A Chicago-based immigration attorney accused by the U.S. Securities and Exchange Commission of pocketing money from foreign investors seeking EB-5 visas urged an Illinois federal court Tuesday to rethink a decision barring him from representing several supplemental defendants in the case, rebutting contentions that there is a conflict of interest.
Insys Therapeutics Inc. and its top brass largely lost their bid to boot an investor's fraud suit Tuesday when a New York federal judge found the complaint had adequately tied the company's alleged misstatements to a concrete loss, allowing the proposed shareholder action accusing Insys of overstating its fentanyl spray's financial strength to move forward.
A former Barclays PLC trader accused of illegally manipulating a key interest rate benchmark made an honest mistake when he asked colleagues to submit rates that would benefit the bank, his lawyer told a jury at a London crown court during closing arguments Wednesday.
Guess? Inc. has announced that co-founder Paul Marciano has resigned as executive chairman of the lifestyle brand after Glaser Weil LLP found he exercised “poor judgment” when communicating with models and photographers, adding that he and the company agreed to settle five individuals’ allegations of inappropriate conduct for $500,000.
A Third Circuit panel on Tuesday pressed two pension funds to show why Hertz Global Holdings Inc.’s misrepresentations about its financial status were intentionally misleading, as they alleged in their securities fraud class action, and not merely the result of mismanagement.
Investors holding general obligation debt issued by Puerto Rico's government are pushing for tweaks to a pending settlement proposed to resolve a bitter fight between creditors over billions worth of sales tax collections, saying the currently proposed split is unacceptable.
A Brooklyn federal jury on Tuesday heard of how a former Morgan Stanley vice president and an ex-broker were allegedly part of a $30 million insider trading scheme that utilized hacked corporate press releases to trade ahead of earnings announcements and other company news, as an expected month-long trial kicked off.
Fiat Chrysler investors asked a New York federal judge Monday to reject the automaker’s request for a three-month extension of discovery in a stock-drop suit alleging the company lied about using emissions-cheating devices in vehicles and complying with safety recalls, calling it a "bait and switch" move.
A media advertising consultant in California will disgorge several thousand dollars to shake the U.S. Securities and Exchange Commission's suit alleging he funneled proceeds from the sale of unregistered securities to insiders at a company that manufactures hemp health products, according to a consent judgment filed Tuesday in federal court.
More companies are preparing initial coin offerings by using the so-called Reg A+ exemption, a streamlined initial public offering often dubbed a “mini-IPO,” though such campaigns face regulatory hurdles and other obstacles, capital-raising experts said at various talks Tuesday in New York.
Attorneys seeking $16 million for representing LendingClub Corp. investors in securities class actions against the peer-to-peer lending company defended their fee bid Monday to a California federal judge who previously said the amount “shocked” him, saying their work produced an “outstanding result under any measure.”
A proposed class of investors who say they overpaid for shares of GoPro Inc. because the company concealed shortages of its cameras and drones as well as a design defect asked a California federal court Monday for class certification.
A government watchdog that last year sued the U.S. Department of Labor seeking records related to its overtime and fiduciary rules told a Washington, D.C., federal judge Monday that it’s “concerned” the agency hasn’t been as forthcoming about its record searches as it should be.
A former official at Luca International Group LLC accused of helping perpetrate a $68 million Ponzi-esque scheme involving the EB-5 immigrant investor program told a California federal judge on Monday that she doesn’t owe authorities disgorgement and civil penalties, saying she was clueless as to the alleged securities violations.
An Illinois man accused of pocketing about $2 million from investors in his Wisconsin pharmaceutical company by lying about his work surrounding an experimental drug pled guilty to a single count of wire fraud Tuesday.
The Commodity Futures Trading Commission filed a civil enforcement action in Florida federal court on Tuesday alleging that the sole officer of a Boca Raton-based company defrauded three customers out of $870,000 in illegal, off-exchange retail commodity transactions for precious metals that they never received.
The U.S. Securities and Exchange Commission has obtained a temporary restraining order and emergency asset freeze to stop an allegedly ongoing investment fraud scheme purportedly carried out by a South Florida couple who claimed to be developing an internet shopping application, the agency announced Monday.
Locke Lord LLP has added a former Greenberg Traurig LLP shareholder and Financial Industry Regulatory Authority arbitrator and mediator with nearly 30 years of securities industry experience as a partner in its West Palm Beach, Florida, office.
A private equity firm on Tuesday urged the Third Circuit to revive its $5 million case against a New Jersey hospital over the firm's would-be acquisition of a medical plaza under foreclosure, arguing that an ownership transfer that sank the sale ran afoul of the purchase deal.
A veterinary pharmaceutical company likely didn't mislead investors about the timeline for bringing an appetite stimulant for dogs to market, a New York federal judge said in dismissing a proposed securities class action alleging that a delay in the drug's availability caused the company's stock to nosedive.
The director of the U.S. Centers for Disease Control was forced to resign earlier this year after her investment manager purchased stock in tobacco and pharmaceutical companies on her behalf, creating a conflict of interest with her official role. The incident highlights how important it is for public officials to understand the conflict of interest statute and structure their investment arrangements accordingly, say attorneys with WilmerHale.
The recent wave of spoofing and manipulation enforcement actions washing over cryptocurrency markets, aided by increasing market surveillance, may cause concern in some quarters. However, precedents in established futures and spot markets suggest that, in the long run, the market will likely see benefits from increased surveillance, say members of NERA Economic Consulting.
The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.
State securities agencies are increasingly regulating the cryptocurrency space through administrative proceedings and summary cease-and-desist orders. But the uncertainties and ambiguities in current cryptocurrency regulation mean that multistate action — even if coordinated — will create a real risk of splintered authority, says Jason Gottlieb of Morrison Cohen LLP.
The Section 301 report issued in March by the United States Trade Representative highlighted foreign acquisitions and investments in the U.S. biotechnology industry. Counsel on both sides of a transaction in this sector should consider carefully whether involvement by foreign entities, especially from China, should be filed for review by CFIUS before closing, say Stephen Mahinka and Carl Valenstein of Morgan Lewis & Bockius LLP.
Financial sponsors and investors are seeking alternative investment products through which they can access the capital markets, and the private business development company is one such product that has recently been successful at raising capital. Here, Cynthia Krus and Kristin Hespos Burns of Eversheds Sutherland explain how private BDCs are formed and why they are desirable.
In March, a Canadian gold and silver mining company agreed to pay nearly $1 million to the U.S. Securities and Exchange Commission over alleged violations of the U.S. Foreign Corrupt Practices Act. The case shows the risks faced by companies that fail to implement appropriate controls post-acquisition, particularly in the mining industry, says Collmann Griffin of Miller and Chevalier Chtd.
Recently, we have been involved in several registered Securities Act transactions in which the deal team considered posting slides to an electronic roadshow platform without a recorded voice-over from the issuer’s management. When confronted with this choice, members of the deal team are well-advised to think through the consequences, say attorneys with Hunton Andrews Kurth LLP.
In a recent letter to a member of Congress, U.S. Securities and Exchange Commission Chairman Jay Clayton said that he hasn't decided whether mandatory arbitration of shareholder disputes is appropriate, and that exploring the idea is not a priority for him. However, I believe the issue is going to require commission action sooner rather than later, says Kevin LaCroix of RT ProExec.
The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.