Securities

  • June 05, 2024

    Del. Justices Uphold Chancery's Toss Of Auto Parts Deal Suit

    Delaware's Supreme Court has refused to reverse the Court of Chancery's 2023 dismissal of a stockholder suit accusing Chicago-based factory and automotive parts venture Distribution Solutions Group Inc. of failing to disclose conflicts surrounding and costs of a three-way merger in late 2021.

  • June 05, 2024

    Archegos Ex-Exec Who Sued Fund Testifies At Founder's Trial

    An investment pro who claims in a $50 million suit that he was pressured to defer his Archegos pay testified Wednesday in the $36 billion market manipulation case against fund founder Bill Hwang that Hwang called the shots and was rarely questioned.

  • June 05, 2024

    Truth Social Investors Want Fla. Suit Paused For Del. Claims

    Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.

  • June 05, 2024

    Dorsey & Whitney Adds White Collar Duo In Phoenix, DC

    Dorsey & Whitney LLP announced the hire of two experienced white collar attorneys in Phoenix and Washington, D.C., including the former financial crimes and public corruption chief at the U.S. Attorney's Office for the District of Arizona.

  • June 05, 2024

    Ex-Skadden Atty, Credit Suisse Beat TransPerfect's Fraud Suit

    A Delaware federal judge has tossed TransPerfect Holdings LLC's lawsuit alleging that misrepresentations by a now-retired Skadden Arps Slate Meagher & Flom LLP partner and Credit Suisse Securities (USA) LLC led it to pay too much for language translation company TransPerfect Global Inc., finding that claims are time-barred.

  • June 05, 2024

    Texas To Launch Stock Exchange Backed By $120M Capital

    TXSE Group Inc. said Wednesday it plans to launch the Texas Stock Exchange, a national trading venue for public companies and exchange-traded products, following a $120 million private capital raise that was guided by Haynes and Boone LLP.

  • June 05, 2024

    Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison

    A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.

  • June 05, 2024

    5th Circ. Private Funds Ruling Could Rewrite SEC Agenda

    The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.

  • June 04, 2024

    Ontrak CEO Shed $20M In Stock With Insider Info, Jury Hears

    Ontrak Inc.'s founder rushed to dump over $20 million of the healthcare company's stock using insider information about a souring relationship with its biggest client, Cigna, helping him avoid $12 million in losses, prosecutors told California federal jurors Tuesday in a first-of-its-kind securities fraud trial.

  • June 04, 2024

    Morgan Stanley Unit Seeks Exit From Alorica 401(k) Fee Suit

    Morgan Stanley Smith Barney LLC has asked to be dismissed from a suit alleging mismanagement of a retirement savings plan for employees of business processing outsourcing service provider Alorica Inc., arguing in California federal court that it had been "improperly lumped" into a revision of the suit 17 months after the matter was originally filed.

  • June 04, 2024

    GOP Spending Bill Aims To Cut SEC Budget, Nix Climate Rule

    The Republican-led House Appropriations Committee released a spending bill Tuesday that threatens to cut funding for financial service agencies and prevent the U.S. Securities and Exchange Commission from funding its controversial climate disclosure rules and bar Consumer Financial Protection Bureau spending on a contentious rule, as well.

  • June 04, 2024

    Fintech Execs Face Another Suit Over CEO's Stock Ownership

    Insiders at blockchain-based financial services company Future FinTech Group Inc. were hit with a shareholder derivative suit on Tuesday alleging they concealed that the company's CEO had inflated stock prices, which was revealed to the public when the U.S. Securities and Exchange Commission filed a lawsuit against him.

  • June 04, 2024

    Biotech RenovaCare Can't Beat Investors' Stock Promo Suit

    A New Jersey federal judge has ruled that investors in biotechnology company RenovaCare Inc. failed to prove their case against firms they accused of profiting from a scheme to pump up the company's shares, but otherwise allowed their claims to proceed against the maker of skin burn treatments and a few of its executives.

  • June 04, 2024

    NBA-Tied NFT Co. To Pay $4M Over Buyers' Securities Claim

    A New York federal judge on Tuesday gave initial approval to a proposed $4 million settlement between the firm behind NBA-focused non-fungible tokens and a class of purchasers who accused the digital assets company of selling the digital assets as unregistered securities.

