UTI Worldwide Inc. and a certified shareholder class suing the logistics services provider for allegedly mischaracterizing problems with its freight forwarding system to the detriment of investors have reached a proposed $13 million settlement.
Financial professionals, investor groups and 17 attorneys general asked the U.S. Securities and Exchange Commission to clarify and strengthen its proposal to require brokers to prioritize their clients over themselves, according to public comments submitted before an Aug. 7 deadline.
National Amusements Inc. Chairman Sumner Redstone will not be compelled to sit for a written deposition in a case over a stock dividend approved by the directors of CBS Corp., after a Delaware judge said Wednesday the interview would be too stressful for the ailing businessman.
Acknowledging a possible lack of precedent, a Delaware bankruptcy judge on Wednesday approved procedures for “distressed lending” to alleged Ponzi scheme noteholders trapped in The Woodbridge Group LLC Chapter 11, with up to $215 million in note-backed loans possible.
An investor filed a derivative complaint in Delaware federal court Tuesday against Tableau Software Inc. company officers, claiming they downplayed the impact of competitor software while they conspired to gain about $300 million in financial benefit from insider trading of artificially inflated stock.
The U.S. Securities and Exchange Commission on Wednesday urged a New York federal court to set aside a magistrate judge's order refusing a discovery extension in the insider trading suit connected to Intel Corp.'s $15.3 billion purchase of Israeli tech company Mobileye NV, asking that the discovery deadline be pushed to the date of trial.
The Manhattan federal judge overseeing the bribery trial of former union boss Norman Seabrook was curious Wednesday about the $60,000 allegedly paid to Seabrook in exchange for a hedge fund investment, pressing a key witness on how that much cash could have been stuffed in a small-sized “man-purse.”
Unsecured creditors of Nine West Holdings Inc. have asked the bankruptcy court to allow them to expand their probe into Sycamore Partners' 2014 takeover of the women's shoe and apparel company, saying they need to subpoena additional lenders.
Radio frequency identification systems company Impinj Inc., its CEO and chief financial officer lied to shareholders about its financial controls and an ongoing internal investigation, according to a stock-drop suit filed Tuesday in California federal court.
Lead plaintiff TIAA urged a New Jersey federal judge on Tuesday to strike a brokerage firm's bid to lead a subclass of Valeant options investors in a multibillion-dollar consolidated securities class action against the pharma giant, warning that the firm's request risks splintering the suit and driving up costs for all involved.
California chipmaker Skyworks Solutions Inc., with assistance from O'Melveny & Myers LLP, has inked an agreement to buy semiconductor supplier Avnera Corp. for $405 million in cash, the companies said on Wednesday, in a deal meant to strengthen Skyworks’ wireless connectivity capabilities.
The U.S. Securities and Exchange Commission on Tuesday delayed a decision on whether to approve a closely watched proposal by Cboe BZX Exchange Inc. to list what would be the first bitcoin-based exchange-traded fund, saying it needs more time to consider the proposal.
An Illinois packaging and paper company has announced that it will hand over unspecified information as part of the U.S. Department of Justice's second request for information on a $4.9 billion buyout by WestRock Co., a deal expected to boost the combined company's product portfolio and extend its geographic reach.
The U.S. Securities and Exchange Commission is accusing a former trader of now-defunct broker-dealer J.P. Turner LLP of entering more than $24 million in fictitious sales, resulting in inaccurate trading and financial records being submitted to the agency, in a lawsuit in Georgia federal court.
A Manhattan federal jury on Wednesday convicted biotech executive Patrick Muraca on charges of defrauding investors and lying to the FBI, rejecting his argument that he had merely been a sloppy accountant.
Manhattan federal prosecutors on Wednesday indicted U.S. Rep. Christopher Collins on insider trading charges, accusing the New York Republican and others of using insider information gleaned from his position on the board of an Australian biotechnology firm to avoid nearly $768,000 in losses.
A Third Circuit panel ruled Tuesday that J.P. Morgan Securities must arbitrate a Pennsylvania health system’s claims over several pre-2008 auction rate securities offerings, finding the system hadn’t waived its right to arbitration before the Financial Industry Regulatory Authority by signing on to agreements with clauses pegging New York’s Southern District as the forum for any disputes.
A former ConvergEx Group LLC executive who questioned corporate defense attorneys’ role in the government's criminal investigation into his trading practices pled guilty to one count of conspiracy on Tuesday under an arrangement that puts a no-jail sentence on the table.
A Pinnacle Foods Inc. investor filed a putative class action in New Jersey federal court Tuesday challenging its proposed acquisition by Conagra Brands for $10.9 billion, saying that he and his fellow investors lack the information necessary to make an informed decision about whether to support the proposed merger.
The U.S. Securities and Exchange Commission announced Tuesday that cloud computing company Ribbon Communications Inc. has agreed to pay nearly $2 million to resolve claims its former chief financial officer made misleading statements about its estimated revenue in 2015.
The Virginia Supreme Court recently held in Davis v. MKR Development that a member of a limited liability company is not required to first make a demand on the LLC prior to commencing a derivative proceeding if doing so would be futile. Courts must now be prepared to wrestle with arguments over whether a demand was futile, says Sean Ducharme of Hunton Andrews Kurth LLP.
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.
The U.S. Securities and Exchange Commission’s post-Lucia problems extend beyond the practical challenge of litigating cases for a second time. The U.S. Supreme Court's decision has also set up several concrete defense arguments for respondents in SEC administrative actions, say Andrew Morris and Ben Aiken of Orrick Herrrington & Sutcliffe LLP.
A significant number of the securities class actions filed in the first half of 2018 were merger objection lawsuits, but the number of traditional filings alone was well above historical levels. If this pace continues, 2018 filings would approach last year’s elevated total, says Kevin LaCroix of RT ProExec.
Increasingly, a company’s disclosure of the existence of investigations into allegedly anti-competitive conduct has triggered securities class action litigation. But recent court decisions have made clear that plaintiffs must do more than simply allege the existence of an investigation, say Samuel Groner and Andrew Cashmore of Fried Frank Harris Shriver & Jacobson LLP.
The U.S. Supreme Court’s reasoning in China Agritech v. Resh denies American Pipe tolling to successive class actions, but plaintiffs seeking to bring securities actions need not despair. Several aspects of the decision, and Justice Sonia Sotomayor’s concurrence, confirm plaintiffs’ rights in key areas, say attorneys with Labaton Sucharow LLP.
The long-running litigation related to Siemens’ 2008 Foreign Corrupt Practices Act plea agreement, and a D.C. federal court’s recent decision, highlight the complexity of determining whether sensitive information that companies provide to compliance monitors is exempt from disclosure under the Freedom of Information Act, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Earlier this year, Rep. Trey Gowdy, R-S.C., made headlines with his decision to leave Congress and return to law. In this series, former members of Congress who made that move discuss how their experience on the Hill influenced their law practice.
After multiple extensions, the EB-5 visa program is set to expire on Sept. 30. The uncertainty of the program's future and proposed changes to minimum threshold investments have led developers to increase their fundraising efforts prior to the deadline, and they may cut back on use of EB-5 funds going forward, say Bruce Meyerson and David Coombs of Goulston & Storrs PC.
Both stockholder plaintiffs and the Delaware courts are increasingly relying on company filings to assess director independence and the existence of a controlling stockholder. Companies should therefore draft independence disclosures not only to comply with the exchange rules, but also with an eye to their potential use in litigation, say attorneys with Foley & Lardner LLP.