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Securities
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May 21, 2024
SEC Gives Ex-BF Borgers Clients Reporting Deadline Reprieve
The U.S. Securities and Exchange Commission says it will give former clients of suspended auditor BF Borgers CPA PC more time to file their first-quarter financial statements in acknowledgment of issuers' need to scramble to find new accountants after the agency unveiled an enforcement action over the alleged "massive fraud" at the firm earlier this month.
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May 21, 2024
SPAC Investor's Suit Changes Came Too Late, Chancery Rules
A shareholder of a special-purpose acquisition company that merged with a now-defunct medical technology company in 2021 waited too long to amend his year-old proposed class action and must defend the case against a motion to dismiss in June, Delaware's Court of Chancery said Tuesday.
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May 21, 2024
Conn. Law Firm's Trade Secrets Case Likely Moving To Fla.
A trade secrets lawsuit brought by a Greenwich, Connecticut, law firm against a former independent contractor is poised to move to the Southern District of Florida after a federal judge in Hartford said Tuesday that a new venue appears to be more appropriate.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 20, 2024
Ex-BlackRock VP Says He Was Fired After Whistleblowing
BlackRock Inc. has been sued in New York state court by a former vice president and purported whistleblower who alleged he faced retaliation and wrongful termination after raising concerns about self-dealing, corruption and conflicts of interest at the asset management firm.
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May 20, 2024
Crypto Groups Move To Ditch 'Irrational' SEC Dealer Rule
A pair of crypto industry groups suing the U.S. Securities and Exchange Commission over its expansion of the dealer definition have asked a Texas federal judge to grant them a win in the suit and cut down the "unexplained and irrational rulemaking" they claim violated the rulemaking process.
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May 20, 2024
Teladoc Faces Suit Over Mental Health Platform's Losses
Telemedicine giant Teladoc Health Inc. and two of its executives face a proposed investor class action alleging trading prices for Teladoc shares fell after the company disclosed that its flagship mental health counseling platform saw membership and revenue declines despite increased advertising costs.
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May 20, 2024
TD Bank Ex-Employees Ordered To Back Off Client Contacts
TD Bank NA and its subsidiary TD Private Client Wealth LLC scored a temporary restraining order in Connecticut federal court in a suit accusing two former employees of breaking nonsolicitation agreements and enticing $25 million in client assets to move with them to Raymond James Financial Services Inc.
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May 20, 2024
Alibaba Resists Class Cert. Over Failed Ant Group IPO
Chinese e-commerce company Alibaba has again urged a New York federal judge not to certify a class of investors who claim they weren't warned about regulatory risks Alibaba faced in the lead-up to a $34 billion initial public offering of its fintech affiliate, saying the suit's challenged misstatements did not affect Alibaba's stock price.
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May 20, 2024
SolarWinds Accuses SEC Of 'Troubling Pattern' Of Distortion
SolarWinds Corp. is calling out the U.S. Securities and Exchange Commission for what it deems to be a "troubling pattern" of overstating its case against the government contractor, saying that a recent admission by the agency "dooms" claims that the company knew a customer had been hacked and failed to report it.
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May 20, 2024
Colo. Gov. Voices 'Reservations' In Signing AI Bias Bill
Colorado's governor has approved the nation's first framework to clamp down on algorithmic discrimination in certain artificial intelligence technologies, although he expressed several "reservations" about the measure that he urged the Legislature to address before the law takes effect in 2026.
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May 20, 2024
TD Ameritrade Must Face Most Claims In Fraud-Abetting Suit
A Florida federal judge has sustained most of a receiver's lawsuit against TD Ameritrade alleging the broker-dealer was responsible for furthering an alleged $9.8 million commodity pool fraud scheme.
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May 20, 2024
SEC Says Firm Broke Short-Selling Rules During Pandemic
An Austin, Texas-based trading firm has agreed to pay $1.5 million as part of a deal to end U.S. Securities and Exchange Commission claims it unlawfully bought follow-on offering shares of companies it had just shorted, including those of cruise ship companies bruised by 2020 COVID-19 outbreaks.
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May 20, 2024
Healthcare Futures Co. Sues Breakaway Ex-Members In Del.
A company seeking to develop what it described as the first healthcare futures exchange has sued two former managers in Delaware's Court of Chancery for pilfering intellectual property and other resources and then launching a competing venture.
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May 20, 2024
Archegos Lied To Banks To Obtain Credit Lines, Jury Told
The former director of risk management at the fallen private capital fund Archegos told a Manhattan federal jury Monday that he lied to banks about the fund's portfolio to induce them to extend lines of credit at the direction of his former boss, Archegos Chief Financial Officer Patrick Halligan.
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May 20, 2024
Investor Group Wants Slowdown On Del. Corporation Law Bill
Critics of a fast-tracked proposal to amend Delaware's General Corporation Law to give controlling stockholders wider influence or vetoes over some board decisions are urging the state's bar association to tap the brakes, following a Chancery Court decision striking down a Moelis & Co. stockholder agreement as flouting existing law.
