Securities

  • June 23, 2022

    Cisco's $2.75B Patent Loss Axed Over Judge's Stock Conflict

    The Federal Circuit on Thursday vacated a $2.75 billion judgment against Cisco for infringing Centripetal Networks' cybersecurity patents, ruling that the now-deceased judge who oversaw the bench trial was disqualified from deciding the case because his wife owned Cisco stock.

  • June 23, 2022

    Lewis Brisbois Adds Corporate Pro To Fla., Chicago Offices

    Lewis Brisbois Bisgaard & Smith LLP has expanded two of its corporate-focused practice groups, with a partner who will split his time between its Florida and Chicago offices, the firm announced Tuesday.

  • June 23, 2022

    Anaplan Investor Sues Over $10.4B Purchase By Thoma Bravo

    Business planning software company Anaplan Inc. was hit with a shareholder lawsuit in Delaware Chancery Court on Wednesday over a last-minute price reduction in its $10.4 billion acquisition by Thoma Bravo, the complaint being filed just hours before the private equity giant closed on the deal.

  • June 23, 2022

    FINRA, Fla. Firm Strike $9M Deal Over Manipulation Claims

    The Financial Industry Regulatory Authority struck a settlement Thursday with a Florida broker-dealer who attempted to "artificially influence" the market by prematurely prompting in-house representatives to sell certain securities during restricted trading periods, an alleged attempt to bolster the securities' appeal and the firm's reputation.

  • June 22, 2022

    Giuliani Associate Lev Parnas Urges No Prison At Sentencing

    Former Rudy Giuliani associate Lev Parnas is hoping to avoid prison time when he's sentenced next week for campaign finance violations as well as conspiring to defraud investors in his anti-fraud startup, arguing that he'd cooperated with Congress with its impeachment inquiry into former President Donald Trump.

  • June 22, 2022

    SEC Fines Brink's For Whistleblower Limits In Employee Pacts

    The U.S. Securities and Exchange Commission announced Wednesday that it has settled with The Brink's Co. over allegations that the security and protection company violated protections in place for whistleblowers by requiring employees to sign restrictive confidentiality agreements without granting them a carveout for potential SEC whistleblowing activity.

  • June 22, 2022

    Whistleblowing Citibank Analyst Denied Share Of $400M Fine

    A New York federal judge on Wednesday refused to award a Citibank senior risk analyst a cut of the $400 million fine levied against the bank, finding that her whistleblower allegations don't have anything to do with the Office of the Comptroller of the Currency's settlement and resulting penalty.

  • June 22, 2022

    Google Parent Investors Seek Cert. In 2018 Data Leak Suit

    Alphabet Inc. shareholders asked a California federal judge Tuesday to grant them class certification in their suit accusing Google's parent company of deceiving investors about a bug that exposed half a million users' data in 2018.

  • June 22, 2022

    Ontario Bans Crypto Exchange KuCoin And Fines Bybit

    Ontario's securities regulator said Wednesday it banned cryptocurrency exchange KuCoin from operating in the Canadian province and fined cryptocurrency trading platform Bybit Fintech Ltd. about $2.5 million for allegedly failing to register its platform with the commission.

  • June 22, 2022

    SEC's Regulatory Priorities Draw Rebuke From Peirce

    The U.S. Securities and Exchange Commission on Wednesday released an agenda outlining priorities for fall and early 2023, prompting a rebuttal from Commissioner Hester Peirce, who criticized the agency for shunning its core mission in favor of "shiny objects."

  • June 22, 2022

    Wrigley Heir, Cannabis Co. Want Investor Fraud Suit Nixed

    Cannabis operator Parallel and its former CEO, who is also heir of the Wrigley chewing gum fortune, have asked a Florida federal court to toss a shareholder suit demanding at least $25 million in damages for purported securities fraud, arguing it is "not a case of fraud but of disappointed investors."

  • June 22, 2022

    SEC's Proposed SPAC Crackdown Meets Industry Resistance

    The U.S. Securities and Exchange Commission is facing a wide range of criticism as it prepares to finalize rules reining in special-purpose acquisition companies, including from market participants accusing the agency of overreach.

  • June 22, 2022

    Ex-Pharma Exec Cops To Insider Trading With Former CFO

    The former head of corporate communications for Immunomedics admitted Wednesday in New Jersey federal court to engaging in an insider trading scheme in which the biopharmaceutical company's then-chief financial officer allegedly shared nonpublic information about a breast cancer drug with her while they were dating.

