Securities

  • May 06, 2022

    Judge Ruled On Investors' Class Cert. Too Early, Pot Co. Says

    Counsel for Aphria Inc. have urged a New York federal judge to vacate his recent order to certify a class of investors suing the company, arguing that it was issued before the company's deadline to respond to the original motion from shareholders in a suit over allegedly worthless assets the Canadian cannabis company purchased in Latin America.

  • May 06, 2022

    Chancery Dismisses Suit Against Ex-Medical Pot Pharma Co.

    The Delaware Chancery Court has dismissed, for now, an FSD Pharma stockholder's derivative suit against certain directors and officers of the former medical cannabis company, saying he failed to satisfy certain of Ontario, Canada's requirements to sue a company based in the province.

  • May 06, 2022

    CDK Global Stockholder Calls $8.3B Brookfield Deal Unfair

    A stockholder of CDK Global Inc. has sued the automotive retail technology company over its pending $8.3 billion merger with Brookfield Business Partners, asserting that financial adviser Morgan Stanley and CDK directors breached their fiduciary duties when structuring the deal.

  • May 06, 2022

    Crypto Mining Corp. CEO Indicted In $62M Fraud Scheme

    A crypto mining promoter shafted investors out of $62 million in a yearslong scheme that was all glitter and no gold, according to twin criminal and civil cases the federal government announced Friday.

  • May 06, 2022

    SEC Fines Nvidia $5.5M Over Crypto Mining Disclosures

    Computing company Nvidia will pay $5.5 million to settle U.S. Securities and Exchange Commission allegations that the company didn't adequately disclose the effects of cryptocurrency mining on its business, according to settlement documents dated Friday.

  • May 06, 2022

    Beltway Moves: Sidley, Kirkland, Williams & Connolly

    Sidley Austin LLP, Hogan Lovells, Kirkland & Ellis LLP and McDermott Will & Emery LLP made big investments in their Washington, D.C., offices in recent weeks, demonstrating that BigLaw firms continue their push to solidify capabilities in areas like cybersecurity and financial services.

  • May 06, 2022

    Jury Clears Ex-Nomura Trader, Rejects SEC No-Lying Theory

    A Manhattan federal jury on Friday cleared a former Nomura trader of fraud over lies he told to counterparties in the commercial bond market, rejecting the U.S. Securities and Exchange Commission's theory that traders must adhere strictly to factual statements.

  • May 06, 2022

    Grant & Eisenhofer To Lead Peloton Investors' Class Action

    Grant & Eisenhofer has been selected to lead a proposed class of Peloton Interactive Inc. investors who claim the fitness equipment company deceived them about the success of the business after an explosion in popularity during the pandemic.

  • May 06, 2022

    Stockholders Sue For Vote On Musk's $44B Twitter Takeover

    A Twitter pension fund stockholder sued in Delaware's Chancery Court on Friday to assure that Tesla CEO Elon Musk's planned $44 billion acquisition of the social media giant faces a minimum two-thirds vote of shares not tied to Musk.

  • May 05, 2022

    McDonald's Calls Icahn's Animal Welfare Demands Unfeasible

    McDonald's continued its spat with Carl Icahn in an annual meeting update, saying that the billionaire investor's animal welfare demands conflict with "accepted science" and noting that its governance committee has officially declined to recommend Icahn's two board nominees.

  • May 05, 2022

    Ex-Pharma CEO To Pay $56K To Settle Insider Trading Case

    The former CEO of Auspex Pharmaceuticals Inc. will pay just over $56,000 to end both a U.S. Securities and Exchange Commission suit and a related criminal case against him over insider trading accusations that he tipped off his inner circle ahead of his company's $3.2 billion acquisition by Teva.

  • May 05, 2022

    Blockchain Biz Says SEC Has Overreached In Token Battle

    The U.S. Securities and Exchange Commission is attempting an "unprecedented overreach" in claiming that blockchain-based publishing platform LBRY's cryptocurrency sales were an unregistered securities offering, the company told a New Hampshire federal court Thursday.

  • May 05, 2022

    Investors In Pot Co. Aphria Win Class Cert. In $144M Suit

    A New York federal judge granted class certification on Thursday to a group of Aphria Inc. shareholders in their suit over allegedly worthless assets the Canadian cannabis company purchased in Latin America.

  • May 05, 2022

    Feds Defend Biglari's $1.3M Penalty Over Cracker Barrel Stock

    The Federal Trade Commission has defended a recent agreement allowing Biglari Holdings Inc. to pay a $1.3 million penalty to escape claims that it flouted federal law by buying two batches of Cracker Barrel Old Country Store stock without properly notifying the agency.

