Securities

  • June 14, 2022

    Amarin Beats Class Claims Of Duping Investors At 3rd Circ.

    Drugmaker Amarin Corp. beat a proposed stockholder class action at the Third Circuit on Tuesday, with a panel ruling that the company's statements about a drug's trial were not misleading just because there was a "difference of opinion" about the effects of the placebo during the trial.

  • June 13, 2022

    Rakoff Says Deutsche Bank Must Face Suit Over Epstein Ties

    U.S. District Judge Jed Rakoff issued an order Monday explaining his decision not to allow Deutsche Bank to escape a proposed securities class action that claims the bank's dealings with bad actors, including notorious sex offender Jeffrey Epstein, caused the stock price to plunge.

  • June 13, 2022

    Tales From The Crypto Bill 2: From Fees To State Licensees

    A sweeping legislative proposal that would empower the U.S. Commodity Futures Trading Commission with federal oversight responsibilities for much of the cryptocurrency market also takes a stab at answering how to pay for it and could set the stage for formal industry self-policing.

  • June 13, 2022

    Investor Attys Net $22.6M In Dental Supply Antitrust Deal

    Attorneys who represent investors in dental supply company Patterson Cos. will receive nearly $22.6 million in fees after helping settle claims the company worked with its competitors to fix prices, a Minnesota federal judge has decided.

  • June 13, 2022

    Binance Hit With Investor Suit Over Terra Stablecoin Collapse

    Cryptocurrency exchange Binance was hit with a proposed class action in California federal court on Monday claiming the company misrepresented the stability of "algorithmic stablecoin" TerraUSD and that it failed to protect investors by offering the now-collapsed stablecoin on its platform. 

  • June 13, 2022

    Former Georgeson Adviser Strikes Deal In Tix-For-Votes Case

    Federal prosecutors reached a deal with a former Georgeson LLC adviser charged with bribing an International Shareholder Service employee with tickets to games and other perks in exchange for early looks at shareholder voting data for companies, a month before the adviser was to be tried a third time.

  • June 13, 2022

    Pharma Co. Exec's Wife Inks SEC Deal Over Insider Trading

    An Illinois federal judge entered a final judgment Monday in the U.S. Securities and Exchange Commission's suit against a pharmaceutical executive's spouse, who admitted to an insider trading scheme that would have made her more than $280,000.

  • June 13, 2022

    SEC Seeks GPB Capital Receiver In Effort To Thwart Ex-CEO

    The U.S. Securities and Exchange Commission on Monday asked a New York federal judge to appoint a receiver for GPB Capital Holdings amid a criminal case against former CEO David Gentile and others, in light of the executive's alleged attempts to reassert control over the company and its cash.

  • June 13, 2022

    Ex-Engine Maker Execs Settle SEC's Fraud Claims

    Former engine maker executives accused of fraudulently inflating their company's revenues have reached a deal in the U.S. Securities and Exchange Commission's civil suit, agreeing to pay civil penalties in the wake of their acquittal in a parallel criminal case.

  • June 13, 2022

    Settlement Investigator Sees Red Flags In EB-5 Fraud Deal

    A special master investigating a loan that purportedly helped settle an EB-5 investment fraud dispute said in a report filed Monday that an Illinois federal judge will need to dig deeper to determine whether the transaction was ever knowingly misrepresented in court.

  • June 13, 2022

    Smartsheet Challenges Chubb's Bid To Limit D&O Coverage

    Smartsheet Inc. urged a Washington federal court to reject a Chubb unit's bid to partially toss its suit seeking coverage of actions related to investors selling shares at a reduced price before the company's initial public offering, arguing that the actions are not related to an earlier claim for coverage.

  • June 13, 2022

    FirstEnergy, Investors Say $180M Deal Resolves Bribe Suit

    FirstEnergy Corp. and a group of its shareholders have asked an Ohio federal judge to dismiss a suit over the company's billion-dollar nuclear energy bailout bribery scandal, telling the judge the claims have been addressed by a $180 million settlement in another case.

  • June 13, 2022

    Catching Up With Delaware's Chancery Court

    The Delaware Chancery Court didn't mince words last week, confronting a lying witness at trial and pushing a deadlocked board to stay focused. New cases involved a dispute between two board co-chairs at UpHealth Inc., an information plea from a Twitter stockholder, merger takeoff jitters at Spirit Airlines, and a derivative suit against GoDaddy Inc. that was filed under seal.

