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Securities
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August 05, 2024
GM Slams Investors' Suit Alleging AV Tech Lapses
General Motors has asked a Michigan federal court to dismiss a proposed securities fraud class action alleging it downplayed safety concerns about its autonomous vehicle technology, arguing the investors have contorted definitions of safety terms to bolster the suit.
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August 05, 2024
Spectrum, Assertio Hit With Double-Derivative Suit In Del.
Former Spectrum Pharmaceuticals Inc. shareholders sued the company and its acquirer Assertio Inc. in Delaware's Court of Chancery on Monday, asserting double-derivative claims in connection with Spectrum's alleged misleading of investors regarding its development of the lung-cancer drug poziotinib.
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August 05, 2024
Centessa Beats Shareholder Suit Over Kidney Drug
A New York federal judge has tossed a shareholder lawsuit alleging that Centessa Pharmaceuticals PLC overstated the prospects of its kidney disease treatment ahead of the drugmaker's initial public offering, saying the plaintiffs have failed to allege any actionable misleading statements or omissions.
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August 05, 2024
Thompson Hine Adds Securities Pro To Biz Litigation Practice
Thompson Hine LLP is strengthening its business litigation practice in New York, with the addition of a former enforcement attorney for the U.S. Securities and Exchange Commission who most recently served as co-chair of Fox Rothschild LLP's securities industry, private equity and investment management, and white-collar criminal defense and regulatory compliance practices, the firm announced Monday.
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
Dems Urge CFTC To Finalize Elections Trading Ban
A group of Democratic lawmakers urged the U.S. Commodity Futures Trading Commission on Monday to finalize and implement its proposed rule to ban trading on the outcome of elections.
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August 02, 2024
JPMorgan Says CFPB May Bring Enforcement Case Over Zelle
JPMorgan Chase & Co. said Friday the Consumer Financial Protection Bureau may lodge an enforcement action against the bank over the peer-to-peer payment platform Zelle, which has been chided as a vehicle for scammers, and that the bank may consider litigating the matter.
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August 02, 2024
Health Tech Co. Beats Investor Data Platform Fraud Claim
A healthcare technology company has escaped an investor suit challenging the existence of a data platform it touted, as a Connecticut federal judge found a former employee's assertions at the center of the proposed class action weren't enough to show the company knowingly misled investors about the offering.
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August 02, 2024
BigLaw Insurer Calls FirstEnergy Ruling Threat To Privilege
The Attorneys' Liability Assurance Society and the U.S. Chamber of Commerce threw their support Friday behind FirstEnergy's call for the Sixth Circuit to block investors' access to internal investigative documents produced by two BigLaw firms after a $1 billion bribery scandal became public.
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August 02, 2024
Del. Chancellor Presses Tesla On Musk Pay Salvage Scheme
Delaware's chancellor pointed Friday to "zero cases under Delaware law" where stockholders were allowed to ratify a corporate act that had been found to be a breach of fiduciary duty, asking an attorney for Tesla Inc. why she should allow the company to use a post-verdict vote to resurrect Elon Musk's $56 billion stock-based compensation plan.
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August 02, 2024
Glancy Prongay To Rep Investors In Landslide Risks Suit
Glancy Prongay & Murray LLP will represent a proposed class of investors in consolidated litigation alleging a Colorado-based mining company's unsafe practices precipitated a landslide, hurting investors when its trading prices dropped.
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August 02, 2024
Unnamed Auditor Suing PCAOB Ordered To Disclose Identity
A Washington, D.C., federal judge has ordered an anonymous auditor to disclose their identity in their constitutional challenge attacking the Public Company Accounting Oversight Board amid their disciplinary proceedings, ruling Friday disclosure won't reveal any sensitive information and won't have a chilling effect deterring future litigants from suing the board.
