Securities

  • November 21, 2024

    Gaetz Ends AG Bid, Citing 'Distraction' To Trump Transition

    Former U.S. Rep. Matt Gaetz withdrew his name from consideration Thursday as President-elect Donald Trump's nominee for attorney general amid allegations of sexual misconduct and drug use.

  • November 21, 2024

    Chewy Investors Sue BC Partners In Del. Over PetSmart Deal

    British international investment giant BC Partners exploited its control of online pet product retailer Chewy Inc. when a BCP affiliate merged into Chewy after divesting its interest in PetSmart Inc., saddling Chewy with a potential $1.9 billion post-deal tax liability, according to a new Delaware Court of Chancery complaint.

  • November 20, 2024

    SEC Cooperators More Likely To See Pay Reprieve In 2024

    The U.S. Securities and Exchange Commission's recent emphasis on cooperation seems to have paid off for both the agency and some of the entities it regulates, according to a report released Thursday, which found that more public companies entered into nonmonetary settlements with the SEC in fiscal year 2024 than in any year over the previous decade.

  • November 20, 2024

    Musk, Ramaswamy Say High Court Rulings OK Federal Cuts

    Billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, President-elect Donald Trump's picks to lead a newly created "Department of Government Efficiency," on Wednesday said two recent U.S. Supreme Court rulings will give them the authority to cut off power to regulatory agencies and conduct massive federal layoffs.

  • November 20, 2024

    Lululemon Execs Hit With Derivative Suit Over DEI Program

    Lululemon leadership was hit with a shareholder derivative suit Wednesday claiming they made false statements related to the company's new "Inclusion, Diversity, Equity and Action" program that artificially boosted the company's stock price and also concealed problems with the company's inventory allocation.

  • November 20, 2024

    Adani Group Chairman Charged In Sprawling Bribery Case

    Prosecutors unsealed a sprawling criminal indictment in New York federal court Wednesday, accusing Adani Group Chairman Gautam S. Adani and seven others of orchestrating a $250 million bribery scheme to secure lucrative Indian government renewable energy contracts, while misleading investors about the Adani Group subsidiary's dealings.

  • November 20, 2024

    Ex-Pharma CEO Demands Legal Fees For SEC Probe

    Cancer treatment development company Eagle Pharmaceuticals Inc.'s founder and ex-CEO told Delaware's Chancery Court Wednesday that he is entitled to legal fees he says the company owes him in connection with a U.S. Securities and Exchange Commission probe into the company's accounting practices, saying he continues to incur fees in addition to the $875,000 he has already requested.

  • November 20, 2024

    5 Charged For 'Scattered Spider' Phishing Hacks, Crypto Theft

    California federal prosecutors unveiled a criminal case Wednesday accusing five alleged members of the "Scattered Spider" cybercrime group of using a phishing scheme to access the confidential data of media and technology companies and steal $11 million worth of cryptocurrency from digital wallets.

  • November 20, 2024

    FDIC Says BofA Deliberately Underpaid For Deposit Insurance

    A D.C. federal judge on Wednesday weighed the Federal Deposit Insurance Corp.'s $1.1 billion unjust enrichment suit against Bank of America, promising to rule shortly on competing summary judgment motions in the years-long proceeding, but not tipping her hand as to how she might ultimately come down.

  • November 20, 2024

    Ex-Wells Fargo Adviser Admits To Stealing $3M From Clients

    A former Wells Fargo broker and investment adviser admitted on Wednesday to stealing more than $3 million from his clients and customers and using the money for, among other things, buying gold coins, New Jersey federal prosecutors said.

  • November 20, 2024

    Bumble Brass Fumbled App Revamps, Investor Suit Says

    Current and former brass of dating app Bumble's parent company face shareholder derivative claims that they projected overconfidence about revamping its app, then saw trading prices crater when Bumble lowered its 2024 growth projections amid the tinkering.

  • November 20, 2024

    Xerox Faces Investor Suit Over 'Reinvention' Strategy

    Business technology company Xerox Inc. has been hit with a proposed shareholder class action in New York federal court alleging the company's stockholders were harmed by a "reinvention" strategy it introduced in 2023 that yielded lower sales and revenue.

  • November 20, 2024

    Advance Notice Bylaw Measures Fuel Chancery Battle

    Arguing that recent corporate advance notice bylaws have resulted in "real, actual harm" to stockholders of Owings Corning and The AES Corp., attorneys for shareholders of both urged a Delaware vice chancellor on Wednesday to reject calls to dismiss challenges to the measures.

  • November 20, 2024

    Scotts Miracle-Gro Leaders Sued Over Post-Pandemic Glut

    Executives, directors and an heir to the CEO of consumer gardening giant The Scotts Miracle-Gro Co. face a shareholder derivative action alleging the company flooded its sales channels with post-pandemic excess inventory as it struggled to avoid defaulting on its debt.

  • November 20, 2024

    Wells Fargo Must Turn Over E-Docs In TelexFree Litigation

    A Massachusetts magistrate judge on Wednesday ordered Wells Fargo Advisors LLC to hand over electronic files maintained by a compliance manager who investigated potential misconduct by an employee handling accounts of TelexFree associates under investigation in a $3 billion Ponzi scheme.