  • June 13, 2022

    Centra Tech Investors Nab $33M Default Win In ICO Suit

    A Florida federal judge adopted a magistrate judge's recommendation finding that a class of Centra Tech Inc. investors should be awarded a $33.4 million default judgment win in their suit over an allegedly fraudulent $32 million initial coin offering by the cryptocurrency company.

  • June 13, 2022

    SEC Expands Inquiry Into Trump's Social Media SPAC

    Digital World Acquisition Corp., the special-purpose acquisition company planning to buy and take public former President Donald Trump's social media platform, said Monday it has received an additional subpoena from the U.S. Securities and Exchange Commission that could threaten the completion of its merger.

  • June 13, 2022

    Judge Exits NYC Vaccine Case After Stock Complaints

    The federal judge overseeing a suit challenging New York's vaccine mandate for city workers has recused herself, after plaintiffs discovered she owned up to $100,000 in Pfizer Inc. stock.

  • June 13, 2022

    Schwab To Pay $187M In SEC Deal Over Robo-Adviser Conflict

    Three Charles Schwab Corp. subsidiaries agreed Monday to pay $187 million to resolve claims from the U.S. Securities and Exchange Commission that three of its robo-adviser subsidiaries allocated client funds to make money for Schwab's affiliated bank despite being less profitable for clients and making "false and misleading" statements about the conflict. 

  • June 10, 2022

    Investment Pro Accused Of WSJ, Barron's Article Thievery

    A prominent investment manager is accused of illegally copying and distributing thousands of news articles from the Wall Street Journal and Barron's publications owned by Dow Jones & Co., according to a copyright lawsuit filed Friday in Texas federal court.

  • June 10, 2022

    GoodRx Investors' Claims Over IPO Get Axed For Good

    A California judge gave a final toss to investor litigation accusing GoodRx of inflating the health care technology company's initial public offering stock price by hiding news of a rival Amazon program in the works, saying Thursday a revised complaint still lacked facts showing the defendants knew of the competitor's plans.

  • June 10, 2022

    NY Judge Signs Off On $300M Deal In Renren Derivative Suit

    A New York state judge Thursday approved a $300 million settlement of derivative litigation against principals of Renren Inc. and others, in a suit alleging that minority stockholders were cheated in a sham go-private deal in which hundreds of millions of dollars in Renren investments were siphoned off to an entity controlled by insiders.

  • June 10, 2022

    States Get $853K In Pared Down Shkreli Antitrust Case Fees

    A New York federal judge signed off Friday on $853,440.80 in attorney fees for four of the states that successfully sued "pharma bro" Martin Shkreli for an anti-competitive scheme safeguarding a 40-fold price increase for a lifesaving drug, a significant reduction on the more than $2 million initially sought.

  • June 10, 2022

    Amazon Brass Face Investor Suit Over Data, Antitrust Risks

    Current and former Amazon officers and directors, including founder Jeff Bezos, have been hit with a derivative investor suit alleging they put the e-commerce giant at risk by misleading shareholders, mishandling biometric data and engaging in anticompetitive behavior.

  • June 10, 2022

    Tales From The Crypto Bill: From Cyber Risks To Sandboxes

    A landmark congressional bill proposal for regulating cryptocurrencies is making waves for the amount of regulatory power it would give to the Commodity Futures Trading Commission, but there are plenty of consequential items packed into the bill that industry observers may have missed. 

  • June 10, 2022

    Critics Of SEC Data Breach Rules Question 4-Day Deadline

    The U.S. Securities and Exchange Commission's plan to apply the same four-day deadline that companies have to report straightforward news like naming a new CEO to the more murky world of data security episodes could confuse investors or interfere with investigations, breach response lawyers say.

  • June 10, 2022

    Balwani Can't Get Jury Edge Over Lost Theranos Database

    A California federal judge finalized jury instructions in former Theranos executive Ramesh "Sunny" Balwani's criminal fraud trial on Friday, refusing his request to instruct jurors that they can infer that inaccessible Theranos patient-testing data in a missing database is unfavorable to the government's case.

Expert Analysis

  • Opinion

    Ripple Case Shows Need For FTCA Reform

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    U.S. Securities and Exchange Commission v. Ripple Labs demonstrates that the absence of cryptocurrency regulations denies defendants remedies against overbearing federal agencies — an injustice Congress could address by amending the Federal Tort Claims Act, says Frank Francone at the Centennial Institute.

  • SDNY Atty's Comments Shed Light On Private Funds Focus

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    Recent remarks from U.S. Attorney Damian Williams offer insight into the activities the Southern District of New York is focusing on — including fraud at private equity and hedge funds — and provide useful best practices for managing white collar risk, says Ilan Graff at Fried Frank.