  • June 22, 2022

    Tilton, Zohar Both Tell Chancery They Control Stila Styles

    Delaware Chancery Court Chancellor Kathaleen St. J. McCormick got a crash course Wednesday in what she called "a very long and bitter control dispute" for Stila Styles Inc., as distressed debt diva Lynn Tilton and an investment fund she once owned both claimed they had the right to manage the cosmetics company.

  • June 22, 2022

    BlackRock Asks SEC To Rethink Climate Risk Reporting Plan

    BlackRock is pushing the U.S. Securities and Exchange Commission to reduce potential liabilities that its recent climate risk-disclosure plan could impose on companies, requesting that the agency strictly require "material" climate-related information in registration filings and that firms be allowed to furnish, not file, data specific to greenhouse gas emissions.

  • June 22, 2022

    SPAC's Pivot From Cannabis Burned Investors, Suit Says

    Directors of a former blank-check company have been hit with a derivative shareholder suit in a California federal court alleging that they breached their fiduciary duty to investors when they took the embattled space industry company Momentus public after initially targeting the cannabis industry so they wouldn't have to repay investors.

  • June 22, 2022

    Ill. Panel Says Property Co. Members Owe $1.2M In Atty Fees

    An Illinois appellate panel held Tuesday that a lower court had the authority to order individual members of a company formed to develop Chicago property to pony up roughly $1.2 million in attorney fees, after the court ruled in favor of shareholders accusing the developers of mismanaging the company. 

  • June 22, 2022

    Del. Justices Urged To Revive Kraft Heinz Insider Trade Suit

    Delaware's Chancery Court applied the wrong tests in dismissing a derivative suit for damages from Kraft Heinz Co.'s directors and a controlling stockholder in connection with an alleged $1.2 billion insider trading move, a stockholder attorney told Delaware's Supreme Court on Wednesday.

  • June 22, 2022

    Block & Leviton Partner Confirmed As Del. Vice Chancellor

    A Block & Leviton LLP partner was confirmed Wednesday by Delaware's state Senate to be the next vice chancellor on the nationally important Chancery Court.

  • June 22, 2022

    DOJ Official Confirms CCO Certs. Are New Settlement Staple

    A senior official in the U.S. Department of Justice's fraud section said Wednesday that companies can expect a new policy requiring that chief compliance officers certify agreements with the department to "most likely" be part of every new deal moving forward.

  • June 22, 2022

    Firms Say $6M Fee Bid For Schwab Suit Deal Is 'Reasonable'

    Former TD Ameritrade Holding Corp. stockholders are urging the Delaware Chancery Court to approve a roughly $6 million attorney fee request connected to a proposed $31.5 million settlement to end a suit over the company's merger with The Charles Schwab Corp.

  • June 22, 2022

    Fox Rothschild Calls Conflict Allegation A 'Tall Tale'

    Fox Rothschild lawyers representing aggrieved investors in a professional athlete startup asked a New York federal judge Tuesday to reject a "transparent" attempt to manufacture a conflict and an appearance of impropriety.

  • June 22, 2022

    GAO Warns US Gov't About 'Catastrophic' Cyber Risk

    Cyberattacks targeting critical infrastructure may "affect entire systems and result in catastrophic financial loss" beyond what can be covered by private insurance or government backstops, the U.S. Government Accountability Office warned in a report that recommends joint federal action to study growing cyberinsurance risks.

  • June 22, 2022

    Holland & Knight Adds MoFo Atty To Corporate Team In Miami

    Holland & Knight LLP has added a corporate attorney in its Miami office from Morrison & Foerster LLP.

  • June 22, 2022

    Robbins Geller Seeks Third Of $15M OvaScience Settlement

    Robbins Geller Rudman & Dowd LLP asked Tuesday for a one-third cut of a $15 million settlement that investors won from OvaScience and its venture capital backer Longwood Fund over shareholder losses allegedly caused by misrepresentations about the success of a new fertility treatment.

Expert Analysis

  • Overcommunicate With Your Summer Associates This Year

    Author Photo

    2022 summer associates have had limited opportunities for professional interactions due to the pandemic, so supervising attorneys should prioritize intentional overcommunication by emphasizing importance of tone and content of emails, sharing feedback immediately, and more, says Julie Schrager at Faegre Drinker.

  • Nev. Case Highlights Settlement Authority Dilemmas For Cos.

    Author Photo

    A Nevada federal court's recent decision in Ceja v. The Vons Companies illustrates the pitfalls of misinterpreting a court order requiring a representative with full settlement authority to be present at negotiations, and is a reminder to consider that courts differ as to what full settlement authority means in practice, says Richard Mason at MasonADR.

