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Securities

  • December 7, 2018

    Judge Favors Spector Roseman To Lead Stock Drop Suit

    A Florida federal magistrate judge recommended Thursday that Spector Roseman & Kodroff PC be named lead counsel in an investor class action alleging misleading statements by health care administration company Mednax led to drops in its stock price, after choosing the Northern Ireland Local Government Officers' Superannuation Committee in a contest to be lead plaintiff.

  • December 7, 2018

    Investor Seeks Records In Case Against Chinese Music Giant

    An early investor in Chinese music streaming service Tencent Music who claims he was cheated out of an equity stake in the company has asked a New York federal judge to allow him to collect evidence from several U.S. banks for a pending arbitration in China.

  • December 7, 2018

    Student Loan Co. CEO Arrested On Charges Of $28M Fraud

    A California financial services executive was arrested while trying to board a flight out of the country and charged with wire fraud for allegedly running a phony student loan debt relief scheme, the U.S. Department of Justice announced in a statement issued Thursday.

  • December 7, 2018

    2 Firms Nab Lead In 'Channel-Stuffing' Derivative Suits

    Robbins Arroyo LLP and Kessler Topaz Meltzer & Check LLP have been appointed co-lead counsel in Georgia federal court for three consolidated derivative suits accusing executives of a biotechnology company of submitting bogus purchase orders to the Veterans’ Administration to artificially increase its revenue in a “channel-stuffing” scheme.

  • December 7, 2018

    Aegean Marine Announces Tentative Creditor Settlement

    Counsel for Greek marine refueling company Aegean Marine Petroleum Network Inc. told a New York bankruptcy court on Friday that the debtor had reached a tentative global settlement with its unsecured creditors, putting off what was expected to be a contentious hearing on several objections lodged by those creditors.

  • December 7, 2018

    FINRA Exams Suggest Work To Be Done Tailoring Trades

    The Financial Industry Regulatory Authority said Friday in a report telling firms where to focus compliance efforts in the coming year that its market watchdogs continue to see brokers make investment recommendations that are not based on customers’ financial situations or whether they can afford mounting fees.

  • December 7, 2018

    Chinese Cos. Eluding US Scrutiny, Hurting Investors: SEC

    Wall Street regulators issued an unusually strong rebuke Friday of their counterparts in China for continuing to shield reports that could indicate whether public companies based there are playing fairly in U.S. exchanges.

  • December 7, 2018

    Execs Urge No Or Little Prison In $200M Del. Bank Fraud Case

    Four Wilmington Trust executives found guilty in a nearly $200 million federal securities fraud case in May have appealed for no, or little, prison time instead of the up to nine- and 11 ¼-year recommendations issued by prosecutors, according to documents made public on Friday.

  • December 7, 2018

    Authentix Shareholders Challenge Nixed Appraisal Rights

    Shareholders of trade security firm Authentix Inc. contended Friday the Delaware Chancery Court wrongly determined they waived their rights to an appraisal following a private equity takeover, arguing a Delaware corporation cannot use a shareholder agreement to strip rights protected by state law.

  • December 7, 2018

    2nd Circ. Asked To Hear Appeal Of $300M Fees In Forex Deal

    The Second Circuit has been asked to hear an appeal of a New York federal court ruling awarding more than $300 million in attorneys' fees to the firms representing an investor class in securing $2.3 billion in settlements over claims 15 banks plotted to rig benchmark exchange rates in the foreign exchange markets.

  • December 7, 2018

    Colo. Atty Gets 2 More Years For Hiding Cash From Gov't

    A former Denver attorney already serving three years in prison for her role in a $19 million pump-and-dump scheme was resentenced in Connecticut federal court Friday to two more years in jail after hiding cash in a storage locker in an attempt to avoid paying restitution, the U.S. Department of Justice said.

  • December 7, 2018

    Impax Says Investors' Drug Price-Fixing Suit Still Fails

    Impax Laboratories has asked a California federal judge to again quash investors' attempt to revive claims that the generic-drug manufacturer hid news of a federal investigation into whether it was colluding with its competitors to fix the prices of two generic drugs, saying the latest complaint still misses the mark.

  • December 7, 2018

    Bank Slams Bid To Shelter Owner In Jay Peak Fraud Case

    People's United Financial Inc. asked a Florida federal judge Thursday to deny a receiver's bid to protect Ariel Quiros, allegedly the architect of a $350 million EB-5 visa fraud scheme involving Vermont ski resort Jay Peak, saying there is no legal basis to reward Quiros by sheltering him from further claims.

  • December 7, 2018

    Receiver In $7.4M Fraud Case Wants Stalking Horse Bid OK’d

    The court-appointed receiver for a group of companies linked to a Chilean fugitive accused of bilking securities investors out of $7.4 million asked a Florida federal court on Friday to approve BryanDB LLC as a stalking horse bidder for company assets, with an opening bid of $1.5 million.

