The Delaware Chancery Court approved a settlement proposal Thursday to end a stockholder derivative suit over the management of an immunotherapy company by allowing billionaire physician Patrick Soon-Shiong to walk away from his controlling interest in the company with his investment in hand.
Shares of workplace messaging company Slack rose following its direct listing on Thursday, marking the second time in more than a year that a large private company went public by skipping a conventional initial public offering and landed smoothly.
A proposed class of Mammoth Energy investors slapped the company with a lawsuit in Oklahoma federal court Wednesday, claiming a precipitous drop in share price is the result of revelations that it concealed investigations into $1.8 billion in Puerto Rico power grid restoration contracts.
A third witness put the former CEO of Premium Point Investments at the heart of an alleged $100 million fraud scheme Thursday as Manhattan federal prosecutors piled up evidence suggesting he knew of corruption inside the bankrupt mortgage-debt hedge fund.
The Third Circuit on Thursday affirmed the dismissal of a securities suit accusing StoneMor Partners LP of misrepresenting its source of investor distribution payments, finding the cemetery operator was transparent about its accounting methods.
A federal jury in Boston found an attorney and a retired U.S. Army colonel guilty on Thursday of making a plan to bribe government officials in Haiti in exchange for approvals on an $84 million port project.
The U.S. Supreme Court on Thursday agreed to review a First Circuit decision that the members of the board overseeing Puerto Rico's bankruptcy were appointed unconstitutionally.
The former general counsel of Hertz Global Holdings Inc. asked a New Jersey federal court Thursday to toss claims against him in a company lawsuit alleging that he and two other onetime executives were to blame for accounting errors that led to more than $200 million in purported damages for the rental car giant.
National class action firm Glancy Prongay & Murray LLP will serve as lead counsel representing investors in a stock-drop suit against reinsurance company Maiden Holdings Ltd. over alleged misrepresentation of its underwriting and risk management practices, a New Jersey federal magistrate judge ordered Thursday.
A Florida appeals court on Wednesday granted pharmaceutical firm Opko Health Inc.’s request to pause proceedings in two derivative shareholder lawsuits over an alleged $27 million pump-and-dump scheme in deference to previously filed suits in Florida federal court and Delaware.
Two men on Wednesday asked to be freed from an enforcement action from the U.S. Securities and Exchange Commission that they said does not specify what role they actually played in an alleged $27 million pump-and-dump scheme.
A California company specializing in energy efficiency products accused its founder of withholding cash and more than $6 million in assets after he was pushed out as president by a new board, forcing the company to file for Chapter 11.
Walmart Inc. agreed Thursday to pay more than $282 million to settle allegations by U.S. authorities that it violated the Foreign Corrupt Practices Act by failing to ensure subsidiaries in Brazil, China, India and Mexico had adequate anti-corruption programs.
Scrutiny of Facebook’s new cryptocurrency Libra is expected to be intense, but experts say early regulatory inspection, a carefully designed governance system and a slate of established partners put the digital token on solid footing.
A Pennsylvania federal judge rejected investors' attempts Wednesday to remand their securities case against OneJet Airlines executives to Pennsylvania state court, agreeing with the defendant executives the case shares enough issues with OneJet's federal bankruptcy proceedings that they should be handled together by the same court.
A Keryx investor seeking to lead a shareholder class action over a 2016 stock drop shouldn’t head up the suit because his shares were bought through a now-defunct trust and the vital information allegedly hid by the company was actually disclosed, a Massachusetts federal judge heard Wednesday.
A Swedish hotel owner based in Thailand has been arrested on charges of running a multimillion-dollar online investment scam and laundering funds through Liberty Reserve, a defunct payment platform whose founder is in prison, and popular cryptocurrency exchange Coinbase, prosecutors announced on Wednesday.
Facebook’s decision to base its planned cryptocurrency in Switzerland rather than the U.S. could be the start of a bigger trend if Congress keeps stalling on legislation, an Ohio representative who co-authored a bill that seeks to exclude digital tokens from the statutory definition of a security said during a House hearing Wednesday.
Massachusetts securities regulator William F. Galvin is confident that federal law leaves room for states to pass their own fiduciary duty rule for broker-dealers and is vigorously pursuing one of the nation’s first, telling Law360 that investors deserve better than the standards recently set by the U.S. Securities and Exchange Commission.
Drugmaker AbbVie Inc. has reached a $16.75 million agreement to settle a claim that it misled investors about the risks of its failed $54 billion merger with Irish pharmaceutical company Shire PLC, according to documents filed Wednesday in Illinois federal court.
