Securities

  • October 22, 2024

    Blink Investor Deal Gets Final OK, Attys Score $1.25M Fee

    A Florida federal judge has granted final approval to a $3.75 million settlement between electric-vehicle charging station operator Blink Charging Co. and a proposed class of investors who alleged the company mischaracterized the functionality of its charging network.

  • October 22, 2024

    Big Banks Say Yearslong Libor Suit Still Lacks Evidence

    Bank of America, Merrill Lynch and more than a dozen other large banks have urged a federal judge to dismiss the remaining claims in multidistrict litigation accusing them of manipulating Libor, arguing that the plaintiffs have failed to bring sufficient evidence in the 13 years since they filed suit over the once-critical benchmark interest rate.

  • October 22, 2024

    Activist Short Seller's Associate To Pay $1.8M In SEC Fraud Suit

    The U.S. Securities and Exchange Commission announced Tuesday that an associate of Andrew Left, founder of popular trading advice website Citron Research, has agreed to pay more than $1.8 million to resolve allegations that he negligently took part in a scheme to defraud readers through two trading recommendations.

  • October 22, 2024

    AMC Fights Insurer Bid For Toss Of $99.3M Settlement Claim

    AMC Entertainment has asked a Delaware judge to summarily toss four insurers' refusals to approve a $99.3 million claim for losses related to the theater chain's settlement with stockholders after the company settled a battle over a preferred share conversion and reverse stock split.

  • October 22, 2024

    Fintech Co. Ryvyl Investors' Accounting Fraud Suit Trimmed

    Executives of fintech company Ryvyl Inc. have shed some claims from an investor suit accusing them of concealing accounting problems, with a California federal judge ruling that the investors have not sufficiently pled that the defendants knowingly acted recklessly or committed wrongful acts.

  • October 22, 2024

    Pharma Co. Verrica Faces Derivative Suit Over FDA Inspection

    Current and former officers and directors of dermatological medication maker Verrica Pharmaceuticals Inc. face a shareholder derivative action alleging the company concealed a "litany of issues" with a manufacturer's facility that ultimately delayed U.S. Food and Drug Administration approval for a skin treatment.

  • October 22, 2024

    Hertz Board Panel Takes Control Of Shareholder Buyback Suit

    Delaware's chancellor has granted a Hertz Global Holdings Inc. board special committee's request to investigate stockholder-filed derivative claims challenging the fairness of $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position, in a ruling that also sidelined related direct damage claims.

  • October 22, 2024

    Ohio Pension Funds Say Boeing Puts Profits Over Safety

    Two Ohio pension funds joined a Virginia federal lawsuit accusing Boeing executives and board members of putting profits over safety and regulatory compliance, causing a series of catastrophes and losing millions of dollars for investors, the Ohio Attorney General's Office said Tuesday.

  • October 22, 2024

    Crypto Bills Have Lame Duck Potential, Rep. Hill Says

    The chair of the U.S. House's digital asset subcommittee said Tuesday he is "still optimistic" a market structure bill for crypto and a framework for so-called stablecoins might move forward in some way during the upcoming lame duck session of Congress.

  • October 22, 2024

    Liquidators Of Cayman Investment Firm Seek Ch. 15

    The liquidators of Cayman Islands-based investment firm Canterbury Securities have filed for Chapter 15 recognition in New York bankruptcy court on Monday, following a dispute with another firm over a $20 million share sale that Canterbury allegedly appropriated.

  • October 22, 2024

    SEC Fines 4 Cos. Over SolarWinds Breach Disclosures

    The U.S. Securities and Exchange Commission on Tuesday announced penalties totaling nearly $7 million against four tech companies it accused of downplaying the impact of cybersecurity breaches tied to foreign state actors that infiltrated software sold by SolarWinds Corp. 

  • October 22, 2024

    Meta Escapes Child Protection Investor Suit For Good

    A California federal judge on Tuesday threw out a lawsuit alleging Meta Platforms misled investors about its efforts to protect children from sexual predators, holding that the social media giant's so-called "half-truths" are not actionable under securities laws.

  • October 22, 2024

    Starbucks Shareholder Sues Execs Over $890M Buyback

    A Starbucks Corp. shareholder on Monday accused the coffee giant's former CEO and current and former company directors — including Microsoft CEO Satya Nadella — of misleading investors about future growth and revenues, resulting in a stock buyback program that was allegedly inflated by more than $227 million.

  • October 22, 2024

    Day Trader Seeks Early Win In Verifone Insider Trading Suit

    A day trader moved for an early win in a U.S. Securities and Exchange Commission insider trading case alleging the trader was tipped off by a former Francisco Partners consultant about the firm's $3.4 billion purchase of Verifone Systems Inc., arguing there is no evidence that he knew he received material nonpublic information, let alone traded on it.

  • October 22, 2024

    How Law Firms Get And Keep Elite Status

    For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.

  • October 22, 2024

    The 2024 Prestige Leaders

    Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.