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August 02, 2024
Bed Bath & Beyond Accuses Gamestop CEO Of Insider Trading
The bankrupt big-box housewares retailer once known as Bed Bath & Beyond Inc. sued GameStop CEO Ryan Cohen and his company RC Ventures LLC in New York federal court Thursday, seeking to recover $47 million that it says the defendants made from insider trading not long before the company went belly-up.
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August 02, 2024
Industry Backs Commonwealth's Appeal Of SEC's $93M Win
The Financial Services Institute is calling on the First Circuit to overturn the U.S. Securities and Exchange Commission's $93 million victory against member firm Commonwealth Financial Network, arguing the lower court's disgorgement analysis undermines a U.S. Supreme Court decision and leaves other investment advisers fearing "outsized" enforcement actions.
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August 02, 2024
Judge OKs Conn. Furniture Company's $615K Stock Suit Deal
A Connecticut federal judge has given a preliminary nod to a $615,000 settlement between The Lovesac Co., a Connecticut-based furniture maker, and a group of investors angry over financial moves that they say caused the company's stock to slip.
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August 02, 2024
Investors Say Water Vending Co. Ran $100M Ponzi Scheme
A group of investors alleges that a Washington water-vending machine company bilked them out of more than $100 million in a Ponzi scheme by promising double-digit returns from a growing franchisee network serving Family Dollar stores and other locations.
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August 02, 2024
Wells Fargo's AML, Sanctions Programs Facing Investigation
Wells Fargo & Co. has said it is facing scrutiny from "government authorities" over issues with its anti-money laundering and sanctions compliance programs, further noting it is in talks with the U.S. Securities and Exchange Commission to settle an investigation into its investment account cash sweep offerings.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
Adviser Wants Fraud Settlement Nixed, Says Fla. Broke Deal
A retirement financial adviser is urging a Florida state court to overturn a settlement with the state's Office of Financial Regulation in an unregistered-securities lawsuit, saying the agency breached the confidential agreement by disclosing why a receiver demanded nearly $800,000 in clawbacks over alleged fraudulent transfers.
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August 02, 2024
Feds Want 30 Years For Bitcoin Fog Crypto Mixer Operator
Federal prosecutors asked a Washington, D.C., federal judge to sentence the convicted operator of the Bitcoin Fog crypto mixing service to 30 years and impose a $100,000 fine given he allegedly knowingly profited from a privacy service that "catered to criminals."
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August 02, 2024
Auto Parts Co. To Pay $2.9M To End 401(k) Class Action
Auto parts manufacturer Magna International agreed to pay $2.9 million to end a class action alleging it cost employees millions of dollars in retirement savings because it failed to remove flawed investment options from its retirement plan, workers told a Michigan federal court.
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August 02, 2024
Ex-Dropbox Exec Says JPMorgan Can't Block Arbitration
A billionaire co-founder of the file sharing platform Dropbox has asked a California federal court to declare that he can take a JPMorgan wealth management unit to arbitration for more than $225 million in damages he says he suffered at the hands of an investment adviser who previously worked for units of First Republic Bank that JPMorgan acquired last year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Five Below Hit With Investor Suit Over Growth Potential
Discount retail chain Five Below has been sued by investors claiming its executives misled investors about the growth potential of its stores, causing stock prices to tumble.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
Expert Analysis
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
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Recent Wave Of SEC No-Action Denials May Be Slowing
The U.S. Securities and Exchange Commission in March granted no-action relief to Verizon and others on the grounds that a director resignation bylaw proposal would mean violating Delaware law, bucking recent SEC hesitation toward such relief and showing that articulating a basis in state law is a viable path to exclude a proposal, say attorneys at Winston & Strawn.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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10b-5 Litigation Questions Follow Justices' Macquarie Ruling
Last month, the U.S. Supreme Court held in Macquarie v. Moab that pure omissions are not actionable under U.S. Securities and Exchange Commission Rule 10b–5(b), creating a slightly higher bar for plaintiffs and setting the stage for further litigation over several issues, say Steve Quinlivan and Sean Colligan at Stinson.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.