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Capital Markets
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March 11, 2025
Conservative Outlet Newsmax Eyes $75M Go-Public Offering
Newsmax Inc. said on Tuesday it plans to raise up to $75 million in a scaled-down alternative to a traditional initial public offering, represented by Sheppard Mullin Richter & Hampton LLP, a potential debut for the conservative media company in public markets.
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March 11, 2025
Zillow Investors Urge 9th Circ. To Uphold Class Certification
A class of Zillow Group Inc. investors told the Ninth Circuit to reject the property listing company's bid to overturn the class certification of their suit accusing the company of making misleading statements about its home-flipping program and causing stock prices to drop.
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March 11, 2025
BigLaw Firms Join To Support Del. Corporate Law Changes
Twenty-one law firms with Delaware corporate practices have jointly endorsed pending state legislation, S.B. 21, that aims to narrow stockholder avenues for challenging corporate acts and clarify the definition of company controllers.
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March 11, 2025
NYC Workers Can't Revive Fossil Fuel Divestment Challenge
A New York state appeals court refused Tuesday to reopen a lawsuit claiming several New York City pension plans unlawfully put politics over municipal employees' financial needs by divesting $3.9 billion from fossil fuels, backing a trial court's determination that the workers hadn't shown their benefits were affected.
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March 11, 2025
Couche-Tard Knocks 7-Eleven Strategy In Push For Takeover
Alimentation Couche-Tard Inc. is doubling down on its commitment to acquire 7-Eleven parent company Seven & i Holdings Co., criticizing the Japanese retail giant's latest strategic plans for a U.S. IPO and its "limited" engagement on Couche-Tard's buyout efforts.
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March 10, 2025
Illinois Judge Floats Sanctions In Akorn Mootness Fee Fight
An Illinois federal judge signaled Tuesday that he was open to sanctions including a mandatory violation disclosure against plaintiffs' counsel as he continues navigating a challenge to so-called mootness fees paid to settle and dismiss allegedly baseless Akorn Inc. merger disclosure suits.
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March 10, 2025
Binance, Ex-CEO Urge Arbitration Of Crypto Investor Suit
Binance and its former CEO Changpeng Zhao asked a Florida federal judge to send a suit launched by a proposed class of investors to arbitration, arguing the suit's amended claims fall under the parties' arbitration agreement, and the investors cannot try to avoid arbitration by dropping one of the defendants.
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March 10, 2025
Masimo Founder Urges Toss Of 'Empty Voting' Suit
The founder of Masimo Corp. has urged a New York federal court to permanently toss the medical technology company's suit alleging he manipulated a shareholder vote, arguing that the suit fails to state a plausible claim under the Exchange Act.
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March 10, 2025
Split SEC Pulls Subpoena Authority From Enforcement Head
A divided U.S. Securities and Exchange Commission on Monday withdrew a 15-year-old policy that allowed the director of enforcement to greenlight new investigations and approve the issuance of subpoenas, leaving the decision squarely in the hands of the agency's Republican majority.
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March 10, 2025
Calif. Pharma Exec Pleads Guilty To Insider Trading
A California medical doctor has pled guilty to insider trading in the securities of biopharmaceutical company Acadia Pharmaceuticals Inc. while serving on Acadia's drug safety team, admitting to trading on confidential information that helped him avoid $1.3 million in losses.
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March 10, 2025
OCC Nixes Supervisory Hurdle For Banks' Crypto Biz
The Office of the Comptroller of the Currency has told banks that they no longer need to obtain a nonobjection from the regulator to push forward with crypto plans, reaffirming interpretations issued under the first Trump administration and rescinding a Biden-era supervisory requirement for crypto activities.
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March 10, 2025
Latham-Led Physical Therapy Startup Hinge Health Files IPO
Artificial intelligence-focused physical therapy startup Hinge Health Inc. on Monday filed plans for an initial public offering, represented by Latham & Watkins LLP and underwriters counsel Davis Polk & Wardwell LLP, joining a growing number of IPO prospects.
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March 10, 2025
MicroStrategy Seeks To Raise $21B To Buy More Bitcoin
MicroStrategy Inc. on Monday filed plans to raise up to $21 billion from equity sales in order to buy more bitcoin, potentially bolstering its stockpile of the flagship digital currency, represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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March 10, 2025
Feds Sue FDIC For $1.9M For First Republic Tax Bill
The U.S. government sued the Federal Deposit Insurance Corp. in D.C. federal court as receiver for the failed First Republic Bank, alleging the bank understated its withholding tax for U.S.-sourced income of foreigners and now owes almost $2 million to the federal government.
