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Securities
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October 31, 2024
Mineral Co. Execs Allegedly Misled Investors On Gov't Contract
Current and former directors and officers of minerals producer Compass Minerals International Inc. face a shareholder derivative action alleging they hid signs the company wouldn't be able to renew a lucrative supplier relationship with the U.S. Forest Service.
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October 31, 2024
AI Co. Fires CEO As BigLaw Counsel Probe Revenue Issues
Security tech company Evolv Technology, which last week announced it had brought on Debevoise & Plimpton LLP and Cleary Gottlieb Steen & Hamilton LLP as part of an internal investigation into possible revenue inflation, said Wednesday it has ousted its CEO.
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October 31, 2024
Nixon Peabody Lands Norton Rose Real Estate Pros In LA
Nixon Peabody LLP took another step this week to strengthen its affordable housing and real estate practice on the West Coast and beyond, bringing on a pair of real estate attorneys from Norton Rose Fulbright with six years of experience working together.
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October 31, 2024
Web Designer Who Built IcomTech Ponzi Site Gets 8 Years
A Manhattan federal judge on Thursday hit a California website designer with eight years in prison for his role in building online properties that made it look as if the $58 million IcomTech cryptocurrency Ponzi scheme was legitimate.
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October 31, 2024
Holland & Knight Brings On Jones Day Tax Expert In Dallas
In an effort to bolster its national corporate transactional and private equity practices, Holland & Knight LLP added an experienced attorney from Jones Day in Dallas to provide deal support to its clients.
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October 31, 2024
Chancery Upholds Low Appraisal Of Online Bookstore Co.
Contract educational institution bookstore operator Akademos Inc. was fairly sold in December 2020 under terms that left common stockholders wiped out, a Delaware vice chancellor has ruled after a four-day trial that both appraised the company's stock and judged the deal's fairness.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
Meta Says CFPB Mulling Enforcement Action Over Advertising
Meta, the parent company of Facebook and Instagram, said Thursday that it is facing a potential Consumer Financial Protection Bureau enforcement action following an agency probe into financial-related advertising on its platform.
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October 30, 2024
'Vague' Witness Sinks Green Materials Co. Investor Suit
A California federal judge dismissed an investor suit Tuesday filed against a maker of sustainable materials alleging it failed to disclose a change in direction in its manufacturing plans and a delay in building a new plant, saying the suit relies heavily on statements of a confidential witness that are "fatally vague."
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October 30, 2024
Del. Justices Probe Implications Of Tripadvisor Nevada Move
Delaware's justices closely questioned on Wednesday an attorney defending shopping and travel giant Tripadvisor Inc.'s bid to reincorporate in Nevada, pressing for frameworks that protect the interests of current stockholders as well as fiduciaries and investors seeking more business-friendly pastures.
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October 30, 2024
CFTC's Mersinger Wants Cooperation, Self-Reporting Reforms
The Commodity Futures Trading Commission should reform its process for crediting those who self-report, cooperate and remediate in connection to enforcement proceedings, one of the agency's commissioners said Wednesday.
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October 30, 2024
Binance Can't Force Canadian Class Action Into Arbitration
A Canadian appeals court has affirmed that cryptocurrency exchange Binance cannot force a proposed class action accusing it of illegally trading and distributing securities into arbitration in Hong Kong, saying a lower court judge correctly found the arbitration clause to be unenforceable.
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October 30, 2024
Apparel Co.'s Crypto Allies Say SEC Suit Is Ripe For Court
Cryptocurrency advocates have told a Texas federal judge that apparel company Beba and its crypto industry group backer have standing to preemptively sue the U.S. Securities and Exchange Commission, arguing that the regulator has created an impossible situation for crypto firms by bringing enforcement actions without setting clear rules for digital assets.
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October 30, 2024
Bernstein Litowitz, NYS Fund Rep CrowdStrike Investor Class
Bernstein Litowitz Berger & Grossmann LLP will represent a putative class of CrowdStrike investors in litigation alleging the cybersecurity company mischaracterized the risk of seeing a major outage like the one it faced in July.
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October 30, 2024
Mortgage Co. Says Pension Fund Can't Jump In To Lead Suit
Rocket Companies Inc. has told a Michigan federal judge to reject a renewed class certification bid in a shareholder suit accusing the mortgage business of concealing a downturn in loan volume, arguing that the pension fund trying to take over as lead plaintiff is inadequate to represent the proposed class, among other things.
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October 30, 2024
LA Times Owner Faces Investor Suit Over Drug Co.'s Woes
Officers and directors of biotechnology company ImmunityBio Inc., including L.A. Times owner Patrick Soon-Shiong, face a shareholder's derivative complaint alleging the company concealed issues affecting a path to regulatory approval for one of its key product candidates.
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October 30, 2024
3 Firms Vie To Lead Starbucks 'Reinvention' Plan Investor Suit
Robbins Geller Rudman & Dowd LLP, Levi & Korsinsky LLP and The Rosen Law Firm PA launched competing bids seeking to lead a proposed investor class action alleging Starbucks misled the markets about prospects for its reinvention strategy, causing share prices to drop when it announced disappointing quarterly results in April.
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October 30, 2024
Dental Co. Exec Found Dead After Missed Fraud Sentencing
An ex-CEO of a dental device company was found dead after he did not appear in Seattle federal court last week for sentencing in a $10.7 million fraud scheme, the U.S. Attorney's Office for the Western District of Washington said Wednesday.