  • Avoiding Film Industry Fraudsters: Key Tips For Investors

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    As the film industry expands, Hollywood has become a prime target for fraudsters — and a review of recent cases shows that would-be investors should conduct thorough due diligence on film projects and take proven steps to protect their investments, say Alex Wyman and Tyler Downing at Latham & Watkins.

  • In Early Mediation, Negotiate With Empathy, Not Threats

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    With courts encouraging early settlement conferences to tackle the COVID-19 backlog, parties should consider that authenticity, honesty and the ability to see beyond one's own talking points are far more persuasive tools than threats of a distant possible determination by a court or arbitrator, says Sidney Kanazawa at ARC.

  • Addressing Problematic Drinking In The Legal Profession

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    To curb problematic drinking, on the rise during the pandemic, legal employers should implement comprehensive responsible drinking policies that are taken seriously by firm leadership, and provide alternatives for creating a healthy workplace culture, says Anne Brafford at the Institute for Well-Being in Law.

  • SEC Investigation Of Accounting Firms Is A Good First Step

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    The U.S. Securities and Exchange Commission's investigation into conflicts of interest at accounting firms is crucial for restoring public trust and addressing systemic issues that harm shareholders, but the SEC should follow up with increased enforcement activity that curtails economic incentives for independent gatekeepers to turn a blind eye, say Jesse Jensen and John Rizio-Hamilton at Bernstein Litowitz.

  • Why Tweets May Not Validate Securities Class Action Liability

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    Recent Ninth Circuit rulings show that Twitter is ill-suited for validating potential class action liability, as not only do corporate disclosure standards for social media disqualify the platform, but also potential claims of fraud on the market don't hold up when the alleged harm was not common to all shareholders, says Nessim Mezrahi at SAR.

  • Transforming Law Firms' Diversity Intent Into Real Progress

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    In order for law firms to convert their diversity and inclusion activity into lasting advancements, they must prioritize accountability and transparency when crafting policies, and take steps to engage with attorneys and staff at all levels, say Jacqueline Simonovich at Weintraub Tobin and Lindsey Mignano at Smith Shapourian.

  • SEC's Climate Disclosure Proposal May Overburden Cos.

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    The U.S. Securities and Exchange Commission's recently proposed climate disclosure rules would compel public companies to incur significant compliance costs and create new challenges as they implement robust monitoring, accounting, auditing, planning and governance practices to satisfy the new requirements, say Heather Palmer and Sonia Barros at Sidley.

  • Evaluating Market Efficiency Arguments In Class Certification

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    Sjunde Ap-Fonden v. Goldman Sachs, an ongoing investor class action in New York federal court, highlights the drawbacks of fighting class certification on the basis of market efficiency, and how price impact and damages arguments may better serve securities defendants, say Narinder Walia at Crowninshield Financial Research and Micah Officer at Loyola Marymount University.

  • Opinion

    Justices Must Apply Law Evenly In Shadow Docket Rulings

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    In recent shadow docket decisions, the U.S. Supreme Court has inconsistently applied the requirement that parties demonstrate irreparable harm to obtain injunctive relief, which is problematic for two separate but related reasons, says David Hopkins at Benesch.

  • US Investors Stand To Benefit From Brazil's New Forex Law

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    Brazil's New Foreign Exchange Law facilitates negotiations and reduces bureaucracy for foreign investments, making it a good time for U.S. investors looking for projects with a positive environmental, social and governance impact to allocate funds to Brazilian energy and infrastructure, say Jorge Kamine and Juliana Pimentel at Willkie.

  • Tips For Negotiating Litigation Funding Agreements

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    Allen Fagin and Ralph Sutton at Validity Finance break down the key components of litigation funding term sheets — from return calculations to funder involvement — and explain what law firm leaders should keep in mind when negotiating these provisions.

  • Roundup

    Employer's Agenda

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    In this Expert Analysis series, in-house employment attorneys discuss the most important issues companies and counsel should plan for amid the current business landscape, and offer practical advice for how to address the year's unique challenges.

  • Russia Sanctions Usher In New Age Of Economic Warfare

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    The unprecedented scale of new Russian sanctions and coordination between allies since Russia’s invasion of Ukraine are harbingers of increasingly weaponized regulations, trade realignment and geopolitical divisions, which may lead to greater uncertainty for multinational companies' compliance programs, says Michael Watt at Kroll.

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