Rite Aid and Albertsons agreed to part ways and call off their proposed tie-up, citing mounting concern by Rite Aid investors that the offer by the private equity-backed grocery chain undervalued their shares.
The First Circuit on Wednesday reversed a ruling by the judge presiding over Puerto Rico's restructuring proceedings, finding she is not precluded from lifting automatic stay protections for the island's bankrupt electric utility so that bondholders can pursue legal action to appoint a receiver.
A New York federal magistrate judge said Tuesday that a residential mortgage-backed securities suit facing Deutsche Bank National Trust Co. and an affiliate should not be allowed to proceed as a class action and that claims for more than half the RMBS trusts at issue ought to be dismissed.
McTigue Law LLP and Beins Axelrod PC made a play on Tuesday to take over as lead counsel to a class of retirement plans after reading in a court filing that Labaton Sucharow LLP had yet to distribute $60 million the class is owed under a 2016 settlement with State Street Corp.
A New Jersey federal judge expressed skepticism Wednesday over Dr. Reddy’s Laboratories Ltd.’s bid to toss a putative consolidated class action on the grounds that investors failed to adequately plead that the business intended to deceive them in making allegedly misleading statements about quality control issues at manufacturing facilities.
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.
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.
The Senate Republican leadership and the Trump administration are racing to fill Justice Anthony Kennedy’s spot on the U.S. Supreme Court. Does opposition to their plans have any chance of success? My answer is yes, because the stakes are so high, people are so engaged, and the records of those short-listed are so deeply troubling, says Nan Aron, president of Alliance for Justice.
As clients increasingly look to limit their own liability exposure, they can reasonably expect that their retained counsel should do the same. In this context, a carefully crafted, thoughtfully presented engagement letter can help a law firm strike a successful balance between protecting itself and preserving a client relationship, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.
Cryptocurrency has been a source of significant consternation in the tax arena due to the lack of guidance regarding transaction classification and consequent lack of reporting compliance. Despite the IRS ending its offshore voluntary disclosure program this coming September, alternate disclosure programs remain to enable taxpayers to come into compliance without significant penalty, says Patrick McCormick of Drucker & Scaccetti.
In this analysis of disciplinary action trends in the legal industry, Edwards Neils LLC managing member Jean Edwards examines data provided by bar organizations for 17 states and the District of Columbia.