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Securities

  • June 12, 2018

    Pet Pharma Co. Sidesteps Investor Suit Over Dog Drug Delays

    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.

  • June 12, 2018

    Merrill Lynch To Pay $16M To Settle RMBS Scam Claims

    The U.S. Securities and Exchange Commission on Tuesday said brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. will pay nearly $16 million to settle allegations its employees knowingly overcharged customers who purchased residential mortgage-backed securities.

  • June 12, 2018

    Rosen Law To Lead AMD Investor Suit Over Chip Flaw

    A California federal judge appointed The Rosen Law Firm PA as lead counsel for investors who sued Advanced Micro Devices Inc. when the company’s share price dropped following a revelation that its chips were more vulnerable to a security flaw than had been previously disclosed.

  • June 12, 2018

    Wilson Sonsini Nabs Squire Patton Tech, Life Sci Pro In LA

    Wilson Sonsini Goodrich & Rosati PC has scored a corporate attorney in Los Angeles from Squire Patton Boggs LLP with significant experience representing technology, life sciences and other growth companies in the United States and internationally, the firm announced Monday.

  • June 12, 2018

    CPI Says Investor Is Unfit To Lead $173M IPO Suit

    In opposition to a class certification bid, CPI Card Group Inc. told a New York federal court on Monday that a man seeking to represent a class of investors accusing the chip-enabled card maker of misleading them in a $172.5 million initial public stock offering has a lack of familiarity with the case that makes him unfit for the task.

  • June 12, 2018

    Investors Fight Former DNC Chair’s Bid To Nix Visa Scam Suit

    A group of Chinese investors have asked a Virginia federal judge to let them move forward with their claims that they were swindled out of more than $500,000 each in an alleged visa scheme run by former Gov. Terry McAuliffe and Anthony Rodham, the brother of Hillary Clinton.

  • June 12, 2018

    InterOil Insider Traded On Merger Info, SEC Says In Suit

    The U.S. Securities and Exchange Commission launched a lawsuit in New Jersey federal court Tuesday against a onetime personal assistant to an InterOil Corp. board member for allegedly engaging in insider trading based on confidential information about Oil Search Ltd.'s proposed acquisition of the energy company.

  • June 12, 2018

    Credit Suisse Wins 3-Year Limit On Martin Act Suits

    New York's highest court ruled Tuesday that the state attorney general could only sue under the Martin Act, a powerful tool for financial crimes enforcement, for three years after alleged violations, rejecting prosecutors' argument for a six-year limit and handing a victory to Credit Suisse.

  • June 12, 2018

    Tilton Balks At $500K White & Case Role In Zohar Ch. 11

    Financier Lynn Tilton and her investment firm Patriarch Partners LLC objected Monday to the appointment of White & Case LLP under a $500,000 retainer as counsel to an independent director assigned to the Delaware Chapter 11 cases of her Zohar funds.

  • June 12, 2018

    Ex-Barclays Trader Key Player In Euribor Fix, Jury Told

    It is “blindingly obvious” that two former senior traders at Barclays PLC and Deutsche Bank AG were the main players in a "conspiracy" to game the financial system by rigging Euribor to benefit their trading positions, a prosecutor for the Serious Fraud Office told a London jury Tuesday.

  • June 11, 2018

    Insurer Says US Bank Struck Lowball Settlement As CYA Move

    RMBS trust insurer Ambac sued trustee US Bank in New York federal court on Friday, saying US Bank wrongly settled $374 million worth of claims over bad Countrywide loans for just $94 million, partly to head off a finding that US Bank was a fiduciary, which could "ripple" through to other RMBS litigation against the bank.

  • June 11, 2018

    Ex-KPMG Partner Says Feds Sitting On Evidence

    A former audit partner at KPMG LLP has asked a Brooklyn federal judge to make prosecutors look for exculpatory evidence in files belonging to the U.S. Securities and Exchange Commission and an accounting oversight group, saying both were essentially part of the prosecution team.

  • June 11, 2018

    Ex-Wilmington Bank Execs Slam Convictions, Seek Acquittal

    Four ex-Wilmington Trust executives attacked their May convictions on federal securities fraud and conspiracy charges late Friday, demanding acquittal or new trials and accusing the government of missteps ranging from changing theories mid-trial to lacking evidence of criminal intent to conceal past due commercial loans.

  • June 11, 2018

    Netflix Rejects Claims That Exec Bonuses Hurt Shareholders

    Netflix Inc. asked a California federal judge Friday to toss a shareholder suit accusing the streaming service of misclassifying executives’ “exorbitant” bonuses for tax purposes, saying the shareholder failed to either notify Netflix’s board before suing or prove the board couldn’t fairly handle the issue.