  • May 05, 2022

    Weil Adds 25-Year Securities Veteran From Orrick

    Weil Gotshal & Manges LLP has announced that it has added a securities litigator to its partnership with 25 years of experience dealing with securities and commodities litigation and enforcement.

  • May 05, 2022

    Citi Investors Can't DQ Judge Married To Cahill Atty

    Manhattan U.S. District Judge Loretta A. Preska refused Thursday to recuse herself from securities litigation against Citigroup on the basis that the bank is a client of her husband's law firm, Cahill Gordon & Reindel LLP.

  • May 05, 2022

    Jury Mulls If Ex-Nomura Trader's Fibs Amounted To Fraud

    A Manhattan federal jury on Thursday weighed the U.S. Securities and Exchange Commission's fraud case targeting former Nomura bond trader James Im, wrestling with whether his admitted lies were willful lawbreaking or merely less-than-honest but routine market conduct.

  • May 05, 2022

    CFTC Commish Taps Ex-WilmerHale Atty As Chief Counsel

    An ex-WilmerHale special counsel and former Commodity Futures Trading Commission attorney with an array of derivatives and digital assets experience has rejoined the agency as chief counsel to Commissioner Kristin N. Johnson, according to an announcement Thursday.

  • May 05, 2022

    Pierce Atwood Hires Cadwalader Bank Regulatory Partner

    A former co-chair of Cadwalader Wickersham & Taft LLP's financial services department has joined Pierce Atwood LLP, the latest in a string of attorneys to leave the historic New York City firm.

  • May 05, 2022

    Ex-BitMEX CEO Asks For No Prison Time In 'Novel' AML Case

    The co-founder and former CEO of offshore cryptocurrency derivatives exchange BitMEX sought to avoid prison Wednesday after pleading guilty in what he called a "first-of-its-kind" criminal case alleging the platform flouted U.S. anti-money laundering requirements.

  • May 05, 2022

    Musk Outlines $7.1B In New Financing For Twitter Takeover

    Elon Musk on Thursday outlined more than $7.1 billion in new equity financing for his $44 billion Twitter takeover, receiving commitments from the likes of multibillionaire Larry Ellison, Sequoia Capital Fund and Fidelity.

  • May 05, 2022

    DLA Piper Adds Bankruptcy Partner In Its New York Office

    DLA Piper has expanded its corporate restructuring practice, adding a specialist in bankruptcy with nearly 15 years of experience representing debtors, secured lenders, ad hoc creditor committees and other significant parties in major U.S. and international bankruptcies.

  • May 04, 2022

    8 Classes Of Marriott Guests Certified In Data Breach MDL

    A Maryland federal judge certified eight classes of Marriott International Inc. guests in multidistrict litigation over a major data breach that compromised the personal information of more than 100 million guests at its Starwood-branded hotels, although some other classes were denied certification.

  • May 04, 2022

    Balwani Can't Use Giant Spreadsheet In Theranos Defense

    The California federal judge overseeing ex-Theranos executive Ramesh "Sunny" Balwani's criminal fraud trial denied the defense's request Wednesday to introduce a 2,000-page spreadsheet Walgreens purportedly sent to Theranos, part of Balwani's effort to show he was truthful in telling investors that the companies were serious about expanding their partnership.

  • May 04, 2022

    Ride-Hailing Co. Didi Says SEC Investigating Its $4.4B IPO

    Chinese ride-hailing giant Didi Global Inc. said the U.S. Securities and Exchange Commission is investigating its $4.4 billion initial public offering.

Expert Analysis

  • A Reminder On Retaining Records Of Staff's Communications

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    In light of JPMorgan's recent agreement to pay $200 million to the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission for failing to preserve business communications its employees exchanged via personal device apps, other corporations should conduct assessments on their own terms before federal regulators step in, says Jordan Blumenthal at Redgrave.

  • And Now A Word From The Panel: Doing The MDL Math

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    A recent decision by the Judicial Panel on Multidistrict Litigation in a labor case illustrates the hurdles faced by those seeking MDL centralization when there are relatively few underlying cases — but other factors may also influence the panel's decision on whether to create an MDL, says Alan Rothman at Sidley.

  • Takeaways From Holmes' Unsuccessful Trade Secret Defense

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    The recent criminal fraud conviction of former Theranos CEO Elizabeth Holmes offers some lessons about the contours of invoking the purported need to protect company trade secrets and what is — and is not — entitled to legitimate protection, say attorneys at Baker McKenzie.

