Securities

  • July 21, 2017

    Investors Say SeaWorld Can't Mark Every Doc Confidential

    Investors in SeaWorld Entertainment Inc. claimed Thursday that the theme park operator is improperly shielding all of its discovery behind a confidentiality order in a suit accusing it of failing to tell shareholders that the 2013 documentary “Blackfish” caused an attendance drop at its theme parks.

  • July 21, 2017

    Chinese Students Ask To Join $89M EB-5 Scam Suit

    Three Chinese college students asked an Illinois federal judge on Thursday for permission to join the Securities and Exchange Commission’s suit against an immigration attorney accused of funneling money from the nearly $89 million he collected from EB-5 visa holders into his own pockets.

  • July 21, 2017

    CORRECTED: Ocwen Reaches $56M Deal In Investors' Suit

    Ocwen Financial Corp. announced in a filing with the U.S. Securities and Exchange Commission on Thursday that it has reached a $56 million settlement to resolve a stock-drop suit stemming from the company’s problematic servicing operations. Correction: An earlier version of this story incorrectly identified the case Ocwen was settling. The error has been corrected.

  • July 21, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an arbitration dispute between ICBC Standard Bank and a Russo-Mongolian mining venture, Barents Re's suit against PDV Insurance, and a financial services spat between Walker Crips brokerage and ADM's U.K. investment services unit. Here, Law360 looks at those and other new claims in the U.K.

  • July 20, 2017

    Objectors Force Delay Of SunEdison Ch. 11 Plan Confirmation

    Creditors looking to force bankrupt renewable energy giant SunEdison Inc. to rework its pending Chapter 11 restructuring plan won perhaps just a short term-battle Thursday, as a New York bankruptcy judge adjourned the company's plan confirmation hearing before pending objections could be fully decided, allowing arguments to proceed into next week.

  • July 20, 2017

    Shkreli, Gov't Embroiled In Investor Evidence Fight

    Attorneys for Martin Shkreli and prosecutors in his securities fraud trial on Thursday traded barbs over a government bid to admit a slew of investor documents into evidence without calling those investors to the witness stand, which the defense claims would violate Shkreli's Sixth Amendment rights.

  • July 20, 2017

    Libor Trader Ruling Creates Cross-Border Hurdle For DOJ

    In overturning two traders' convictions for rigging a global financial benchmark, the Second Circuit handed the U.S. Department of Justice a major defeat that cross-border practitioners say creates an obstacle in joint U.S. enforcement cases.

  • July 20, 2017

    DeValerio Of Berman DeValerio Starts New Firm

    Berman DeValerio founding partner Glen DeValerio has left the firm to start a new one, taking a name synonymous with the securities and antitrust arena into new areas of law, including the trial work he recently found an affinity for.

  • July 20, 2017

    Judge Kills Securities Suit Over Kohl's Accounting Errors

    A Wisconsin federal judge shot down a long-pending suit that accused Kohl's Corp. of securities fraud on Thursday, saying the real estate accounting flubs that led the company to restate its financials were so arcane that they couldn't be summarily chalked up to corporate misconduct.

  • July 20, 2017

    NJ Couple To Pay $2.1M Settlement Over Illegal Securities

    A New Jersey couple and the companies they own have agreed to pay $2.1 million to settle allegations by the state Bureau of Securities that they sold unregistered securities on a real estate investment that failed, Attorney General Christopher S. Porrino and the state Division of Consumer Affairs announced Thursday.

  • July 20, 2017

    Ga. Trader And His 3 Firms Settle Fraud Claims With CFTC

    An Atlanta man and his three commodity pool companies have agreed to pay nearly $500,000 to settle allegations that he defrauded two dozen investors by misappropriating the bulk of their money and misrepresenting his trading performance, the Commodity Futures Trading Commission said Thursday.

  • July 20, 2017

    Gold Mining Co. Seeks Move Of $3.7M Fee Row With Jefferies

    A Canadian gold mining company asked a New York federal court on Wednesday to hear a breach-of-contract suit brought against it in that state’s trial court by investment bank Jefferies LLC over a $175 million debt refinancing that the company announced days after severing its relationship with the bank.

  • July 20, 2017

    Entitled Insider Trader Deserves Up To 8 Years, Feds Say

    Federal prosecutors asked a New York federal court on Wednesday to imprison former MSD Capital LP analyst John Afriyie for up to eight years, saying he exemplified greed and a sense of entitlement when using inside knowledge of a $15 billion private equity buyout to turn a profit.

  • July 20, 2017

    Kirkland & Ellis Lands Another Former SEC Official

    Kirkland & Ellis LLP has hired another veteran from the U.S. Securities and Exchange Commission, this time adding a new partner to its investment funds group who last served as branch chief of the agency’s Private Funds Branch.

