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Securities

  • January 8, 2019

    Red Hat Shareholder Drops Suit Over Planned $34B IBM Sale

    A Red Hat Inc. investor on Tuesday voluntarily dismissed a proposed class action in Delaware federal court that aimed to block a shareholder vote on the software company's planned $34 billion sale to IBM.

  • January 8, 2019

    Brownstein Hyatt Taps Biz Litigator For New Managing Partner

    Brownstein Hyatt Farber Schreck LLP announced Tuesday that its shareholders have elected business litigator Rich Benenson to become the firm’s next managing partner, just after the firm celebrated its 50th anniversary.

  • January 8, 2019

    Kessler Topaz Gets Lead In Campbell Soup Investor Suit

    A New Jersey federal magistrate judge on Tuesday ordered Kessler Topaz Meltzer & Check LLP to serve as lead counsel and Carella Byrne Cecchi Olstein Brody & Agnello PC as liaison counsel in a proposed shareholder class action that accuses Campbell Soup Co. of deceiving investors into buying stock at inflated prices.

  • January 8, 2019

    Cboe Shouldn’t Be Let Out Of VIX Manipulation MDL

    Chicago Board Options Exchange investors urged an Illinois federal court not to let Cboe Global Markets Inc. out of multidistrict litigation accusing it and related entities of manipulating the exchange's volatility index, or VIX.

  • January 8, 2019

    'Botched' Merger Disclosures Put Ambry On Hook For $450K

    Citing “botched” Ambry Genetics Corp. disclosures to minority stockholders about a $1 billion merger and a “ridiculous” attempt to defend some omissions, Delaware’s Chancellor ordered the company to pay a $450,000 fee to attorneys in a class damage suit that was mooted by fuller disclosures.

  • January 8, 2019

    Gov't Can't Claim $1B Loss At Platinum Criminal Trial

    Prosecutors will not be allowed to introduce evidence of an alleged $1 billion in investor losses at next month's criminal trial for four former Platinum Partners executives accused of defrauding the hedge fund's investors, a New York federal judge ruled Tuesday.

  • January 8, 2019

    Athenahealth Faces Shareholder Suit Over $5.7B Merger

    A proposed shareholder class action filed in Massachusetts federal court Monday asserts that a $5.7 billion plan for Veritas Capital and Elliot Management affiliate Evergreen Coast Capital to take Athenahealth private is based on misleading and inadequate financial analyses and overlooks potential conflicts of interest.

  • January 8, 2019

    Platinum Liquidators Can't DQ Curtis From Fraud Suit

    Curtis Mallet-Prevost Colt & Mosle LLP won't be disqualified — at least not yet — from defending a former Platinum Partners founder against a suit brought by the hedge fund's liquidators over an alleged $1 billion fraud, despite having represented the fund in the past, U.S. District Judge Jed S. Rakoff said Monday.

  • January 8, 2019

    Winklevoss Bros. Bitcoin Fraud Suit Survives Dismissal Bid

    A bitcoin entrepreneur and convicted felon must face fraud claims brought by Cameron and Tyler Winklevoss that he swindled the twin brothers out of millions of dollars worth of cryptocurrency, a New York federal judge ruled.

  • January 8, 2019

    Venezuela Targets US Sanctions With New WTO Case

    Venezuela has taken the rare step of challenging a slew of U.S. sanctions moves at the World Trade Organization, asserting that the White House’s blockage of its goods, services, debt and government-backed cryptocurrency are in violation of global trade rules, according to a WTO document published Tuesday.

  • January 7, 2019

    Fisker Fraud Claims Time-Barred In Ill., 7th Circ. Says

    A group of Illinois investors who say carmaker Fisker Automotive’s top shareholders duped them into buying its stock just before going bankrupt brought their claims six months too late to proceed under the state’s securities laws, the Seventh Circuit held Monday.

  • January 7, 2019

    Fla. Court Approves Condo Deal In EB-5 Fraud Suit

    A Florida federal court on Monday approved a settlement involving an office condominium owned by former ski resort owner and Miami businessman Ariel Quiros, almost a year after he settled claims lodged by the U.S. Securities and Exchange Commission that he misappropriated millions of dollars from immigrant investors.  

  • January 7, 2019

    Class Fights Early Review Of Fitbit Insider Trading Suit

    Attorneys for Fitbit Inc. stockholders on Monday opposed a company bid for an early Delaware Supreme Court challenge to a Chancery Court decision nixing the dismissal of a $386 million derivative insider trading and fiduciary breach suit against key company figures in December.