Recorded conversations involving two men who were pursuing an $84 million port project in Haiti offer clear evidence that they intended to bribe government officials in exchange for approvals, a prosecutor told jurors in Massachusetts federal court Wednesday as a seven-day trial concluded.
The U.S. Trustee appointed three investor entities that are suing Elk Petroleum Inc. in Chancery Court to the Committee of Preferred Equity Security Holders in Elk’s bankruptcy case in Delaware on Wednesday, giving them a voice in the company’s reorganization.
Massachusetts' state securities enforcement division will be taking a closer look at investment offerings involving the state's cannabis businesses, it said Wednesday, after charging a man with selling $1.3 million in unregistered cannabis securities.
U.S. Steel challenged a class certification bid in Pennsylvania federal court Tuesday, arguing the investors who accuse the company of misrepresenting maintenance plans for its plants and equipment are improperly trying to “skate by on generalities” in their proposed securities class action.
Decentralized exchange platform Bancor is planning to block U.S. residents from trading digital tokens using its web application due to "increased regulatory uncertainty" in the cryptocurrency space.
A recent survey of millennial attorneys shows men and women are having very different BigLaw experiences, but share similar goals. It's imperative that partners recognize that they’re the ones in a position to change the culture, says Michelle Fivel of Major Lindsey.
A recent ruling by the Judicial Panel on Multidistrict Litigation, concerning the possibility of compelled arbitration over allegedly defective cement siding, illustrates how the panel’s decision-making process turns on whether a proposed MDL will "promote the just and efficient conduct" of the litigation, says Alan Rothman of Arnold & Porter.
Once you've chosen a strategy for your law firm, what tactics will promote success? There are three tactical areas important to all firms, regardless of specialty or size, but particularly critical for today’s niche firms, say Yussuf Aleem and Jacob Slowik of Joseph Aleem.
Three recent federal court cases offer insights on important attorney-client privilege issues: how the common interest doctrine protects disclosures to a third party, the right to compel work product based on “substantial need,” and the privilege questions raised by in-house counsel depositions, say attorneys at Paul Weiss.
As stockholders make increasing use of statutory demands to inspect a corporation’s books and records, Delaware courts have been imposing additional limitations on this litigation tool, specifically in the areas of email production requests and statutorily exculpated conduct, say Matt Solum and Stephanie Shimada of Kirkland.
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
Whistleblower is often misused as a generic term, but it actually has a specific meaning with specific implications that companies must understand when crafting programs to handle both actual and purported whistleblower complaints, says Neil Rosolinsky, deputy general counsel at Citizens Financial Group.
There are a number of ways that attorneys can ensure their summer associates successfully manage critical writing assignments and new types of professional interactions, says Julie Schrager of Schiff Hardin.
Shortly after President Donald Trump took office, he issued an executive order directing agencies to eliminate two existing regulations for every new regulation adopted. Multiple lawsuits challenging this order are ongoing, but federal courts are poorly equipped to adjudicate claims that involve an agency’s failure to regulate, says Steven Gordon of Holland & Knight.
Today’s law firm leaders are pretty good at developing a strategic vision for the enterprise, but there is often a disconnect between that road map and the marketing department’s rank and file, leading to a deliverable that does little to differentiate the firm, says José Cunningham, a legal industry consultant.
In light of recent criticism concerning the use of statistical significance in scientific inquiry and expert witness practice, researchers and legal practitioners should recognize statistical significance as just one factor among many that guide the analysis of scientific data and confidence in tested hypotheses, say attorneys at Alston & Bird.
The U.S. Department of Justice's new corporate compliance guidance includes useful questions but should not be used simply as a checklist in assessing a compliance program — the real key is understanding the purpose behind the questions, say Hui Chen, author of the DOJ's 2017 compliance guidance, and Pam Davis, a former DOJ corporate monitor.
Over a dozen major law firms have joined our effort to overcome the legal obstacles that states, cities and businesses face in fighting climate change. But more lawyers are needed, say Michael Gerrard of Columbia Law School and John Dernbach of Widener University Commonwealth Law School.
The U.S. Securities and Exchange Commission recently proposed eliminating the requirement for auditor attestation regarding internal control over financial reporting at certain companies. This would save eligible companies money on audit fees and other costs, but could result in less accurate financial reporting, say attorneys at Stinson.
The Tenth Circuit’s recent opinion in City of Cambridge Retirement System v. Ersek — concerning shareholders’ allegations against officers and directors of Western Union — was a little-noticed decision, but it has broad implications for shareholder derivative actions, say Chris McCall and Luke Ritchie of Moye White.