  • July 20, 2017

    Charges Expanded For 6 In Chimera Stock Inflation Scheme

    Six of the seven individuals who were indicted earlier this year for their roles in a $6 million stock manipulation scam involving Chimera Energy Corp. had their charges expanded Wednesday when a grand jury returned a superseding indictment saying that the scam actually involved at least 12 companies and $25 million.

  • July 20, 2017

    Doc Charged With Trading Ariad Stock On Wife's Inside Info

    A Massachusetts doctor who runs a cannabis consultation practice was charged by federal prosecutors Thursday with securities fraud for allegedly making stock trades on information he got from his wife about an Ariad Pharmaceuticals Inc. cancer drug.

  • July 20, 2017

    Citigroup Says Litigation Demand Failure Dooms Case

    Attorneys for Citigroup Inc. told a Delaware judge on Thursday that a derivative suit should be tossed because the investors who brought it did not adequately show that the company’s board of directors acted in bad faith when presented with information about Citigroup subsidiaries' illegal acts.

  • July 20, 2017

    Jones Day Adds Ex-Shearman Capital Markets Pro In Calif.

    Jones Day has added to its Silicon Valley office a capital markets partner from Shearman & Sterling LLP with experience handling a wide variety of securities offerings, mergers and acquisitions, and venture capital and private equity investments in markets such as Hong Kong, Beijing and Shanghai.

  • July 20, 2017

    Feds Warn Of ‘Increasingly Unhinged’ Insider Trading Suspect

    Federal prosecutors on Thursday renewed their call for increased monitoring of a pharmaceutical executive accused of insider trading, saying the man’s behavior — including trying to bill the government for his time — was growing more alarming by the day.

  • July 20, 2017

    SEC Says Asset Manager Overvalued Renewable Energy Co.

    California-based investment adviser Enviso Capital LLC and two of its principals have settled the U.S. Securities and Exchange Commission's claims that they overstated the value of two private funds by miscalculating how much a now-failed renewable energy company was worth.

Expert Analysis

  • 5 Questions To Ask Firm Before Accepting A Litigation AFA

    Gregory Lantier

    Outside counsel experienced with alternative fee arrangements will have many war stories regarding successful — and less successful — fee arrangements. Asking outside counsel to share these experiences can provide useful insight into the strength of a proposed AFA, say attorneys with WilmerHale.

  • Takeaways From 2nd Circ.'s Petrobras Ruling

    Brad Karp

    The Second Circuit’s decision last week in Petrobras has significant implications for litigation concerning securities that are traded in the over-the-counter market. Litigation involving debt securities is particularly likely to be affected, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Opinion

    Why You Should Argue Your Appeal

    Stewart Milch

    Conventional wisdom says that oral argument is a mere formality; that in courts where judges read briefs in advance, their minds are made up and will rarely — if ever — change. But conventional wisdom notwithstanding, oral argument can be critical, says Stewart Milch of Goldberg Segalla LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.

  • Preparing For The New Revenue Recognition Standard

    Robert Hayward

    The new revenue recognition standard from the Financial Accounting Standards Board goes into effect for fiscal years starting after Dec. 15, 2017. Here, attorneys with Kirkland & Ellis LLP look at a few issues companies can consider now in order to stay ahead of the curve.

  • Assessing The EU's Revised Shareholder Rights Directive

    Bram Hendriks

    The European Union's revised Shareholder Rights Directive incorporates a set of corporate governance and stewardship best practices that have developed since the initial version's publication in 2007. From a shareholder perspective, the directive seems to provide an adequate balance between additional rights and responsibilities, says Bram Hendriks of Kessler Topaz Meltzer Check LLP.

  • Spiral Dynamics And The Vanishing Jury Trial

    Jennifer Gibbs

    Over the past 20 years, the number of jury trials has been on a dramatic decline. What if the vanishing jury trial is evidence of an expected development of human consciousness — explained by a theory known as spiral dynamics? asks Jennifer Gibbs, a partner with Zelle LLP.

  • Inside PCAOB's New Standard For Audit Reports

    Kelly Babson

    The Public Company Accounting Oversight Board recently adopted a new auditor reporting standard that represents a fairly dramatic expansion of the information that may be communicated to investors and other financial statement users by a company’s auditors, says Kelly Babson of Nixon Peabody LLP.

  • High Court Takes Up Forum Shopping In Securities Cases

    Jordan Eth

    Recent years have seen significant growth in the number of securities class actions filed in California state courts based on conflicting readings of the Securities Litigation Uniform Standards Act. The U.S. Supreme Court's decision in Cyan v. Beaver County Employees may put an end to this duplicative litigation, say attorneys with Morrison & Foerster LLP.

  • Oh, The Indemnity! New Claims May Follow RMBS Settlements

    Joseph Cioffi

    Defendants in pre-financial crisis residential mortgage-backed securities litigation may look to underlying transaction documents, contract law or equitable principles to seek indemnity from other securitization parties for any settlement payouts, expenses or losses incurred from claims against them, says Joseph Cioffi of Davis & Gilbert LLP.