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May 20, 2024
Chancery Preserves Most Of Super Group SPAC Suit
A shareholder of a blank-check company who's suing its sponsor and top leaders in Delaware's Court of Chancery got the green light Monday to move ahead with most of his proposed class claims related to the SPAC's $4.75 billion merger with the online sports betting company that runs online casinos Betway and Spin.
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May 20, 2024
iRhythm Brass Face Suit Over FDA's Heart Monitor Inquiry
Several current and former directors and executives of medical technology company iRhythm are named in a shareholder derivative suit alleging they failed to disclose an inquiry by the Food and Drug Administration that found iRhythm's heavily touted and high-cost real-time heart monitoring device failed to meet the company's claims.
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May 20, 2024
Ga. Accounting Firm Says UK Fintech Co. Suit Must Be Tossed
Georgia-based accounting firm Frazier & Deeter LLC has asked a federal court to dismiss a lawsuit brought against it by U.K.-based fintech company Genesis Global Technology, which alleges it was forced to spend time and money redressing issues after the firm miscalculated the fair market value of its common shares in 2021.
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May 20, 2024
Insider Trader Settles With SEC Over Friend's ADI Tip
A Massachusetts accountant who admitted to trading on inside information about Analog Devices Inc.'s plans to buy a California semiconductor company has settled related civil charges lodged by the U.S. Securities and Exchange Commission, according to a Monday filing in federal court.
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May 20, 2024
Catching Up With Delaware's Chancery Court
Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's court of equity banged the gavel on pipeline and social media disputes, and shareholders filed new suits alleging insider trading, vote bungling, unfair stock buybacks and merger shenanigans. In case you missed any of it, here's the recap of all the top news last week from Delaware's Chancery Court.
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May 20, 2024
FDIC's Gruenberg To Resign In Workplace Report Aftermath
Federal Deposit Insurance Corp. Chairman Martin Gruenberg committed Monday to resigning from his post amid continuing fallout from his agency's toxic workplace scandal, bending to mounting pressure for his exit.
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May 17, 2024
Aramark Spinoff Faces Investor Action Over Slow Growth
Uniform supplier Vestis Corp. was hit with a proposed class action on Friday alleging that it concealed years of underfunding prior to being spunoff by Aramark last year, leaving it unable to grow its revenue and retain customers.
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May 17, 2024
Judge Doubts 9th Circ. Ruling Upends VC's Fraud Conviction
A California federal judge appeared skeptical Friday of convicted self-described "millennial" venture capitalist Michael Rothenberg's renewed request for a new trial or acquittal in light of a recent Ninth Circuit decision clarifying "materiality" in the federal criminal fraud statutes, doubting that Rothenberg was prejudiced by jury instructions addressing materiality.
Expert Analysis
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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The FINRA Reports That May Foreshadow New AI Rules
By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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Breaking Down FDIC's New Advertising And Signage Rule
The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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CFTC Moves May Boost Interest In Voluntary Carbon Markets
As companies try to reduce their net greenhouse gas emissions, many have been cautious about embracing voluntary carbon credit markets — but recent moves by the U.S. Commodity Futures Trading Commission to regulate this sector may address some of its well-known challenges, say Deborah North and Laura Daugherty at Cleary.
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Musk Pay Package Ruling Offers Detailed Lesson On Del. Law
Anat Alon-Beck and John Livingstone at Case Western Reserve University discuss the specifics that led Delaware's chancellor to rescind Elon Musk's $55.8 billion Tesla pay package on Jan. 30, how the state’s entire fairness doctrine played into the ruling, and its bigger-picture impact on the executive compensation landscape.
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Chancery's Sears Ruling Clarifies Stockholder Duties
In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.
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Del. Ruling Adds Momentum For Caremark Plaintiffs
The Delaware Supreme Court's recent opinion in Lebanon County Employees' Retirement Fund v. Collis could be viewed as expanding plaintiffs' ability to viably plead a Caremark claim against directors, so Delaware companies should be on heightened alert and focus on creating a record of board oversight, say attorneys at V&E.
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How Biotech Cos. Can Utilize Synthetic Royalty Financing
Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.
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2 SEC Orders Illuminate Bribery Risks For US-China Cos.
The U.S. Securities and Exchange Commission’s foreign bribery-related resolutions with 3M and Clear Channel offer important takeaways on compliance risks for companies with operations in China, from the role of traditionally low-risk vendors to gaps in internal accounting controls, say attorneys at Miller & Chevalier.
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Key Maritime Law Issues In 2024: Election-Year Unknowns
In the final installment of this three-part article reviewing the top challenges for the maritime industry this year, Sean Pribyl at Holland & Knight examines how the uncertainty surrounding the forthcoming U.S. election may affect the maritime sector — especially companies involved in offshore wind and deep-sea mining.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.