  • Opinion

    Ethics Principles Call For Justice Thomas Recusal On Election

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    While the U.S. Supreme Court has provided limited guidance on when justices must recuse themselves, the rules and statutes governing judicial recusals make it clear that Justice Clarence Thomas should not rule on issues related to the Jan. 6 Capitol riot, considering his wife's involvement in efforts to overturn the 2020 election, says Hilary Gerzhoy at Harris Wiltshire.

  • The Trouble With Decentralized Autonomous Organizations

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    As decentralized autonomous organizations — member-owned communities represented not by a board, but by rules encoded in a computer program — continue to expand due to their ease of use, the regulatory system will scramble to catch up, because they can fail dramatically due to poor planning, asset misunderstanding or failure to abide by existing regulations, say Heather Meeker and Tim French at Tech Law.

  • 5 Ways Law Firm Leaders Can Prioritize Strategic Thinking

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    Consultant Patrick McKenna discusses how law firm leaders can make time for strategic projects to keep pace with the rate of change in the profession today, as 24/7 technology-abetted demands mean leaders are spending less time exploring new opportunities and more time solving problems.

  • Tracking The Expansion Of CFTC's Manipulation Rule

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    A series of recent cases shows that the Commodity Futures Trading Commission rule on fraud-based manipulation has transformed into a catch-all fraud provision — a logical extension of commission authority that elevates the statute to the CFTC's most powerful weapon for addressing a wide variety of misconduct in the commodities and derivatives fields, says Daniel Waldman at Arnold & Porter.

  • How Law Schools Can Navigate Toward Equity And Inclusion

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    Law schools have a responsibility to do more than admit students from underrepresented populations — they must understand the challenges that minority law students face, learn why so few reach the highest levels of the legal profession, and introduce programs that help foster inclusion and reduce inequities, says Jennifer Rosato Perea at DePaul College of Law.

  • Where Judge Jackson Stands On Key Civil Procedure Issues

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    During Judge Ketanji Brown Jackson’s confirmation hearings this week, senators didn’t question her on the many procedural issues that frequently come before the U.S. Supreme Court, but a deep dive into her judicial record illuminates her stance on Article III standing, personal jurisdiction and more, says James Wagstaffe at Wagstaffe von Loewenfeldt Busch.

  • FinCEN Alerts On Sanctions Evasion Signal Shifting Approach

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    The Financial Crimes Enforcement Network's recent warnings regarding potential evasion of sanctions against Russia and Belarus place new importance on FinCEN's customer due diligence and beneficial ownership rules, signal changes to the Bank Secrecy Act and create implicit supervisory expectations, say Constantine Lizas and Ross Hofherr at Harris Beach.

  • Damage Calculations And Other Trends In SPAC Litigation

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    While potential new disclosure requirements from the U.S. Securities and Exchange Commission may slow the pace of special purpose acquisition company activity in the future, associated litigation will likely continue, with each type of litigation having unique characteristics and bringing various considerations for estimating damages, say Amit Bubna and An Wang at Bates White.

  • Cos. Must Prepare For Emerging ESG Risks In Supply Chains

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    U.S. legislative developments on forced labor in Xinjiang, greenhouse gas emissions and fashion industry transparency will affect corporate supply chain management, so companies should take several steps to prepare for current and anticipated regulation of ESG risks, say Sara Orr and Jacqueline Yap at Kirkland.

  • What High Court Vaccine Ruling Could Mean For Crypto Regs

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    The U.S. Supreme Court's recent decision in National Federation of Independent Business v. U.S. Department of Labor to block a federal vaccine mandate indicates that it may question the reach of the federal securities laws in the context of virtual assets — and Congress should be prepared to respond in order to avoid regulatory uncertainty, says William Walsh at McGonigle.

  • How To Avoid Prematurely Publicizing A Case Outcome

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    The lessons of a recent U.K. case involving Matrix Chambers' premature social media posts that violated a court embargo are relevant in the U.S. as well, reminding law firms to ensure plans to publicize a case are shielded from accidental violations of court sealing and gag orders, says Elizabeth Ortega at ECO Strategic Communications.

  • Patent Drafting Best Practices For Cryptocurrency Innovations

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    As new patent application filings directed to blockchain and cryptocurrency innovations dramatically increase, practitioners can navigate thorny prosecution and enforcement issues by carefully drafting applications that refrain from overemphasizing solutions' financial and economic aspects, protect multiple techniques and avoid divided infringement, say attorneys at Finnegan.

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