Securities

  • 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.

  • 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.

  • March 07, 2025

    Boeing Investors Certified As Class In 737 Blowout Suit

    A Virginia federal judge on Friday certified a class of Boeing investors in a securities fraud suit accusing the aviation giant of making false statements about the safety of its 737 Max fleet.

  • 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.

  • 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.

  • March 07, 2025

    Bed Bath & Beyond Investors Can't Move Judge On Class Cert.

    Bed Bath & Beyond shares did not trade on an efficient market during the class period, a Washington, D.C., federal judge confirmed again, refusing to reconsider his class certification denial in a suit from the now-bankrupt retailer's investors who alleged they were misled by company executives and a billionaire investor.

  • March 07, 2025

    Investment Adviser Charged In 2-Year Client Swindle Scheme

    Federal prosecutors in Chicago have charged a suburban investment adviser with wire fraud for allegedly stealing thousands of dollars from clients by convincing them to invest in nonexistent business opportunities.  

  • March 07, 2025

    Tulane Panel Clashes Over Activist Investor Motivations

    There's no debate that activist investor campaigns have increasingly taken aim at CEOs, but attorneys on a Friday panel at the annual Tulane Corporate Law Institute were sometimes at odds on the activists' motivations.

  • March 07, 2025

    FINRA Fines Baird For Reg BI Violations At Subsidiary

    Broker-dealer Robert W. Baird & Co. agreed to pay over $650,000 in combined penalties and restitution to settle Financial Industry Regulatory Authority claims that its subsidiary charged excessive fees and violated Regulation Best Interest by enrolling customers in programs they were already paying for.

  • March 07, 2025

    Clifford Chance Adds Ex-Latham Energy Financing Pro In NY

    Energy and infrastructure financing attorney Gianluca Bacchiocchi has returned to Clifford Chance LLP as a partner on its global financial markets team after a four-year run at Latham & Watkins LLP.

  • March 06, 2025

    Trump Executive Order Creates 'Strategic Bitcoin Reserve'

    President Donald Trump on Thursday signed an executive order establishing a "Strategic Bitcoin Reserve" that White House crypto czar David Sacks said would hold Bitcoin forfeited in criminal or civil asset forfeiture proceedings.

  • March 06, 2025

    Frank Wanted Artificial Data To Ensure $175M Deal, Jury Told

    A JPMorgan Chase & Co. engineering executive on Thursday told a Manhattan federal jury that Frank founder Charlie Javice and her deputy asked him to produce artificial data for millions of purported users of the education company's services, in order to induce the bank into buying the startup for $175 million.

  • March 06, 2025

    Amid Court Setbacks, Trump Wants Foes To Foot Legal Bills

    With judges hitting the brakes on the White House's aggressive agenda, President Donald Trump on Thursday vowed to up the ante with his legal adversaries by seeking legal costs and damages if his administration ultimately prevails after initial setbacks in litigation.

  • March 06, 2025

    AppLovin Hit With Suit Over 'Forced Shadow Downloads'

    Technology company AppLovin faces a proposed investor class action alleging it invoked "cutting-edge AI technologies" in touting growth that allegedly resulted from manipulative practices triggering forced shadow downloads of its apps.

  • March 06, 2025

    SEC Urged To Address Impact Of Slack Ruling On Investor Suits

    Investor advocates on Thursday urged the U.S. Securities and Exchange Commission to address the growing number of companies that may be taking advantage of a recent U.S. Supreme Court ruling in order to avoid getting sued after going public.

  • March 06, 2025

    Del. Chancery Fast-Tracks Review Of $8B Paramount Merger

    Delaware's chancellor on Thursday rejected Paramount shareholders' bid for a temporary restraining order that sought to block its proposed $8.2 billion sale to Skydance Media, but she agreed to expedite the proceeding at a "break-neck pace" over breach of fiduciary duty claims involving Paramount's response to an alternative $13.5 billion offer.

  • March 06, 2025

    Crypto Cos. Want Justices To Settle Venue Statute Circuit Split

    A Binance-branded U.S. exchange and affiliated crypto data site CoinMarketCap have asked the U.S. Supreme Court to settle what they call a circuit split over whether a trader must show the firms had contacts in their state, or if ties to the country as a whole are enough to press a manipulation claim under the Commodity Exchange Act.

  • March 06, 2025

    High Court Urged To Toss $22M SEC Disgorgement Order

    An investment advisory firm has asked the U.S. Supreme Court to review a First Circuit ruling that upheld an order for the firm to pay $22 million in disgorgement to the U.S. Securities and Exchange Commission, arguing that courts cannot impose disgorgement when investors have not suffered any financial harm.

  • March 06, 2025

    Fla. Court Told Cannabis Biz Investor Agreed Not To Sue

    The CEO of an Arizona-based cannabis business on Thursday urged a Florida federal court to toss a securities fraud lawsuit brought by an investor alleging an undisclosed $13 million tax liability, saying the investor agreed not to bring claims based on whether critical nonpublic information may have been withheld.

