Securities

  • April 29, 2025

    GOP Plan To Shutter Audit Watchdog Could Strain SEC

    Congressional Republicans are renewing the push to get rid of a financial regulator that conservatives have complained is costly and lacks proper oversight, but some former staffers at the Public Company Accounting Oversight Board wonder whether the U.S. Securities and Exchange Commission has the manpower or expertise to take over the board's duties.

  • April 29, 2025

    SEC Sues Over Cannabis Co. Stock Manipulation Scheme

    A trio of Arizona men face U.S. Securities and Exchange Commission allegations they manipulated trading prices for a purported cannabis industry penny stock issuer, generating proceeds of nearly $21 million as they worked to pump up its shares.

  • April 29, 2025

    SEC Accuses Adviser Of $22M Investment Fraud Scheme

    The U.S. Securities and Exchange Commission on Tuesday accused an investment adviser of swindling more than $500,000 from investors and lending nearly $22 million in raised funds to companies the adviser had undisclosed financial ties to.

  • April 29, 2025

    SEC Abandons Investigation Into PayPal's Dollar Stablecoin

    The U.S. Securities and Exchange Commission has dropped its investigation into PayPal's dollar-pegged stablecoin "without enforcement action," PayPal said in a disclosure filed Tuesday, the latest cryptocurrency probe abandoned by the agency under President Donald Trump's administration.

  • April 29, 2025

    FTX Ch. 11 Trust Asks To Keep Customer Info Confidential

    In a just-under-the-wire move, the FTX bankruptcy recovery trust has sought a seventh extension for a mid-2023 ruling by the U.S. Bankruptcy Court for the District of Delaware allowing confidential treatment of its 9 million customers' information, citing the data's continued value to the estate.

  • April 29, 2025

    Adviser Renews Bid To Toss SEC Suit Over Liquidity Rule

    Pinnacle Advisors LLC has again urged a New York federal judge to toss a U.S. Securities and Exchange Commission suit accusing the wealth management firm of exceeding its allowed allotment of illiquid investments, standing by its arguments that the so-called liquidity rule was wrongly promulgated.

  • April 29, 2025

    Chancery Ruling In Fox News Case Raises Experts' Eyebrows

    Experts are questioning a Delaware Chancery Court order for review of a Fox Corp. director's independence in a suit seeking recoveries for 2020 election-tied defamation damages, raising the potential for the suit's dismissal four months after a different jurist on the same court moved the case toward trial.

  • April 29, 2025

    Deloitte, SCANA Investor Class Settle Suit Over Failed Project

    Deloitte and a certified class of SCANA Corp. investors told a South Carolina federal judge Tuesday they've settled claims accusing the accounting firm of issuing audit reports that misled investors about the progress the utility company was making on a $9 billion nuclear energy expansion project that never came to fruition.

  • April 29, 2025

    Kim Kardashian, Celebs Challenge Crypto Buyers' Cert. Bid

    The co-founder of the EthereumMax crypto token and celebrities who allegedly promoted the offering told a California federal judge that a group of spurned buyers should not be able to certify their class action since they have not provided a way to determine how many transactions would fall in each category.

  • April 29, 2025

    Ex-Pot Water CEOs Denied Bid For More Info In Stock Case

    An Ohio federal judge on Tuesday denied bids by former CEOs of and others associated with American Premium Water Corp. for bills of particulars on an indictment alleging they manipulated the company's stock prices, finding the indictment gives them enough information to prepare their defenses.

  • April 29, 2025

    Celsius Founder Should Get 20 Years For Fraud, Feds Say

    Prosecutors have urged a federal judge in Manhattan to sentence the founder of defunct cryptocurrency platform Celsius to 20 years in prison, arguing he ran a "yearslong campaign of lies and self-dealing" that caused billions of dollars in losses to thousands of customers.

