Securities

  • April 29, 2024

    Protein Co. Nutriati Insiders Rushed $10M Sale, Del. Suit Says

    Stockholders of Nutriati Inc. have sued the plant-based protein producer's directors and officers and others in Delaware's Chancery Court, alleging that insider breaches of fiduciary duty resulted in a hasty, low-ball sale of the business in 2022 to one of its major investors.

  • April 29, 2024

    Excess Insurer Seeks Inclusion In OpenText Merger Row

    Allied World National Assurance asked a Michigan federal court to allow it to join a coverage dispute against its excess insured OpenText, maintaining that the software company's primary insurer will soon reach its limits on defense costs in the underlying class action over OpenText's merger with Covisint.

  • April 29, 2024

    Venezuela Says It Has Proof Of Special Master Improprieties

    Venezuela has asked a Delaware federal judge to disqualify the special master overseeing the sale of Citgo Petroleum Corp.'s parent company to repay billions of dollars in Venezuelan debt, saying it now has proof he engaged in improper advocacy before the Biden administration.

  • April 29, 2024

    Titan Of The Plaintiffs Bar: Robbins Geller's Spencer Burkholz

    Robbins Geller Rudman & Dowd LLP's Spencer A. Burkholz is quick to downplay his accomplishments litigating major securities cases during his lengthy career, saying effective teamwork has been the key to those successes.

  • April 29, 2024

    Orrick Adds Morgan Lewis Securities Regulatory Atty In DC

    Orrick Herrington & Sutcliffe LLP has hired a longtime Morgan Lewis & Bockius LLP partner who focuses his practice on helping clients understand a myriad of securities regulations and financial laws, the firm announced Monday.

  • April 29, 2024

    Feds Accused Of 'Outrageous' Misconduct In Ozy Media Case

    Ozy Media and the defunct startup's founder want a New York federal judge to toss a criminal fraud case against them, accusing the government of prosecutorial misconduct and violating attorney-client privilege protections.

  • April 29, 2024

    Justices Won't Hear Musk's Case Against SEC Gag Order

    The U.S. Supreme Court on Monday said it will not review the terms of a settlement Elon Musk entered into with the U.S. Securities and Exchange Commission six years ago, keeping intact a Second Circuit decision that upheld the terms of a deal that said the Tesla CEO must receive preauthorization before making certain social media posts about the car manufacturer.

  • April 26, 2024

    Law360 Reveals Titans Of The Plaintiffs Bar

    In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.

  • April 26, 2024

    Mineral Co. Faces Investor Suit Over Gov't Contract Loss

    Mineral producer Compass Minerals International Inc. has been hit with a putative investor class action alleging the company failed to properly apprise investors about the likelihood that it would not secure a fire retardant supplier contract with the U.S. Forest Service ahead of 2024's fire season.

  • April 26, 2024

    Binance Can Arbitrate Suit Over Terra Stablecoin Collapse

    A California federal judge ruled Friday that Binance can arbitrate a proposed class action alleging the company misrepresented the stability of "algorithmic stablecoin" TerraUSD, rejecting the plaintiff's argument he is an "unsophisticated consumer" who could not "clearly and unmistakably" delegate the question of arbitrability to the arbitrator and not the court.

  • April 26, 2024

    CFTC Receives Competing Visions For AI's Regulatory Future

    Business lobbyists have urged the U.S. Commodity Futures Trading Commission to lean on existing regulations to address the financial industry's use of artificial intelligence, while skeptics say those regulations don't go far enough to guard against the technology's potential to spur market crashes and data breaches.

  • April 26, 2024

    Ex-BP Manager Charged With TravelCenters Insider Trading

    A former senior manager at BP PLC on Friday became the second person accused by the U.S. Department of Justice and the U.S. Securities and Exchange Commission of engaging in insider trading over the British oil and gas company's $1.3 billion planned acquisition of TravelCenters of America Inc.

  • April 26, 2024

    Crypto Mining Co. Execs Face Suit Over Merger Shortcomings

    Executives and directors of crypto mining company Hut 8 have been hit with a shareholder derivative suit claiming they failed to disclose the severe financial and operational issues of a company Hut 8 merged with last year, later revealed in a short-seller's report.

  • April 26, 2024

    Crypto Atty's Senate Bid Takes Detour For SEC-Coinbase Suit

    The pro-cryptocurrency attorney vying to unseat Sen. Elizabeth Warren of Massachusetts added to his pro bono work in the digital asset space on Friday by taking up the mantle for Coinbase users in the crypto exchange's ongoing battle with the U.S. Securities and Exchange Commission.