  • June 04, 2024

    On 2nd Bite, Apple Investors Get Initial OK For $490M Deal

    A California federal judge has given the first OK to a $490 million settlement that will resolve claims that Apple misled investors about iPhone sales in China, saying the deal is fair and reasonable, and a better alternative than further litigation, after criticizing the deal during its initial bid for approval and ordering changes.  

  • June 04, 2024

    HP Fraud Charges Against Ex-Autonomy Execs Head To Jury

    Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."

  • June 04, 2024

    SEC Inks Deal With Ex-Food Co. Execs Over Misspent Funds

    The U.S. Securities and Exchange Commission has reached a $7.8 million settlement with former executives of HF Foods over claims they siphoned millions of dollars from the company for personal use in a scheme that was eventually revealed after HF Foods went public with a blank check company.

  • June 04, 2024

    Bread Financial Wants Suit Over Spinoff's 'Death Spiral' Axed

    Financial services company Bread Financial Holdings Inc. and its CEO have asked an Ohio federal judge to toss a proposed investor class action over the alleged "death spiral" of a now-bankrupt spinoff company, saying the suit actually details Bread's "good faith efforts" to establish the spinoff as a successful independent venture.

  • June 04, 2024

    Chancery Pauses Meta Suit While Calif., Texas Cases Continue

    Delaware's Chancery Court on Tuesday paused a derivative suit seeking potentially massive damages from Meta Platforms Inc.'s leaders for failing to eliminate pedophilia, human trafficking and child exploitation content from its social media sites, pending resolution of direct damages suits in Texas and California.

  • June 04, 2024

    Matterport Hit With Investor Suit Over $1.6B CoStar Deal Docs

    An investor of 3D building imaging company Matterport is attempting to prevent the company's proposed merger with real estate analytics company CoStar Group Inc., saying Matterport's deficient registration statement fails to show how the transaction will benefit public shareholders.

  • June 04, 2024

    2 Firms Tapped To Lead Barclays Investor Suit

    Kaplan Fox & Kilsheimer LLP and Sperling & Slater LLC have been appointed to co-lead an investor suit accusing Barclays PLC of over-issuing $17 billion of securities.

  • June 04, 2024

    'Miles Guo Stole My Money': NY Jury Hears Of Alleged Fraud

    A former supporter of exiled Chinese billionaire Miles Guo testified in Manhattan federal court Tuesday that the purported billionaire conned her into investing more than $100,000 in the media company he founded alongside former Donald Trump adviser Steve Bannon, describing Guo's interrelated business ventures as a "mafia."

  • June 04, 2024

    SEC Shutters Salt Lake City Office, Shifts Cases To Denver

    The U.S. Securities and Exchange Commission said on Tuesday that it will close its Salt Lake City office for budgetary and organizational purposes, saying that the caseload of the office, which among other things handled the troubled Debt Box case, will now be handled by staff in Denver.

  • June 04, 2024

    Fox Rothschild Partner Can't Testify In NJ Fraud Retrial

    Fox Rothschild LLP partner Ernest E. Badway can't serve as an expert witness for a businessman facing retrial on securities fraud claims, a New Jersey federal judge ruled Tuesday, siding with the government's contention that the testimony would be irrelevant.

  • June 04, 2024

    Legal Tech Co. Wants Ex-Exec's $1M Stock Suit Out Of NY

    A former legal tech executive's lawsuit claiming she was sexually harassed, fired and then cut out of $1 million in stock options should be moved from New York to either Texas or arbitration, or dismissed entirely, her former colleagues said Tuesday, calling the allegations against them "vague and conclusory."

Expert Analysis

  • 4 Arbitration Takeaways From High Court Coinbase Ruling

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    The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • FEPA Cases Are Natural Fit For DOJ's Fraud Section

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    The U.S. Department of Justice’s recent announcement that its Fraud Section would have exclusive jurisdiction over the Foreign Extortion Prevention Act — a new law that criminalizes “demand side” foreign bribery — makes sense, given its experience navigating the political and diplomatic sensitivities of related statutes, say James Koukios and Rachel Davidson Raycraft at MoFo.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

  • 2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors

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    Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • What Transactional Attys Must Know About Texas Biz Courts

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    As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.

  • Crypto Mixer Laundering Case Provides Evidentiary Road Map

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    A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • 5 Lessons From Ex-Vitol Trader's FCPA Conviction

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    The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.

  • SEC Amendments May Launch New Execution Disclosure Era

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    The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

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