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Securities
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April 05, 2024
Perrigo Inks $97M Deal With Investors In Securities Fraud Suit
A class of investors suing Perrigo Co. PLC asked a New Jersey federal judge Friday to approve a $97 million settlement after the court trimmed several claims in the suit alleging the pharmaceutical company's executives made misleading statements to defeat a potential $29 billion takeover attempt.
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April 05, 2024
Med School Ex-CEO Sues For Legal Fees In Del. After Fraud Suit
A company controlled by the former chief executive of a Grand Bahama-based medical school has sued the school's developers and indirect owner for legal fee advancements in Delaware's Court of Chancery, citing a federal suit accusing the ex-officer of selling undocumented stakes in the business.
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April 05, 2024
Starbucks Tells Judge Union Dealings Aren't 'Mission Critical'
Starbucks denied Friday that complying with federal labor law was "mission critical" to its business as it urged a Washington state judge to dismiss a shareholder suit accusing company leaders of union busting, which they say tanked Starbucks' reputation.
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April 05, 2024
Ex-Biopharma Officer Seeks Defense Fees Over Fraud Suit
Biopharmaceutical company EpicentRx has been slapped with a lawsuit in Delaware's Court of Chancery by its former corporate secretary and outside counsel seeking advancements of legal fees he has incurred in response to ongoing litigation accusing the company and its officers of fraud.
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April 05, 2024
Jury Finds Pharma Exec 'Shadow Traded' With Inside Info
A California federal jury found Friday that a former Medivation executive is liable for using inside information from his company when he purchased stock in rival pharmaceutical maker Incyte, in a novel civil "shadow trading" case brought by the U.S. Securities and Exchange Commission.
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April 05, 2024
UBS Beats Blockchain Co.'s Spoofing Suit, For Now
UBS Securities LLC has, for now, escaped a suit accusing it of a so-called spoofing campaign against blockchain company Phunware's stock, with a New York federal judge saying that while Phunware has adequately alleged the spoofing scheme took place, it has failed to show how it was impacted or injured by it.
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April 05, 2024
NY Regulators Agree To Skip BlockFi Distribution
BlockFi and the New York State Department of Finance Friday filed a stipulation with the New Jersey bankruptcy judge overseeing BlockFi's Chapter 11 case under which the department agreed to forgo any distributions from the BlockFi estate.
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April 05, 2024
New Chancery Challenge Launched To Board-Investor Pacts
A biopharmaceutical company stockholder has teed up a new Delaware Chancery Court suit challenging board-investor voting agreements, with the complaint acknowledging wide debate over the pacts and a fast-moving push to amend state corporation law to authorize them.
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April 05, 2024
Judge Wary Of Foley & Lardner Exit Bid From SEC Suit
A request by Foley & Lardner LLP attorneys to stop representing a Malta-based registered investment adviser in a $75 million suit by the U.S. Securities and Exchange Commission is hanging in the balance after a North Carolina federal judge expressed concerns about their exit holding up the case.
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April 05, 2024
Green Energy Co. Duped Investors Out Of $40M, Suit Says
A proposed class of investors has hit a purported Chicago green energy outfit and its executives with a federal suit claiming they used promises of extravagant returns to get the plaintiffs to invest but never created any energy or produced the returns they promised.
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April 05, 2024
Terraform And Founder Do Kwon Held Liable For Crypto Fraud
A Manhattan federal jury quickly found bankrupt cryptocurrency startup Terraform Labs and its creator Do Kwon liable Friday for securities fraud, after the U.S. Securities and Exchange Commission claimed they lied to investors about the company's stability and business prospects.
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April 05, 2024
2nd Circ. Revives Coinbase Securities Class Action
The Second Circuit on Friday revived a proposed class action accusing crypto trading platform Coinbase of selling unregistered securities, saying that competing user contracts left it open for interpretation as to who, exactly, was the direct seller of dozens of tokens trading on the exchange.
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April 05, 2024
Firefighters Union's Finance Firm Can't Spike Whistleblower Claim
A finance firm set up for the nation's largest firefighters' union can't escape a whistleblower retaliation claim from the investment adviser it fired after he reported concerns to the U.S. Securities and Exchange Commission, a Boston federal judge has ruled.
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April 05, 2024
Ex-Acting Homeland Security GC Joins Nixon Peabody In DC
Nixon Peabody LLP has hired the former acting general counsel of the U.S. Department of Homeland Security, who joins the firm after working with the agency for more than two decades and through four presidential administrations.
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April 04, 2024
Boeing Can't Ditch Ill. Securities Fraud Suit Over 737 Max
An Illinois state judge on Thursday refused to throw out Boeing investors' suit accusing the aerospace company of misleading and lying to investors following the deadly Lion Air and Ethiopian Airlines crashes involving Boeing's then-new 737 Max jets, according to an order entered in Cook County Circuit Court.
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April 04, 2024
SEC Points Jury To 'Coincidence' In Shadow Trading Trial
A U.S. Securities and Exchange Commission attorney on Thursday cross-examined a former executive of pharmaceutical company Medivation about his alleged "shadow trading" in the stock of rival pharma company Incyte, pressing the executive repeatedly to assert that various facts and circumstances supporting the agency's position were merely "coincidence."
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April 04, 2024
SEC Officials Say Existing Policies Key To Cyber Rule Reports
Companies grappling with the U.S. Securities and Exchange Commission's new rule to publicly disclose material cybersecurity incidents will have an easier time defending reporting missteps if they work to put robust policies in place before a breach occurs, a pair of agency officials said Thursday.