  • April 26, 2024

    Custodia Balks At KC Fed's $25K Legal Bill After Account Suit

    Custodia Bank on Friday urged a Wyoming federal judge not to award the Federal Reserve Bank of Kansas City's request for roughly $25,000 in attorney fees and litigation costs in a suit that the cryptocurrency-focused bank recently lost, saying the payout could deter others from pursuing "David and Goliath" lawsuits against the government.

  • April 26, 2024

    Soccer Star Says Binance Is Target Of $1B Fla. Suit, Not Him

    Portuguese soccer star Cristiano Ronaldo has urged a Florida federal judge to dismiss a $1 billion proposed class action lawsuit against him over promoting Binance.US, saying the embattled cryptocurrency exchange is listed as the target of the suit — in an "apparent Freudian slip" — instead of him.

  • April 26, 2024

    Willkie Attys Turned An SEC 'Twist' Into A Win For A Client

    Attorneys from Willkie Farr & Gallagher LLP knew they were up against the clock after the U.S. Securities and Exchange Commission launched an investigation into their client Rumble Inc. last year. What they didn't expect, however, was the "big shocking twist" that would send their race against time into overdrive.

  • April 26, 2024

    Umpqua Bank Seeks Win On Investors' Ponzi Aiding Claims

    Oregon-based Umpqua Bank has asked a San Francisco federal judge to toss claims that it aided and abetted a $250 million real estate Ponzi scheme, arguing the investors who brought the suit saw that their funds were put into "legitimate" investments.

  • April 26, 2024

    Republic First Bank Fails In Biggest Bust Since 2023 Turmoil

    Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.

  • April 26, 2024

    Storm Clouds Gather Over Delaware's Business Haven Rep

    Storm clouds have closed around Delaware's often staid annual corporation law update, with one prominent firm publicly citing this week a perception that Delaware judges have adopted an "increasingly suspicious or negative tone" toward boards, management and the corporate bar, potentially jeopardizing the state's business haven status.

  • April 26, 2024

    Investors Ask 3rd Circ. To Revive Row With Maiden Holdings

    Investors urged the Third Circuit to revive their suit claiming that reinsurance company Maiden Holdings Ltd. misrepresented its underwriting and risk management practices, saying the lower court's erroneous discovery restriction prevented them from proving their case.

  • April 26, 2024

    Under Armour Investor Urges 4th Circ. To Revive Suit

    An Under Armour Inc. shareholder has urged the Fourth Circuit to resurrect his lawsuit that alleges company executives artificially inflated Under Armour's share price and cashed out before the stock plummeted, arguing the lower court erred in ruling that it did not have the power to hear the case.

  • April 26, 2024

    Sonus $4.5M Settlement With Investors Gets Final OK

    A Massachusetts federal judge has granted final approval to a $4.5 million settlement, including $1.5 million in fees for class counsel, to resolve a securities class action between the former Sonus Networks Inc. and investors over a 2015 stock price decline tied to the communications company's revenue forecasting.

  • April 26, 2024

    TETRA Tech Shareholder Sues In Del. To Stop Poison Pill

    A TETRA Technologies Inc. investor has filed a proposed class action in Delaware's Court of Chancery accusing the company of adopting a poison pill as a prohibited anti-takeover weapon rather than an allowable shield for $411 million in tax-advantaged net operating losses.

  • April 26, 2024

    CBD Co's CEO Agrees To Pay $350K To End SEC Suit

    The one-time chief officer of cbdMD Inc. has agreed to pay $350,000 to end a civil enforcement action brought by the U.S. Securities and Exchange Commission accusing him of defrauding investors of a private investment fund he managed.

Expert Analysis

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • The Most-Read Securities Law360 Guest Articles Of 2023

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    Securities guest article topics that piqued reader interest this year include how the U.S. Securities and Exchange Commission utilized seldom-used rules to go after bad actors, and how Delaware courts increased scrutiny on boards of directors — sometimes in surprising ways.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • How SEC And NY Cyber Reporting Rules Affect Key Industries

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    The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • Bribery Bill Fills Gap In Foreign Corruption Enforcement

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    Congress recently passed the Foreign Extortion Prevention Act, significantly expanding the U.S. government's ability to prosecute foreign officials who seek or demand bribes, but if enacted, the legislation could also create tension with other nations, say attorneys at Ropes & Gray and Mayer Brown.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Del. Dispatch: The 2023 Corporate Cases You Need To Know

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    Corporate and mergers and acquisitions litigation has continued at a fevered pace this year, with the Delaware courts addressing numerous novel issues with important practical implications, including officer exculpation and buyer aiding-and-abetting liability, say attorneys at Fried Frank.

  • Volume-Based Transaction Pricing Proposal Raises Questions

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    A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

  • Understanding Advance Notice Bylaws Is Key For All Parties

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    Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.

  • 3 Defense Takeaways From The Bankman-Fried Trial

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    FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

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