle Rosenkranz Suskauer, president-elect of the Florida Bar, bringing extensive criminal justice experience and adding depth to its Palm Beach County office, the Florida-based boutique announced.

  • January 9, 2018

    Hershey's Target Sued In Bid To Block $1.6B Acquisition

    A shareholder of Amplify Snack Brands Inc., whose products include SkinnyPop Popcorn, has filed suit in Texas federal court seeking to block a $1.6 billion deal for The Hershey Co. to acquire Amplify, accusing the company and its board of misrepresenting financial valuations.

  • January 9, 2018

    SEC Bars Restaurant Treasurer For $3.9M Embezzlement

    A former assistant treasurer for the Frisch’s Big Boy restaurant chain convicted of embezzling $3.9 million from the company has been barred by an Ohio federal judge from serving as an officer or director of any company required to file with the U.S. Securities and Exchange Commission following an SEC probe that found he diverted payroll funds and falsified accounting records.

  • January 9, 2018

    Exxon Seeks To Depose Calif. Officials Over Climate Suits

    Exxon Mobil Corp. on Monday told a Texas state judge that attorneys and California public officials who allege the oil giant is liable for effects that climate change is having on their cities and counties have downplayed those same effects to bondholders.

  • January 9, 2018

    ESMA Delays Dark Pool Data Publication Amid Filing Troubles

    Less than a week after the European Union's new securities rulebook took effect, the bloc's watchdog decided Tuesday to delay publishing double volume cap data on dark pools until March after the trading venues continued to struggle with the technical requirements of the new regime.

  • January 9, 2018

    Hedge Fund Manager Cops To Stealing Canadian Investments

    A former Cambridge hedge fund manager admitted in Massachusetts federal court on Tuesday to running a Ponzi-style scheme that defrauded an unnamed wealthy family by stealing their Canadian investments.

  • January 9, 2018

    UnitedHealth Says Books Demand Can't Rest On $1B DOJ Suit

    UnitedHealth Group Inc. warned Tuesday that Delaware's Chancery Court will overreach if it relies solely on contested U.S. Department of Justice False Claims Act suits to justify books and records demands by stockholders considering a derivative damage action over the same issues.

  • January 9, 2018

    FINRA To Eye ICOs, Cryptocurrencies In 2018

    The Financial Industry Regulatory Authority plans to increase its focus on how broker-dealers handle initial coin offerings and cryptocurrency transactions, a booming niche that is attracting more regulatory attention, according to the organization’s annual examination letter Monday.

  • January 9, 2018

    Bazaarvoice Investor Challenges $521M Marlin Equity Merger

    A shareholder of product ratings platform provider Bazaarvoice Inc. filed suit in Delaware federal court Monday challenging board disclosures related to the company’s $521 million take-private merger deal with Marlin Equity Partners.

  • January 9, 2018

    Ex-Deutsche Traders Say Case Hinges On UK Libor Overseers

    Two former derivatives traders at Deutsche Bank argued in a brief filed on Tuesday that prosecutors must call in someone from the U.K. industry association that set the London Interbank Offered Rate in order to prove the traders conspired with others to manipulate the lending benchmark.

  • January 9, 2018

    Allen & Overy Regains Appeals Whiz From NY AG

    A former Allen & Overy LLP litigation partner has returned to the fold after two years as assistant solicitor general for the Office of the New York Attorney General, working largely on appeals matters, the firm announced.

Expert Analysis

  • 4th Circ. Deals Blow To Securities Fraud Plaintiffs

    Colby Smith

    By cabining material misrepresentation and scienter within their respective domains, the Fourth Circuit in Maguire Financial v. PowerSecure highlighted the onerous bar securities fraud plaintiffs must meet for their claims to survive dismissal, say attorneys with Debevoise & Plimpton LLP.

  • Series

    40 Years Of FCPA: Cross-Border Efforts And Growing Risk

    Patrick Stokes

    The U.S. agencies’ increasing coordination with their foreign partners has led to more potent Foreign Corrupt Practices Act investigations — in terms of both their scope and settlement cost, say Patrick Stokes, former chief of the FCPA Unit at the U.S. Department of Justice, and Zachariah Lloyd of Gibson Dunn & Crutcher LLP.

  • International ICOs May Not Be Safe From The SEC

    John Reed Stark.jpeg

    Simply originating an initial coin offering in a foreign jurisdiction may not be sufficient to avoid the long and global reach of the U.S. securities laws — and the current ICO dragnet of the U.S. Securities and Exchange Commission’s new cyber unit, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • Series

    Judging A Book: Cooke Reviews 'Constance Baker Motley'

    Judge Marcia Cooke

    Gary Ford's new book, "Constance Baker Motley: One Woman’s Fight for Civil Rights and Equal Justice Under Law," is more than a biography of the first African-American woman to become a federal judge. It presents in vivid detail how her work altered the legal landscape of the United States, says U.S. District Judge Marcia Cooke of the Southern District of Florida.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.

  • 6 Things You Need To Know About Millennial Jurors

    Zachary Martin

    Millennials are now the largest living generation and comprise one-third of jurors. While it is impossible to generalize a group so large and diverse, trial lawyers should be mindful of certain generational differences, say baby boomer Lee Hollis and millennial Zachary Martin of Lightfoot Franklin & White LLC.

  • Series

    40 Years Of FCPA: A View From The Monitorship Trenches

    Gil Soffer

    There have been many articles on the corporate monitor selection process, but you will find little guidance on how to prepare yourself for a job that has few parallels. There are three key lessons I have learned over the course of a Foreign Corrupt Practices Act monitorship still in progress, says Gil Soffer of Katten Muchin Rosenman LLP.

  • The Trump Administration’s Move Against SEC Judges

    Daniel Walfish

    The government’s new position on the constitutionality of the U.S. Securities and Exchange Commission’s administrative law judges is more far-reaching and potentially consequential than is generally understood, says Daniel Walfish, a former SEC senior counsel now with Milbank Tweed Hadley & McCloy LLP.

  • Wells Fargo Derivative Suit A Cautionary Tale For Directors

    Brad Karp

    A California federal judge recently greenlighted the bulk of a derivative suit over Wells Fargo’s sales practices, reminding directors that they must be especially sensitive when allegations of misconduct come to their attention, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Series

    40 Years Of FCPA: The Untold Story Of The Resource Guide

    Charles Duross

    Much has been written about the 2012 "Resource Guide to the U.S. Foreign Corrupt Practices Act," but no one has talked about the behind-the-scenes work that produced the guide — until now, say Charles Duross, former chief of the FCPA Unit at the U.S. Department of Justice, and Kara Novaco Brockmeyer, former chief of the FCPA Unit at the U.S. Securities and Exchange Commission.