  • March 06, 2025

    Coinbase Investors Ask Court To Lead Direct Listing Suit

    Two new contenders have filed to lead a shareholder class action over crypto exchange Coinbase's direct listing hours after its original lead plaintiff dropped out following the Ninth Circuit's dismissal of a similar case brought against Slack Technologies.

  • March 06, 2025

    Del. Corporate Law Rework Under Pressure At Tulane

    An attorney whose firm largely represents investors and consumers told a corporate law conference in New Orleans on Thursday that the list of plaintiff-friendly rulings that would be effectively overturned by a pending corporation law bill in Delaware "will probably be just as long as the bill itself."

  • March 06, 2025

    E.L.F. Beauty Hit With Investor Suit After Muddy Waters Report

    Cosmetics giant e.l.f. Beauty's shareholders filed a proposed class action in California federal court on Thursday, accusing the company of overstating its revenue while hiding growing inventory issues due to inadequate sales — troubles that investment research firm Muddy Waters revealed in a November report that caused share prices to plunge.

  • March 06, 2025

    As FDIC Walks Back Biden-Era Policies, Bank Groups Applaud

    The financial services industry has welcomed the Federal Deposit Insurance Corp.'s recent moves withdrawing various rule proposals from the Biden administration, delaying the compliance deadline for another measure and proposing to rescind a policy statement on bank mergers. 

  • March 06, 2025

    Trump's FCPA Freeze Puts Coal Exec Bribery Case On Hold

    A coal company executive who was set to go to trial next month on bribery and money laundering charges had his case paused by a Pennsylvania federal judge Thursday, after President Donald Trump signed an executive order in February that froze enforcement of the Foreign Corrupt Practices Act.

  • March 06, 2025

    NJ Judge Open To FCPA Trial Delay, But Unsure How Long

    A federal judge said Thursday that he is inclined to allow the new Trump-appointed U.S. attorney for New Jersey some time to review the long-running criminal case against two ex-Cognizant Technology Solutions Corp. executives before going to trial, but ordered both sides to file detailed briefs by Monday to help him determine just how much time.

Expert Analysis

  • Suggestions For CFTC Enforcement's New Leadership

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    The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.

  • Chancery Ruling Holds Authorized Share Takeaways For Cos.

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    The Delaware Chancery Court’s recent ruling in Salama v. Simon resolved statutory ambiguity in favor of boards seeking authorized share increases, and has important implications for litigators presenting extrinsic evidence in support of contract or statutory interpretation arguments, says Robin Wechkin at Sidley.

  • Opinion

    NFT Bill Needs Refining To Effectively Regulate Digital Assets

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    A recent bill in the U.S. House proposing to regulate nonfungible tokens as digital assets would leave key concepts undefined until the U.S. comptroller general completes an after-the-fact study of NFTs, showing it needs more work before it is comprehensive enough to meaningfully protect the market, say attorneys at Duane Morris.

  • McMahon SEC Settlement Warns Of Nondisclosure's Price

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    The U.S. Securities and Exchange Commission's recent financial nondisclosure settlement with former WWE CEO Vince McMahon illustrates the breadth of executives' reimbursement obligations under the Sarbanes-Oxley Act and highlights the importance of building robust internal corporate reporting processes, say attorneys at BCLP.

  • Series

    Racing Corvettes Makes Me A Better Lawyer

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    The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.

  • Bill Would Bring Welcome Clarity To Del. Corporate Law

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    A recently proposed bill in Delaware that would provide greater predictability for areas including director independence and controlling stockholders reflects prudential adjustments consistent with the state's long history of refining and modernizing its corporate law, say attorneys at Simpson Thacher.

  • Opinion

    Attorneys Must Act Now To Protect Judicial Independence

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    Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.

  • Rethinking 'No Comment' For Clients Facing Public Crises

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    “No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.

  • Del. Supreme Court TripAdvisor Ruling May Limit 'MFW Creep'

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    The Delaware Supreme Court's recent Maffei v. Palkon ruling regarding TripAdvisor's proposed reincorporation to Nevada potentially signals a turning point in the trend of expanding the protections from Kahn v. M&F Worldwide to other types of transactions, says Andrew J. Haile at Elon University.

  • What To Expect In Crypto Banking After SEC Nixed Guidance

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    With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.

  • Partially Faulting Airline For 401(k) ESG Focus Belies ERISA

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    A Texas federal court's recent finding that American Airlines breached its fiduciary duty of loyalty, but not of prudence, by letting its 401(k) pursue environmental, social and governance investments, misinterprets the Employee Retirement Income Security Act's standard of care, says Jeff Mamorsky, a Cohen & Buckmann partner and ERISA drafter.

  • Fund Names Rule FAQs Leave Some Interpretative Uncertainty

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    Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.

  • How Design Thinking Can Help Lawyers Find Purpose In Work

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    Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.

  • What Travis Hill's Vision For FDIC Could Portend For Banks

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    If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.

  • Will Independent Federal Agencies Remain Independent?

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    For 90 years, members of multimember independent federal agencies have relied on the U.S. Supreme Court's 1935 ruling in Humphrey's Executor v. U.S. establishing the security of their positions — but as the Trump administration attempts to overturn this understanding, it is unclear how the high court will respond, says Harvey Reiter at Stinson.

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