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March 10, 2025
Money Manager Can't Block Alleged Client Poach, Judge Says
Connecticut investment firm TJT Capital Group LLC has not demonstrated that it will suffer irreparable harm without a temporary restraining order that bars a former member from using client information he allegedly misappropriated, a federal judge has ruled in denying the request.
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March 10, 2025
Fintech-Focused SPAC Titan Acquisition Files $240M IPO
Special purpose acquisition company Titan Acquisition Corp. on Monday detailed plans to raise up to $240 million in its initial public offering, with the goal of merging with a company in the finance and tech-enabled services industries.
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March 10, 2025
SEC Leaves Meme Coin Fraud For Other Cops To Chase
The U.S. Securities and Exchange Commission staff's decision to say that so-called meme coins are beyond the agency's purview is a welcome change from past practices, experts say, but the devil is in the details when it comes to policing fraud and helping consumers recover when projects go bust.
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March 07, 2025
FINRA Says High Court Appeal Shouldn't Stop Broker's Case
The Financial Industry Regulatory Authority told the U.S. Supreme Court on Friday that it would like to move forward with disciplinary proceedings against a broker currently challenging the organization's constitutionality before the high court, arguing that the broker doesn't face the immediate harm of expulsion from the industry while the case is pending.
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March 07, 2025
SEC Reopens Defunct Broker's Decade-Old NYSE Appeal
The U.S. Securities and Exchange Commission has issued a lengthy order reopening disciplinary proceedings against a clearing broker penalized by the New York Stock Exchange more than a decade ago, saying certain short trades may not have been prohibited by a recession-era trading freeze.
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March 07, 2025
Cloud Network Co. Brass Face Suit Over Lockdown-Era Glut
Officers and directors of cloud-based computer networking equipment maker Extreme Networks Inc. face shareholder derivative claims that they hurt investors by concealing how a glut of COVID-19 lockdown-era customer orders cast a yearslong shadow on its revenue.
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March 07, 2025
Goodyear Must Include Microplastic Proposal In Proxy
The U.S. Securities and Exchange Commission has rejected Goodyear Tire & Rubber Co.'s bid to exclude from its annual proxy statement a shareholder proposal calling for goals and timelines related to reducing tire wear shedding and subsequent microplastic pollution.
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March 07, 2025
Oscar Health Beats Shareholder Suit Over IPO Disclosures
Health insurance company Oscar Health Inc. has escaped a proposed investor class action accusing it of making omissions in its registration statement ahead of its 2021 initial public offering, with the court ruling that the plaintiffs have not shown that the defendants misled investors about the adequacy of Oscar's internal controls.
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March 07, 2025
Robinhood To Pay $30M To Settle FINRA Supervisory Claims
Two Robinhood units on Friday agreed to pay $29.75 million to settle a sprawling series of supervisory and disclosure failures in a case brought by the Financial Industry Regulatory Authority, including that they failed to establish proper protocols to curb money laundering and give customers accurate disclosures about a particular equities strategy.
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March 07, 2025
Tariffs, Diversity And DOGE Dominate Trump 2.0 'Risk Factors'
Public companies are busily reworking risk disclosures since the arrival of President Donald Trump's second administration, seeking to walk a fine line of being upfront with investors about potential threats to business despite vast legal and policy uncertainties.
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March 07, 2025
Pa. Bitcoin Miner Sues In Del. Alleging Host Co. Padlocking
A bitcoin mining venture has sued its western Pennsylvania hosting company in Delaware's Court of Chancery, accusing the host of blocking access to nearly 22,000 mining servers after the venture owners terminated a contract and announced plans to move the equipment.
Expert Analysis
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2024 Election Results May Prove Fortuitous For Family Offices
Thanks to the decisive Republican victories in the 2024 elections, family offices have a unique opportunity for accelerated growth and influence, particularly through the benefits afforded by patient capital, says Edward Taibi at Olshan Frome.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Musk Pay Fight Shows Investor Approval Isn't Universal Cure
The Delaware Court of Chancery's recent denial of a motion revising its prior rescission of Elon Musk's nearly $56 billion compensation package is a reminder of the heightened standard corporate boards must meet in conflicted controller transactions and that stockholder approval doesn't automatically cure fiduciary wrongdoing, say attorneys at A&O Shearman.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Executive Orders That Could Affect Financial Services In 2025
The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.
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'Minimal Participant' Bar Is Tough To Clear For Whistleblowers
Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.
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2024 IPO Market Trends, And What To Expect Next Year
The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.
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A Look At SEC, CFTC's Record Year For Whistleblower Awards
Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.