  • October 22, 2024

    In-House Counsel For Veeva, SingleStore Joins Stoel Rives

    Stoel Rives LLP has hired the former in-house counsel for technology companies SingleStore and Veeva Systems Inc. in Boise, Idaho, positioning the firm to better serve the increasing demand for sophisticated transactional representations in the area.

  • October 22, 2024

    MVP: Bernstein Litowitz's Jeroen van Kwawegen

    Jeroen van Kwawegen, head of Bernstein Litowitz Berger & Grossmann LLP's corporate governance practice, convinced a Delaware court to nullify Elon Musk's $55 billion Tesla compensation package and secured a historic $1 billion settlement for Wells Fargo investors, earning him a spot as one of the 2024 Law360 Securities MVPs.

  • October 22, 2024

    Real Estate Exec Guilty Of $77M WeWork Stock Fraud

    A Manhattan federal jury on Tuesday convicted the former CEO of real estate investment firm Arciterra for trying to manipulate the price of WeWork stock via a $77 million tender offer on the cusp of the office-sharing company's bankruptcy filing in late 2023.

  • October 21, 2024

    EV Charging Co. Defeats Investor Suit Over Merger Statements

    A California federal judge on Monday threw out, for good, an investor suit accusing electric-vehicle charging company Volta Inc. of making false and misleading statements around the time of its merger, finding once again that the investors failed to show how the statements were actually false and misleading.

  • October 21, 2024

    $77M WeWork Bid Was Fraud 'From Beginning To End,' Jury Told

    New York federal prosecutors made their final pitch on Monday to jurors weighing the fate of the former CEO of real estate investment firm Arciterra accused of manipulating the market through a bogus $77 million tender offer to take control of WeWork, saying it was a sophisticated fraud and not a real play for control of the company.

  • October 21, 2024

    SEC To Focus On Advisers' Investment Outsourcing In '25

    U.S. Securities and Exchange Commission examiners are poised to generally stay the course with their exam priorities in the coming year, with a particular focus on investment advisers that outsource their investment functions, according to a report released Monday.

  • October 21, 2024

    NYSE, Cboe Win SEC Approval For Bitcoin ETP Options

    The U.S. Securities and Exchange Commission has given the New York Stock Exchange and Cboe Global Markets permission to list and trade options of certain bitcoin exchange-traded products, following the long-anticipated approval of the ETPs themselves at the start of this year.

  • October 21, 2024

    WisdomTree Will Pay $4M To End SEC ESG Fund Allegations

    WisdomTree Asset Management Inc. on Monday agreed to pay $4 million to settle allegations by the U.S. Securities and Exchange Commission that the adviser made misstatements concerning exchange-traded funds focused on environmental, social and governance causes.

  • October 21, 2024

    SEC, CFTC Chairs Talk Crypto, AI & Wall Street Texting Sweep

    The leaders of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission appeared before an audience of top financial professionals Monday to discuss the future of cryptocurrency and artificial intelligence regulations and to defend against accusations that ongoing probes of brokers' use of off-channel communications were too harsh.

Expert Analysis

  • New Laws, Regs Mean More Scrutiny Of Airline Carbon Claims

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    Recent climate disclosure laws and regulations in the U.S. and Europe mean that scrutiny of airlines' green claims will likely continue to intensify — so carriers must make sure their efforts to reduce carbon emissions through use of sustainable aviation fuel, hydrogen and carbon offsets measure up to their marketing, say attorneys at Morgan Lewis.

  • Recruitment Trends In Emerging Law Firm Frontiers

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    BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.

  • 4 Tips For Drafting Earnouts To Avoid Disputes

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    Amid slowed merger and acquisition activity, buyers and sellers are increasingly turning to earnout provisions to get deals done, but these must be carefully drafted to avoid interpretative differences that can lead to later disputes, say attorneys at Cooley.

  • Series

    Glassblowing Makes Me A Better Lawyer

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    I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.

  • What DOL Fiduciary Rule Means For Private Fund Managers

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    Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.

  • Best Practices For Chemical Transparency In Supply Chains

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    A flurry of new and forthcoming regulations in different jurisdictions that require disclosure of potentially hazardous substances used in companies' products and processes will require businesses to take proactive steps to build chemical transparency into their supply chains, and engage robustly and systematically with vendors, says Jillian Stacy at Enhesa.

  • What 11th Circ. Fearless Fund Ruling Means For DEI In Courts

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    The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.

  • Money, Money, Money: Limiting White Collar Wealth Evidence

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    As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.

  • Unpacking The Latest Tranche Of Sanctions Targeting Russia

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    Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.

  • How Associates Can Build A Professional Image

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    As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.

  • Considerations For Cooperation Contracts In Loan Trades

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    Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.

  • Emerging Trends In ESG-Focused Securities Litigation

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    Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.

  • Firms Must Rethink How They Train New Lawyers In AI Age

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    As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.

  • Next Steps After 5th Circ. Nixes Private Fund Adviser Rules

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    The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.

  • Think Like A Lawyer: Always Be Closing

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    When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.

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