  • Global Tax Chiefs Should Look To US Whistleblower Programs

    Author Photo

    As the Joint Chiefs of Global Tax Enforcement develops its international whistleblower program to address tax evasion and money laundering schemes in new areas like cryptocurrency, it should take lessons from highly successful U.S. programs on which features to include and pitfalls to avoid, say Neil Getnick and Nico Gurian at Getnick & Getnick.

  • Unpacking OFAC's New Russian Accounting Services Ban

    Author Photo

    New determinations issued by the Office of Foreign Assets Control put a broad swath of accounting, trust and corporate formation, management consulting, legal service providers, and others at heightened risk for strict liability sanctions violations for dealings with Russia, requiring affected entities to update their procedures, say Cari Stinebower and Dainia Jabaji at Winston & Strawn.

  • Calif. Charts Regulatory Path For NFTs In Campaign Finance

    Author Photo

    In light of California’s recent advisory opinion addressing the use of nonfungible tokens for political fundraising — and amid the lack of other state or federal guidance — NFT creators, digital asset exchanges and campaigns should keep several considerations in mind to avoid running afoul of campaign finance laws, say attorneys at Nossaman.

  • The Fastest Federal Trial Courts: A Look At Virginia, Florida

    Author Photo

    The Eastern District of Virginia rocket docket and the Northern District of Florida were last year’s fastest civil trial courts in the nation, and interviews with two of their judges reveal they have some of the same practices to keep litigation moving efficiently, says Robert Tata at Hunton.

  • Considerations For A Rarely Used Exit Provision In JV Deals

    Author Photo

    Relatively few joint venture legal agreements contain buy-sell provisions, but it's worth thinking through the subtle implications of structuring such exit terms to determine whether to include them, say consultants at Ankura.

  • Tips For Evaluating Machine Learning For Contracts Review

    Author Photo

    Law firms considering machine learning and natural language processing to aid in contract reviews should keep several best practices in mind when procuring and deploying this nascent technology, starting with identifying their organization's needs and key requirements, says Ned Gannon at eBrevia.

  • Opinion

    Courts Must Tackle Lack Of Diversity In Class Counsel

    Author Photo

    When federal courts appoint lead lawyers in federal class actions, the counsel chosen are almost always white and male — but if courts adopt a broader view of what kind of experience is relevant for class counsel appointments, the class action bar can be diversified, says Alissa Del Riego at Podhurst Orseck.

  • What SEC Proposal On SPACs Means For Projection Defenses

    Author Photo

    Following the U.S. Securities and Exchange Commission’s recent proposal to enhance special-purpose acquisition company disclosures, SPAC participants should consider the implications for two key forward-looking statement defenses, say Scott Mascianica and Landon Mignardi at Holland & Knight.

  • In Del. Chancery, A Cautionary Tale Of Hacked M&A Payouts

    Author Photo

    A recent Delaware Chancery Court decision in Sorenson v. Continental provides guidance on who is liable when legal counsel's emails are hacked and a stockholder's merger consideration is paid to the hackers, say attorneys at Fried Frank.

  • How To Efficiently Deploy Your Professional Growth Strategy

    Author Photo

    Lana Manganiello at Equinox Strategy Partners discusses how time-strapped legal professionals can efficiently implement a professional growth framework by focusing on only the most effective actions to build the reputation and relationships key to their ideal practice.

  • Nonpublic Info Compliance After SEC's Fund Manager Alert

    Author Photo

    A recent U.S. Securities and Exchange Commission risk alert shows heightened scrutiny of investment advisers' material nonpublic information compliance, so firms should pay attention to four key points that could influence their MNPI-related policies, say attorneys at Simpson Thacher.

  • How The Tribune Cases Will Affect Fraudulent Transfer Claims

    Author Photo

    Although the U.S. Supreme Court declined to review the Tribune bankruptcy cases, the Second Circuit's decisions leave behind a lasting precedential legacy — especially regarding Bankruptcy Code Sections 546(e) and 548(a)(1)(A) — that will play an important role in future fraudulent transfer cases, say attorneys at Seward & Kissel.

  • A 6-Step Framework For Legal Industry Professional Growth

    Author Photo

    Lana Manganiello at Equinox Strategy Partners discusses how implementing a professional growth framework will help legal professionals gain expertise in a relevant niche to build credibility, focus marketing efforts and build an ideal practice.

Want to publish in Law360?


Submit an idea
Can't find the article you're looking for? Click here to search the Securities archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!