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October 30, 2024
Mass. AG Seeks To Bar 'NYSE' Crypto Trading Scheme
The Massachusetts attorney general has filed a complaint attempting to shut down a cryptocurrency investment scheme that allegedly uses the acronym of the New York Stock Exchange to dupe its victims.
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October 30, 2024
Crypto Platform Founder Pleads Guilty To Illegal Wash Trading
The founder of cryptocurrency market-making platform MyTrade pled guilty in Massachusetts federal court Wednesday to orchestrating millions of dollars worth of daily wash trades to illegally inflate the prices of digital tokens.
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October 30, 2024
FTX Witness Who Saw Bankman-Fried's 'Evil' Avoids Prison
A Manhattan federal judge allowed FTX's former chief engineer to avoid prison Wednesday, crediting his trial testimony against the crypto exchange's founder Sam Bankman-Fried, his ongoing cooperation and his relatively small role in the $11.2 billion fraud.
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October 30, 2024
Gibson Dunn Lands Trump Impeachment Prosecutor, 4 Others
Gibson Dunn & Crutcher LLP announced Wednesday that it had hired away former President Donald Trump's impeachment prosecutor from Kramer Levin Naftalis & Frankel LLP to co-chair its global litigation practice group in New York, as well as four other former federal prosecutors from that firm.
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October 29, 2024
'In-And-Out' Trades Don't Doom Lead Plaintiff Bid, Judge Says
A Manhattan federal judge appointed a Pomerantz LLP client as lead plaintiff in a shareholder suit against Nano Nuclear Energy Inc., rejecting arguments that the investor's handful of so-called in-and-out trades in the company's stock should preclude her from representing the proposed class in securities fraud allegations against the company.
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October 29, 2024
Alameda Research Wants Crypto Exchange To Return $50M
Alameda Research, the crypto trading affiliate of the bankrupt FTX digital asset empire, has sued the operators of KuCoin cryptocurrency exchange in Delaware bankruptcy court seeking the return of $50 million of assets that continue to be held on the platform despite the debtors' requests.
Expert Analysis
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$200M RTX Deal Underscores Need For M&A Due Diligence
RTX's settlement with regulators for violating defense export regulations offers valuable compliance lessons, showcasing the perils of insufficient due diligence during mergers and acquisitions transactions along with the need to ensure remediation measures are fully implemented following noncompliance, say Thad McBride and Faith Dibble at Bass Berry.
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Basel Endgame Rules: A Change Is Coming
The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.
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What PCOAB's Broadened Liability Rule Means For Auditors
The U.S. Securities and Exchange Commission’s recent vote agreeing to lower the Public Company Accounting Oversight Board's liability standard, allowing the board to charge individual auditors whose mere negligence leads firms into PCOAB violations, may erode inspection cooperation, shrink the talent pool and have anticompetitive outcomes, say attorneys at BakerHostetler.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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SEC Settlement Holds Important Pay-To-Play Lessons
The U.S. Securities and Exchange Commission’s recent fine of an investment adviser, whose new hire made a campaign contribution within a crucial lookback period, is a seasonable reminder for public fund managers to ensure their processes thoroughly screen all associates for even minor violations of the SEC’s strict pay-to-play rule, say attorneys at Lowenstein Sandler.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Opinion
FERC Penalty Adjudication Unconstitutional Under Jarkesy
The U.S. Supreme Court's holding in U.S. Securities and Exchange Commission v. Jarkesy that the SEC's use of in-house proceedings to adjudicate civil penalties is unconstitutional should equally apply to the Federal Energy Regulatory Commission's statutory penalty assessment schemes, say attorneys at Jenner & Block.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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Integrating ESG Into Risk Management Programs
Amid increasing regulations and reporting requirements for corporate sustainability in the European Union and the U.S., companies might consider how to incorporate environmental, social and governance factors into more formalized risk management, say directors at Alvarez & Marsal.
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What The SEC Liquidity Risk Management Amendments Entail
Fund managers should be cognizant of the U.S. Security and Exchange Commission's recent changes to certain reporting requirements and guidance related to open-end fund liquidity risk management programs, and update their filing systems if need be, says Rachael Schwartz at Sullivan & Worcester.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Calif. Bill, NTIA Report Illustrate Open-Model AI Safety Debate
The National Telecommunications and Information Administration’s balanced recommendations for preventing misuse of open artificial intelligence models, contrasted with a more aggressive California bill, demonstrate an evolving regulatory debate about balancing democratic access to this powerful new technology against potential risks to the public, say Stuart Meyer and Fredrick Tsang at Fenwick.
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5 Lessons From Consulting Firm's Successful DOJ Disclosure
The Boston Consulting Group recently received a rare declination of prosecution from the U.S. Department of Justice after self-disclosing a foreign bribery scheme, and the firm’s series of savvy steps after discovering the misconduct provides useful data points for white collar defense attorneys, says Jonathan Porter at Husch Blackwell.
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'Greenhushing': Why Some Cos. Are Keeping Quiet On ESG
A wave of ESG-related litigation and regulations have led some companies to retreat altogether from any public statements about their ESG goals, a trend known as "greenhushing" that was at the center of a recent D.C. court decision involving Coca-Cola, say Gonzalo Mon and Katie Rogers at Kelley Drye.
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7 Takeaways For Investment Advisers From FinCEN AML Rule
With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.