  • April 28, 2025

    NJ Can't Take Action Over Kalshi's Sports Contracts, For Now

    A New Jersey federal judge on Monday barred the state's gambling regulators from taking action over Kalshi's sports event contracts for the time being, after he found that the contracts appear to fall within the "exclusive jurisdiction" of the U.S. Commodity Futures Trading Commission.

  • April 28, 2025

    SEC Defends Witholding Info On Text Message Sweeps

    The U.S. Securities and Exchange Commission pushed back Monday against the American Securities Association's bid for spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, telling a Florida federal judge that its spreadsheet withholdings under the Freedom of Information Act are fully legal.

  • April 28, 2025

    Avis Hit With Investor Suit Over $2.3B Fleet Impairment

    Car rental company Avis Budget Group has been hit with a proposed shareholder class action alleging it harmed investors when it concealed a strategy shift late last year that accelerated fleet rotation and led to a $2.3 billion impairment charge.

  • April 28, 2025

    Ex-Celsius VP Gets 13 Months In Prison For Insider Trading

    A Florida federal judge sentenced Celsius Holdings Inc.'s former vice president and controller to more than a year in prison on Monday after the former executive of the energy drink company admitted to insider trading and using confidential financial information to acquire stocks and options, then sold them a month later for a profit.

  • April 28, 2025

    Chancery OKs Shortcut For Derivative Fox Suit

    A Delaware vice chancellor late Monday approved an unprecedented Fox Corp. call for a targeted summary judgment proceeding focused on a single Fox director's independence after a different jurist rejected, in November, dismissal of the suit, which seeks hundreds of millions of dollars in defamation damages in connection with broadcasts of bogus 2020 election claims.

  • April 28, 2025

    Wells Fargo Exits CFPB's Mortgage, Auto Loan Consent Order

    Wells Fargo & Co. announced Monday it has exited a consent order it inked with the Consumer Financial Protection Bureau in a 2018 settlement that stemmed from allegations of improper practices in the bank's auto lending and mortgage divisions.

  • April 28, 2025

    Wells Fargo Investors Win Class Cert. In 'Sham' Hiring Case

    A California federal judge has certified a class of thousands of Wells Fargo & Co. investors in litigation over the bank's alleged practice of conducting "sham" job interviews to meet diversity targets, a strategy investors say led to stock prices dropping when the truth came to light, according to an order issued Friday.

  • April 28, 2025

    UScellular, Investors Ink $7.7M Deal In Postpaid Biz Suit

    UScellular and the investors who sued the company over its representations about the health of its postpaid mobile phone outfit have agreed to settle their differences for $7.7 million and are asking an Illinois federal judge to sign off on the deal.

  • April 28, 2025

    Feds Urged To Drop Crypto Mixer Charges After DOJ Memo

    Federal prosecutors are weighing whether to continue pursuing a criminal case against two executives of crypto mixing service Samourai Wallet in light of a recent U.S. Department of Justice memo limiting certain digital asset prosecutions.

  • April 28, 2025

    SolarWinds Seeks Final Win Over SEC's 'Face-Saving' Case

    SolarWinds Corp. has asked a New York federal judge to grant it an early win in a suit brought by the U.S. Securities and Exchange Commission accusing the software developer of hiding cybersecurity vulnerabilities that led to the 2020 Sunburst attack, saying the SEC's suit has "devolved into a face-saving exercise."

  • April 28, 2025

    Boeing Rips Investors' Class Cert. Bid In 737 Max Fraud Suit

    Boeing has told an Illinois federal judge that pension funds and private investors cannot certify a sweeping class action seeking a "jaw-dropping" $15 billion in damages by alleging Boeing repeatedly misrepresented the overall safety and certification process for the 737 Max 8 jets after two deadly crashes in 2018 and 2019.

  • April 28, 2025

    Napco Faces Investor Suit Over Sales Downturn

    Security device maker Napco Security Technologies Inc. faces a proposed investor class action alleging that the company overpromised on a long-term earnings margin goal, hurting investors when trading prices fell as its sales and progress toward that target stalled in February.

