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Securities
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May 07, 2024
Plastics Recycler Sued In Del. After Stock Drop, Investigations
A PureCycle Inc. stockholder has launched a multicount derivative suit against the plastics recycling company's officers and directors in Delaware's Court of Chancery, seeking damages tied to a stock drop, alleged disclosure failures and insider dealings before and after a 2021 take-public merger.
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May 07, 2024
6th Circ. Considers Rebooting Crypto Reporting Challenge
Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.
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May 07, 2024
Starbucks Can't End Investor Suit Over Union-Busting Stance
A Washington state judge won't toss a shareholder suit accusing Starbucks' corporate leadership of diminishing stock values by allowing store managers to quash baristas' organizing efforts.
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May 07, 2024
Paycom Brass Face Investor Suit Over Future Revenue Woes
The top brass of human resources technology company Paycom Software Inc. have been hit with a shareholder derivative suit alleging that executives failed to disclose that a new product to streamline payroll processes was threatening its future revenue by helping companies avoid errors they would otherwise pay to fix.
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May 07, 2024
Truth Social Investor Grilled By Feds At Insider Trading Trial
A Florida investment pro on trial for allegedly exploiting confidential plans to take Truth Social public in a $23 million insider trading case was challenged Tuesday by prosecutors on the timing of trades and communications before the "special" media deal.
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May 07, 2024
Steptoe Adds SEC Enforcement Head From Miller & Chevalier
Steptoe LLP has hired a former Miller & Chevalier Chtd. member, who joins the firm to lead its U.S. Securities and Exchange Commission enforcement practice in the firm's Washington and New York offices.
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May 07, 2024
1st Circ. Questions SEC Walk-Back In Conn. Atty's Fraud Case
A First Circuit panel indicated Tuesday that the Securities and Exchange Commission is trying to have it both ways by avoiding a retrial of a fraud case against a Connecticut attorney while keeping in place an earlier win.
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May 07, 2024
FDIC Review Flags 'Patriarchal' Workplace, Chief's 'Temper'
The Federal Deposit Insurance Corp.'s workplace culture has suffered "far too long" from sexual harassment, discrimination and other abuses that higher-ups failed to adequately address, according to a report released Tuesday that is drawing renewed calls for FDIC Chairman Martin Gruenberg's exit.
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May 07, 2024
Ex-SEC Trading And Markets Atty Rejoins Davis Wright In DC
A former 30-year veteran of the U.S. Securities and Exchange Commission's division of trading and markets, has left retirement to rejoin the ranks of Davis Wright Tremaine LLP as an of counsel in Washington, D.C., the firm announced Monday.
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May 06, 2024
Autonomy Execs Scrambled To Boost Gross Margin, Jury Told
A former Deloitte auditor testifying in a California criminal trial over claims that ex-Autonomy CEO Michael Lynch conned HP into buying the British software company for an inflated $11.7 billion price confirmed Monday that months before the sale, executives were scrambling to boost their gross margin numbers.
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May 06, 2024
Coinbase Operates As Unregistered Broker, Investors Say
Coinbase and its CEO have been hit with a proposed class action in California federal court alleging the crypto exchange "has been a part of a shadowy crypto ecosystem operating just outside of the law since formed over 10 years ago."
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May 06, 2024
Judge Trims ESOP Valuation Suit Against Healthcare Co.
A California federal judge has trimmed a lawsuit against KPC Healthcare Inc., its employee stock ownership plan committee and its investment manager Alerus Financial alleging that a sale of company stock was mismanaged.
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May 06, 2024
Dish's 5G Roll-Out Enough For Scienter, Investors Say
Even though Dish Network is maintaining that shareholders' confidential witnesses "witnessed nothing," those shareholders are telling the federal judge overseeing their case that the satellite company's own statements support their claims that Dish hid its 5G network integration issues from them.
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May 06, 2024
2nd Circ. Hints At Reviving Suit Against 'Insider' Hedge Fund
The Second Circuit on Monday appeared ready to revive a derivative lawsuit against a hedge fund alleged to have profited from its status as a corporate insider of 1-800-Flowers, with a majority of the court casting doubt on the fund's argument that a recent U.S. Supreme Court decision defeats the case on standing.
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May 06, 2024
Chancery Dismisses Officers From Game Co. Investor Suit
The CEO and president of Israel-headquartered mobile game developer Playtika Holding Corp. have won a Delaware vice chancellor's reluctant dismissal from a stockholder class challenge to a $600 million company self-tender offer, nearly four months after the same court sent claims against its controlling stockholder toward trial.
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May 06, 2024
Alaska Man Gets 2 Years Over 'Bud And Breakfast' Scheme
An Alaska man has been sentenced to two years in prison and will have to pay more than $580,000 in restitution after duping investors into staking a purported plan to build a marijuana-themed hospitality center referred to as a "Bud and Breakfast."