  • June 11, 2018

    Former Equifax Exec Wants Insider Trading Charges Dropped

    A former Equifax executive accused of selling off shares before the public was informed of the company's massive data breach told a Georgia federal court Monday that the government's indictment only proves he exercised stock options after being lied to by his employer.

  • June 11, 2018

    China Agritech May Drive Class Members To Court Early, Often

    The U.S. Supreme Court gave companies some relief Monday when it ruled that plaintiffs can't file follow-on class actions after the statutory deadline has expired, but that relief could be short-lived if plaintiffs respond by taking more actions in the cases they're involved in to preserve their rights.

  • June 11, 2018

    Wells Fargo Bans Crypto Purchases On Its Credit Cards

    Wells Fargo & Co. said Monday that it has stopped allowing customers to use its credit cards to buy cryptocurrency, making it the latest major bank to impose such restrictions amid concerns about volatility and other risks in the market for digital currencies.

  • June 11, 2018

    Securities Fraud Class Actions Must Be Curtailed, Attys Say

    Class action securities fraud suits have proliferated in recent years, a trend that’s harming U.S. businesses, investors and the economy, and it needs to be reversed, a panel of defense attorneys said at an event Monday in Lafayette Hills, Pennsylvania.

  • June 11, 2018

    Qualcomm Hit By Class Suit Over Sunk $117B Broadcom Deal

    Qualcomm Inc. was hit Friday with a proposed shareholder class action in California federal court over Broadcom Ltd.'s thwarted $117 billion bid to take over its rival, alleging the chipmaker’s executives artificially pumped up share prices while “secretly” taking steps to kill the deal.

  • June 11, 2018

    Foley & Lardner Adds SEC Atty For Securities Practice

    A U.S. Securities and Exchange Commission attorney who, while an associate at Willkie Farr & Gallagher LLP, helped defend a former IndyMac executive after the bank’s collapse in 2008 is joining Foley & Lardner LLP’s securities enforcement and litigation practice, the firm has announced.

Expert Analysis

  • How Not To Bungle Off-Cycle Engagements With Stockholders

    Ethan Klingsberg

    Many companies are now turning from annual meetings to off-cycle engagements with their institutional investors, but the risks are significant. On that account, we have compiled some guidelines and tips based on direct feedback from a spectrum of investors over the past six months, say Ethan Klingsberg and Elizabeth Bieber of Cleary Gottlieb Steen & Hamilton LLP.

  • 6 Ways To Manage International Regulatory Risk Under Trump

    Gregory Husisian

    Recent enforcement activity — including record-setting Foreign Corrupt Practices Act and economic sanctions penalties — confirms that the Trump administration is committed to the aggressive application of U.S. law abroad. Multinational companies need to prioritize managing the risks posed by laws governing U.S. exports and international conduct, say Gregory Husisian and Olivia Singelmann of Foley & Lardner LLP.

  • 5 Questions You Should Ask About Your Global Equity Awards

    William Woolston

    U.S. companies venturing into the world of global equity compensation confront a complex, cross-border web of rules and regulations. Victoria Ha and William Woolston of Covington & Burling LLP highlight five critical questions that can help U.S. companies navigate common legal pitfalls, with a focus on some of the most rapidly evolving areas of law.

  • Reaffirming Omnicare's Section 10(b) Protections

    Susanna Buergel

    In its recent decision in Martin v. Quartermain, the Second Circuit reiterated that meeting the Omnicare standard set forth by the U.S. Supreme Court in 2015 is no small task for investors. This strict application of Omnicare ensures that Section 10(b) jurisprudence remains focused on identifying truly fraudulent conduct, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Breaking Down The SEC's New Proxy Interpretations

    Laura Richman

    Last week, the U.S. Securities and Exchange Commission issued compliance and disclosure interpretations on a broad range of proxy topics. Here, attorneys with Mayer Brown LLP review the substantive and technical changes from earlier guidance and offer some practical considerations.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • Going Public Without An IPO

    Laura Anthony

    Spotify made a big splash last month by debuting on the New York Stock Exchange without an initial public offering — an often-used going-public method on the OTC Markets that may now gain popularity on national exchanges as well. However, there are some fundamental differences between the direct listing processes for OTC Markets and for an exchange, says Laura Anthony of Legal & Compliance LLC.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • How 1 Court Is Shaping The Future Of Crypto Regulation

    Deborah Meshulam

    The McDonnell and Zaslavskiy actions in the Eastern District of New York are initial cryptocurrency cases where government regulators are testing their jurisdictional theories. Both cases will help chart the course for future enforcement in an industry where the law has struggled to keep pace with technology, say Deborah Meshulam and Benjamin Klein of DLA Piper.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.