  • April 28, 2025

    Wells Fargo Tells Judge Cash Sweep 'Conflict' Was Disclosed

    Wells Fargo said it should be allowed to escape customers' proposed class action alleging the bank's cash sweep investment program disproportionately benefits the bank, arguing it disclosed in its signed agreements with customers the bank's intentions to secure financial gains for itself through the program.

  • April 28, 2025

    Tax Services Provider Andersen Files Confidential IPO Plans

    Tax and legal services provider Andersen Group Inc. said Monday it confidentially filed for an initial public offering, marking a first step toward going public amid market volatility that has largely frozen IPOs in recent weeks.

Expert Analysis

  • The Risk And Reward Of Federal Approach To AI Regulation

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    The government has struggled to keep up with artificial intelligence's furious pace, but while an overbroad federal attempt to adopt a more unified approach to regulating AI poses its own risks, so does the current environment of regulatory uncertainty, say attorneys at Covington.

  • Losing A Motion To Dismiss Ruling Isn't Necessarily The End

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    A recent Delaware Court of Chancery ruling, that the Manti Group had not demonstrated any conflicts of interest favoring private equity fund operator The Carlyle Group, serves as an important reminder that a decision on a pleading motion is not the end of the story, say attorneys at Sidley.

  • How Cos. Can Prepare Now For SEC E-Filing System Changes

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    The U.S. Securities and Exchange Commission's amendments to the Electronic Data Gathering, Analysis and Retrieval system are designed to improve access to and management of EDGAR accounts, and with the March 24 effective date fast approaching, and the transition requiring significant coordination, companies should begin planning now, say attorneys at Debevoise.

  • The Tides Are Changing For Fair Access Banking Laws

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    The landscape of fair access banking laws, which seek to prevent banks from denying services based on individuals' ideological beliefs, has shifted in the last few years, but a new presidential administration provides renewed momentum for advancing such legislation against the backdrop of state efforts, say attorneys at Latham.

  • Imagine The Possibilities Of Openly Autistic Lawyering

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    Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.

  • A Halftime Analysis Of DOJ's Compensation Pilot Program

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    The U.S. Department of Justice appears to consider the first half of its three-year pilot program on compensation incentives and clawbacks to be proceeding successfully, so companies should expect prosecutors to emphasize the program and other compliance-related considerations early in investigations, say attorneys at Debevoise.

  • Kiromic SEC Order Shows Importance Of Self-Reporting

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    The U.S. Securities and Exchange Commission's recently filed settled charges against Kiromic BioPharma illustrate the critical intersection between U.S. Food and Drug Administration regulatory processes and investor disclosures under the securities laws, and showcase how responding promptly to internal whistleblower reports may reap benefits, say attorneys at Arnold & Porter.

  • Series

    Documentary Filmmaking Makes Me A Better Lawyer

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    Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.

  • Litigation Funding Disclosure Debate: Strategy Considerations

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    In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.

  • Understanding Risks Of Celebrities 'Hawking' Crypto Tokens

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    Prominent social media personality Haliey Welch was recently sued over the promotion and sale of the Hawk Tuah cryptocurrency memecoin, underscoring the importance of public figures conducting due diligence to verify they aren't endorsing a token that is in fact a security, say attorneys at Sheppard Mullin.

  • Top Considerations For Insurance Companies In 2025

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    As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.

  • Del. Dispatch: Lessons From Failed Albertsons-Kroger Merger

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    The allegations in Albertsons' lawsuit against Kroger following the grocery stores' blocked merger demonstrate how a target company can best ensure that a buyer timely and effectively complies with its obligations to pursue the necessary regulatory approvals for a deal, say attorneys at Fried Frank.

  • Series

    Adventure Photography Makes Me A Better Lawyer

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    Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.

  • Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands

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    A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.

  • 5 Ways To Create Effective Mock Assignments For Associates

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    In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.

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