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April 04, 2024
MoneyLion's Woes Draw Del. Suit Against SPAC Insiders
Investors have sued the sponsor of a blank-check company and several of its directors and controllers in Delaware's Chancery Court, accusing them of overvaluing a merger with digital finance platform MoneyLion, which was sued by the Consumer Financial Protection Bureau in 2022.
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April 04, 2024
Snowflake Investor Accuses Brass Of Insider Trading
A Snowflake Inc. investor filed a lawsuit Thursday against the cloud data platform's leadership team, accusing company insiders of shedding over $1 billion worth of stock at inflated prices while knowing about or recklessly disregarding a scheme to misrepresent sales data following the company's $3.3 billion public debut.
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April 04, 2024
Investors Want To Try Fraud Case Receiver Won't
Investors in a company accused by securities regulators of a $125 million Ponzi scheme said Thursday they should get to pursue fraudulent transfer claims against other companies themselves, after a receiver indicated he didn't have the resources to go after them.
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April 04, 2024
9th Circ. Unconvinced Judge's Past Job Hurt Tesla Investor
The Ninth Circuit on Thursday refused to revive claims brought by a short-seller accusing Tesla Inc. and CEO Elon Musk of using social media to artificially inflate the company's stock, ruling that the plaintiff wasn't prejudiced by a district judge's former employment with the predecessor of a firm that represented Tesla for a portion of the litigation.
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April 04, 2024
Google Files RICO Suit Alleging Crypto, Investing App Scams
Google hit a pair of China-based app developers with a racketeering lawsuit in New York federal court Thursday, claiming they defrauded more than 100,000 users with dozens of fake investment and cryptocurrency exchange apps placed on the Google Play store that bilked users out of their money.
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April 04, 2024
Crypto Bank, Chair Blast FTX Investors' 'Gatling Gun' Claims
A crypto bank and its chairman have urged a Florida federal judge to toss a second amended complaint from FTX investors alleging they helped Sam Bankman-Fried abscond with $8 billion in customer assets, saying the investors "employ a Gatling gun approach to pleading."
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April 04, 2024
Morgan Stanley, Goldman Sachs Can't Duck Archegos Claims
A New York appellate court on Thursday affirmed a decision refusing to dismiss ViacomCBS investors' claims against Morgan Stanley, Goldman Sachs and a long list of banks over the collapse of Archegos Capital Management, finding that investors plausibly identified statements the banks made that could have been misleading.
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April 04, 2024
Crypto Co. Fined $700,000 For Duping Investors Into 'AI' Trading
The owner of an unlicensed cryptocurrency investment firm wooed a cancer patient and other investors with promises of AI-driven trading, only to use their funds for rent payments and other personal expenses, Connecticut regulators said Wednesday in ordering a $700,000 fine.
Expert Analysis
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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The Shifting Landscape Of Securities Class Action Fees
An analysis of recently settled cases shows that in addition to the settlement size, plaintiffs counsel in securities class actions appear to be rewarded for good settlement outcomes relative to a statistical prediction, with certain outcomes for the motion to dismiss and motion for class certification also affecting attorney fees awarded, says Edward Flores at NERA Economic Consulting.
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Reverse Proffers In Federal Criminal Cases Can Be A Win-Win
The increasingly popular reverse proffer — in which prosecutors disclose evidence to targets of a criminal investigation — can help the government test its case and persuade witnesses to cooperate, and can help defendants sharpen their strategies and obtain favorable deals by choosing to cooperate, say Jeffrey Martino and Byron Tuyay at Baker McKenzie.
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The SEC's Cooled Down But Still Spicy Private Fund Rules
Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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High Court's Chevron Review May Be A Crypto Game-Changer
The outcome of the U.S. Supreme Court's review of the Chevron doctrine in its pending Loper v. Raimondo case will potentially usher in a paradigm shift in cryptocurrency regulation, challenging agency authority and raising hopes for a recalibrated approach that favors judicial interpretation, says Sylvia Favretto at Mysten Labs.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Opinion
Activist Short-Sellers Are The Dark Knights Of Wall Street
While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.
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9th Circ. Ruling May Expand Short-Swing Profit Exemption
The Ninth Circuit’s recent dismissal of a shareholder derivative suit in Roth v. Foris Ventures LLC provides boards of directors with greater latitude to approve certain securities transactions under the the Securities Exchange Act’s Section 16(b) short-swing profits rule, say John Stigi and John Mysliwiec at Sheppard Mullin.
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New Regs Will Strengthen Voluntary Carbon Offset Market
Voluntary carbon offsets are a vital tool for organizations seeking to achieve net-zero greenhouse gas emissions — and recent efforts by the U.S. Commodity Futures Trading Commission, the U.S. Department of Agriculture, the state of California and others are essential to enhancing the reliability and authenticity of carbon credits, says David Smith at Manatt.
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How FinCEN's Proposed Rule Stirs The Pot On Crypto Mixing
The Financial Crimes Enforcement Network’s recently issued proposal aims to impose additional reporting requirements to mitigate the risks posed by convertible virtual currency mixing transactions, meaning financial institutions may need new monitoring techniques to detect CVC mixing beyond just exposure, say Jared Johnson and Jordan Yeagley at Buchanan Ingersoll.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23
Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.