  • November 20, 2024

    $2.6M Deal Proposed To End Chancery Lottery.com Suit

    Five executives of the special purpose acquisition company that took Lottery.com public have reached a $2.6 million settlement with company shareholders to resolve claims that the 2021 take-public deal misled investors about the potential value of the business.

  • November 20, 2024

    Hinshaw Brings On Ex-JPMorgan Counsel From Ballard Spahr

    A Ballard Spahr LLP attorney and former in-house counsel for JPMorgan Chase & Co. has joined Hinshaw & Culbertson LLP as a partner in the firm's consumer financial services practice group in New York, where he will advise banks, lenders and fintechs on state and federal regulations, compliance matters and litigation.

  • November 20, 2024

    Firms For Ohio Funds Aim To Steer ZoomInfo Investor Suit

    Two Ohio retirement funds asked a Washington federal judge to name their attorneys from Labaton Keller Sucharow LLP and Byrnes Keller Cromwell LLP as lead counsel and liaison counsel in investor claims brought against ZoomInfo Technologies Inc. over its allegedly misguided attempts to maintain a pandemic-era customer boom.

  • November 20, 2024

    Biden Bank Regulators Punt Big-Ticket Rulemakings To Trump

    Top Biden administration banking regulators told House lawmakers on Wednesday that they don't plan to move forward on efforts to strengthen banks' requirements for capital, liquidity or long-term debt before President-elect Donald Trump takes office, although the Federal Reserve's supervision chief said he's not leaving anytime soon. 

  • November 20, 2024

    Archegos Founder Gets 18 Years For Massive Market Fraud

    Bill Hwang, the founder of collapsed hedge fund Archegos, was sentenced Wednesday to 18 years in prison after he was convicted of lying to banks in order to secure billions of dollars in loans used to manipulate the market.

  • November 20, 2024

    Cleary Hires Milbank Atty For Capital Markets Team

    Cleary Gottlieb Steen & Hamilton LLP announced the addition of a former Milbank LLP transactional attorney to its New York office on Wednesday, saying she will be an asset for its capital markets clients.

  • November 20, 2024

    Bankman-Fried Tech Deputy Who Parsed Code Avoids Prison

    A Manhattan federal judge allowed tech expert Zixiao "Gary" Wang to avoid jail Wednesday for his role in the $11 billion FTX fraud, crediting his effort to detail programming "back doors" that enabled Sam Bankman-Fried to loot the bankrupt crypto exchange.

  • November 19, 2024

    Pfizer Unit Can't Get $75M Left In Insider Trading Deal Fund

    A New York federal judge Tuesday agreed with the U.S. Securities and Exchange Commission that roughly $75.2 million leftover in settlement funds should be transferred to the U.S. Treasury — not a Pfizer subsidiary — now that distribution of the $602 million insider trading deal has concluded.

  • November 19, 2024

    Ex-OpenSea Staffer Says Insider Trading Verdict Must Fall

    A former OpenSea manager accused of insider trading from digital tokens sold on his employer's platform urged the Second Circuit Tuesday to overturn his conviction, saying his ideas about what to feature on his company's website cannot be construed as property.

  • November 19, 2024

    11th Circ. Weighs Whether Tornado Cash Sanctions Overreach

    An Eleventh Circuit panel on Tuesday dove deep into the mechanisms of cryptocurrency mixing service Tornado Cash as the judges weighed whether government sanctions intended to curb illicit finance on the protocol are permitted under the law.

Expert Analysis

  • 5 Ways Life Sciences Cos. Can Manage Insider Trading Risk

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    In light of two high-profile insider trading jury decisions against life sciences executives this year, public companies in the sector should revise their policies to account for regulators' new and more expansive theories of liability, says Amy Walsh at Orrick.

  • Series

    A Day In The In-House Life: Narmi GC Talks Peak Productivity

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    On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.

  • How Ripple Final Judgment Fits In Broader Crypto Landscape

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    The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Series

    After Chevron: SEC Climate And ESG Rules Likely Doomed

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    Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.

  • Assessing Whether Jarkesy May Limit FINRA Prosecutions

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    The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.

  • Series

    Being An Opera Singer Made Me A Better Lawyer

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    My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.

  • Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU

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    Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • 6 Considerations To Determine If A Cyber Incident Is Material

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    The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.

  • Opinion

    Litigation Funding Disclosure Key To Open, Impartial Process

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    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • Carbon Offset Case A Win For CFTC Enviro Fraud Task Force

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    An Illinois federal court's decision in Commodity Futures Trading Commission v. Ikkurty — earning the CFTC a sizeable monetary award that will likely incentivize similar enforcement pursuit — shows the impact of the commission's Environmental Fraud Task Force, say attorneys at Steptoe.

  • RealPage Suit Shows Growing Algorithm, AI Pricing Scrutiny

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    The U.S. Department of Justice's suit against RealPage for helping fix rental rates, filed last week, demonstrates how the use of algorithmic and artificial intelligence tools to assist with pricing decisions is drawing increasing scrutiny and action across government agencies, and specifically at the Federal Trade Commission and the DOJ, say Andre Geverola and Leah Harrell at Arnold & Porter.

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

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