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May 06, 2024
Unclaimed Property Class Action Against Pa. Treasurer Axed
A Pennsylvania federal judge has tossed a potential class action challenging the constitutionality of the state's unclaimed property law, finding that the state treasurer doesn't have to pay interest on property that was otherwise abandoned.
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May 06, 2024
Crypto Platform's Ex-Brass Charged With $783M Fraud
Three former executives behind bankrupt cryptocurrency investment platform Cred Inc. face wire fraud and money laundering charges after they allegedly lied to customers about the firm's lending and investing practices ahead of a collapse prosecutors say wiped out $783 million in customer crypto.
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May 06, 2024
Cabot Settles Investor Suit Over Groundwater Pollution Claims
Cabot Oil & Gas Corp. and a class of investors have reached a settlement resolving allegations the company misrepresented its environmental regulatory compliance before faulty gas wells polluted Pennsylvania's water supplies.
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May 06, 2024
CFPB Sues Pa. Student Loan Servicer, Trusts For $5M
The Consumer Financial Protection Bureau is seeking $5 million in penalties against a Pennsylvania public corporation that services almost $18 billion in student loans and a group of 15 securitization trusts, accusing them in federal court of ignoring or wrongly denying borrowers who requested relief.
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May 06, 2024
Goldman Objects To 1MDB Suit Class Cert. Recommendation
Goldman Sachs and its former top brass have urged a New York federal judge not to adopt a magistrate judge's recommendation to grant certification to a proposed class of investors claiming losses from the 1MDB bond bribery scandal, saying the magistrate judge erred in concluding that Goldman's stock price was affected by alleged misstatements.
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May 06, 2024
SEC's Grewal Says Self-Reporting Best Bet For No Penalties
Self-reporting is the most important factor that U.S. Securities and Exchange Commission enforcement staff weigh in determining cooperation credit and whether a firm should face a penalty, SEC Enforcement Director Gurbir Grewal said in an interview with Law360.
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May 06, 2024
Intel Faces Investor Suit Over Post-Restructuring Losses
Intel Corp. has been hit with a proposed class action alleging that the tech giant misled investors about the success of a new internal business model only to see one segment of the company report $7 billion in operating losses earlier this year, sending stock prices lower.
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May 06, 2024
SEC Small Biz Panel Urges Relaxed Rules For Crowdfunding
A U.S. Securities and Exchange Commission advisory committee recommended Monday that regulators raise the threshold at which equity crowdfunding issuers must obtain an independent review of financial statements, hoping to encourage the use of crowdfunding for cash-strapped entrepreneurs.
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May 06, 2024
SEC Hits Investor Group Owner With $2M Fraud Suit
The U.S. Securities and Exchange Commission has filed a suit in Missouri federal court against the owner of a private investor membership group, accusing him of misleading several members to invest around $2 million into a fake investment trading program.
Expert Analysis
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Black-Led VC Fund Case Could Hinge On Nature Of Grants
Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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Takeaways From SEC's Aggressive Cybersecurity Moves
The U.S. Securities and Exchange Commission's intensifying policy on cybersecurity and securities violations in the wake of a data breach — like its enforcement action against SolarWinds and its security officer — has emboldened shareholders to file related suits, creating a heightened threat to public companies, say attorneys at Baker McKenzie.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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NY Discovery Stay Ruling Empowers Securities Defendants
A New York state appeals court’s recent decision in Camelot Event v. Morgan Stanley — which extends a federal securities law's discovery stay to state courts — clarifies an issue that has perplexed state courts across the country and provides the advantage of reduced discovery costs to securities defendants, say Katherine Kelly Fell and Jeremy Wertz at Milbank.
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Del. Dispatch: Efforts Clause Trumps Contractual Right
The Delaware Court of Chancery's Chordia v. Lee ruling this month — that the efforts clause set forth in a stockholders' agreement overrode the acquired company's right to fire its officers and employees — highlights key considerations for parties in such agreements to avoid post-acquisition disputes, say attorneys at Fried Frank.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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And Now A Word From The Panel: A Strong Year For MDLs
While the Judicial Panel on Multidistrict Litigation granted even fewer MDL petitions last year than in 2022, hitting a 21st-century low, a closer look at the record-setting number of total actions encompassed within current proceedings reveals that MDL practice is still quite robust, says Alan Rothman at Sidley.
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What EU And UK Corp. Corruption Reform Means For US Cos.
Legislative developments in the U.K. and European Union have signaled that the prosecution of fraud and corruption is becoming a greater priority, and large U.S. companies with a global presence should view them as an opportunity to create and revise their global compliance programs, say attorneys at DLA Piper.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.