  • January 7, 2019

    Notes Trustees Seek Indemnity In IHeartMedia Ch. 11 Plan

    The indenture trustees for priority guarantee notes issued by iHeartMedia Inc. told a Texas bankruptcy court that the distressed broadcast giant should amend its pending financial restructuring plan, contending that prebankruptcy indemnity protections must be preserved.

  • January 7, 2019

    Convicted Wilmington Trust Execs Seek Bail During Appeal

    Four Wilmington Trust Corp. executives sentenced to three- to six-year prison terms in December for false reporting practices that crippled their bank sought bail pending appeal late Friday, with all raising multiple challenges to government claims they falsified past-due commercial loan status disclosures.

  • January 7, 2019

    SEC, Lender Reach Settlement On Eve Of Fraud Trial

    The U.S. Securities and Exchange Commission reached a settlement Friday with a Wall Street lending company in a suit over supposedly fraudulent securities offering documents, just one business day before a trial was set to begin, according to a New York federal judge.

  • January 7, 2019

    Chancery Issues Arrest Warrants For Chinese Tech Execs

    A Delaware Chancery judge issued arrest warrants Monday for two Chinese nationals serving as executives for ZST Digital Networks Inc. who were found to be in contempt for not complying with a series of court judgments arising from a books and records suit filed by a shareholder.

  • January 7, 2019

    Tesaro Hit With Investor Suit Over $5B Merger Deal With GSK

    A stockholder’s proposed class action against cancer drug manufacturer Tesaro Inc. and its executives has alleged in Delaware federal court that a proposed $5.1 billion merger with British pharmaceutical company GlaxoSmithKline is based on misleading financial analyses filed with the U.S. Securities and Exchange Commission.

  • January 7, 2019

    SunEdison Shareholders Win Cert. In Stock-Drop Suit

    Two pension funds suing SunEdison for failing to disclose financial problems that later led the renewable energy giant’s stock price to collapse secured class certification on Monday, after a New York federal court split the single proposed class into two separate subclasses.

  • January 7, 2019

    Ex-Georgeson Adviser Begins Retrial Amid Appeal For Others

    As three former Georgeson LLC advisers wait to see if federal prosecutors win an appeal to put them on trial a second time, one of their ex-coworkers was back in a Boston courthouse Monday as her second trial kicked off charging her with trading entertainment tickets for an early look at shareholder voting data.

Expert Analysis

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Walters Case Commands Tougher Cure For Gov't Misconduct

    Harry Sandick

    In U.S. v. Walters, a Second Circuit panel determined last week that professional gambler William Walters was not prejudiced by repeated FBI leaks of confidential grand jury information. There is a risk that the government may draw the wrong conclusion from this decision, say Harry Sandick and Danielle Quinn of Patterson Belknap Webb & Tyler LLP.

  • Top 10 Whistleblowing And Retaliation Events Of 2018

    Steven Pearlman

    This year saw significant changes in the landscape of whistleblower and retaliation law, including a game-changing decision from the U.S. Supreme Court and the three largest bounty awards issued in the history of the U.S. Securities and Exchange Commission, say Steven Pearlman and Meika Freeman of Proskauer Rose LLP.

  • Will High Court Avoid Deadlock In Lorenzo?

    Susan Hurd

    Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.

  • Blockvest Ruling Reminds Token Issuers To Push Back

    Michael Dicke

    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • Breaking Down SEC’s Risk-Based Exam Initiatives For Funds

    Vincente Martinez

    The U.S. Securities and Exchange Commission last month announced a series of examination initiatives focused on practices and risks relevant to mutual funds and exchange-traded funds. Attorneys with K&L Gates LLP offer takeaways for fund complexes conducting annual compliance reviews.

  • In-House Counsel’s Role As Whistleblower

    Excerpt from Lexis Practice Advisor
    Devika Kewalramani

    In-house attorneys owe a duty of confidentiality to their corporate clients and are obligated to preserve attorney-client privilege. But they are also likely to be exposed to sensitive internal issues, thereby increasing the potential for circumstances where it might be appropriate to "blow the whistle," says Devika Kewalramani of Moses & Singer LLP.

  • Assessing A New Path To Compliance For ICO Issuers

    Meagan Olsen

    The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.