  • December 7, 2018

    Bulk Of TD Bank Investors' Fraud Claims Survive Bid To Toss

    A New Jersey federal judge upheld the bulk of a proposed class action alleging TD Bank and its executives made filings with the U.S. Securities and Exchange Commission that didn't disclose how certain revenue growth was spurred by illegal business practices, ruling that the investors adequately pled that confidential witnesses supported their claim.

  • December 7, 2018

    Health Hires: Hooper Lundy, King & Spalding, Williams Mullen

    Hooper Lundy & Bookman PC has gained a health care partner from Brown Rudnick LLP and lost another to King & Spalding LLP, Williams Mullen has hired three new health and life sciences attorneys, Nelson Mullins Riley & Scarborough LLP has added a biotech corporate and securities attorney, and Dorsey & Whitney LLP has brought on a new health adviser.

  • December 7, 2018

    Synergy Pharma Looks To Ditch Suit Over Side Effects, Loan

    Synergy Pharmaceuticals Inc. asked a New York federal judge on Thursday to toss an investor suit accusing the company of driving up its stock price by misrepresenting the side effect profile of its flagship medication and the terms of a $300 million private equity loan, saying no misstatements were ever made.

  • December 7, 2018

    Data-Driven Lawyer: Morgan Lewis' J. Kyle Poe

    Morgan Lewis' J. Kyle Poe, a self-proclaimed "elder millennial," created a client management platform to streamline the firm's work in asbestos litigation that is now used across practice areas, making the firm's business more efficient and upping its ability to attract clients through innovative fee arrangements, earning him a spot on our 2018 list of Data-Driven Lawyers.

  • December 7, 2018

    Companies and Investors Trust These Securities MVPs

    Law360's latest crop of Securities MVPs vigorously represented their clients on both sides of the bar, securing landmark decisions and settlements in a complex area of the law. From narrowing the scope of New York's Martin Act and challenging the constitutionality of administrative law judges, to standing up for investors and corporate whistleblowers, these attorneys are at the top of their game.

  • December 7, 2018

    Del. Justices Uphold Fresenius' $4.3B Akorn Merger Drop

    Delaware's Supreme Court on Friday upheld a milestone Chancery Court finding that Fresenius Kabi AG had a right to terminate a $4.3 billion deal for generic-drug developer Akorn Inc., ruling less than two days after appeal arguments that Fresenius’ exit relied on defensible post-signing findings of material troubles at Akorn.

Expert Analysis

  • Will High Court Avoid Deadlock In Lorenzo?

    Susan Hurd

    Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.

  • Blockvest Ruling Reminds Token Issuers To Push Back

    Michael Dicke

    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • Breaking Down SEC’s Risk-Based Exam Initiatives For Funds

    Vincente Martinez

    The U.S. Securities and Exchange Commission last month announced a series of examination initiatives focused on practices and risks relevant to mutual funds and exchange-traded funds. Attorneys with K&L Gates LLP offer takeaways for fund complexes conducting annual compliance reviews.

  • In-House Counsel’s Role As Whistleblower

    Excerpt from Lexis Practice Advisor
    Devika Kewalramani

    In-house attorneys owe a duty of confidentiality to their corporate clients and are obligated to preserve attorney-client privilege. But they are also likely to be exposed to sensitive internal issues, thereby increasing the potential for circumstances where it might be appropriate to "blow the whistle," says Devika Kewalramani of Moses & Singer LLP.

  • Assessing A New Path To Compliance For ICO Issuers

    Meagan Olsen

    The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • Crypto Addresses As OFAC Identifiers

    Maxwell T.S. Thompson

    Last week, the Office of Foreign Assets Control took the significant step of adding two digital currency addresses to its list of identifiers for certain individuals related to an Iranian hacking enterprise. This should immediately alert entities that transact in digital assets, says Maxwell T.S. Thompson of Murphy & McGonigle PC.

  • A Welcome DOJ Shift On Cooperation Credit

    John Nowak

    Changes announced last week by Deputy Attorney General Rod Rosenstein will likely make it easier for a company to obtain cooperation credit in criminal and civil cases, while also potentially reducing some of the costs and burdens associated with complying with the prior U.S. Department of Justice policy, says John Nowak of Paul Hastings LLP.

  • Series

    Judging A Book: Ginsburg Reviews 'The Curse Of Bigness'

    Judge Douglas Ginsburg

    When reading Tim Wu’s new book, "The Curse of Bigness: Antitrust in the New Gilded Age," lawyers, economists and historians will find its broad brush maddening, and the generalist reader will simply be misled, says D.C. Circuit Judge Douglas Ginsburg.