Securities

  • July 17, 2024

    Del. Gov. Signs Hotly Contested Corp. Law Amendments

    Delaware Gov. John Carney signed into law on Wednesday state code amendments allowing corporations to cede some governance rights to stockholders, as well as some state corporate oversight to other jurisdictions.

  • July 17, 2024

    CFTC Says Its Sanctions Spat Not Relevant To Gemini Case

    The U.S. Commodity Futures Trading Commission has pushed back against Gemini Trust Co.'s efforts to paint the regulator's defense of misconduct claims in one case as contradictory to its arguments in its enforcement action against the Winklevoss-owned crypto exchange, telling a federal court that the two matters have "no legal or factual bearing" on each other.

  • July 17, 2024

    Nasdaq Seeks To Tighten Delisting Rules Governing SPACs

    Nasdaq is proposing to strengthen its rules governing delistings and trading suspensions of special-purpose acquisition companies that fail to complete mergers within 36-month deadlines or that violate other listing standards.

  • July 17, 2024

    Teladoc Hit With Another Investor Suit Over BetterHelp Woes

    The telehealth company that owns online counseling platform BetterHelp has been slapped with a second investor suit accusing it of not being honest with investors about how profitable the mental health service actually was.

  • July 17, 2024

    Co. Seeks $17M Refund Of Celsius' Payments For Mining Site

    The successor to Celsius' bitcoin mining operation alleged in a New York bankruptcy court it is owed over $17 million in refunds for payments that the cryptocurrency platform company made to another firm that promised to build a crypto farm in Texas and failed to satisfy the agreement.

  • July 17, 2024

    Grayscale Rival's False Ad Suit Won't Move To New Court

    A Connecticut state judge on Wednesday denied Grayscale Investments LLC's request to transfer a competitor's unfair trade practices lawsuit from Bridgeport to the state court system's complex litigation docket, sustaining the plaintiff's objection that said the move would unduly delay a July 2025 trial without a valid reason.

  • July 17, 2024

    Ga. Man Ordered To Pay SEC Over Church Ponzi Scheme

    A Georgia federal judge has ordered a company and its owner to pay $1.1 million to settle claims from the U.S. Securities and Exchange Commission that they duped church members into investing in a Ponzi scheme.

  • July 17, 2024

    6th Circ. To Review 2 Standards In FirstEnergy's Cert. Fight

    The Sixth Circuit indicated Wednesday that it would have to examine the applicability of two different class certification standards in a securities suit by FirstEnergy investors, as the company insisted there was no proof its statements influenced stock prices, and that purported omissions didn't factor into the mix.

  • July 17, 2024

    Rocket Mortgage Says Results Refute Investors' Fraud Claims

    Rocket Mortgage is arguing that the company didn't mislead its shareholders when Rocket's former CEO claimed the company could grow its lending business in a rising interest rate environment because the firm's actual financial performance ended up proving that prediction true.

  • July 17, 2024

    Bruised SPAC Market Pins Revival Hopes On Veteran Backers

    More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.

  • July 17, 2024

    FINRA Hires JPMorgan GC For Senior Enforcement Role

    The Financial Industry Regulatory Authority has hired two new senior vice presidents of enforcement, one of whom is returning to the agency after serving as general counsel of JPMorgan Chase's wealth management line, the agency announced Wednesday.

  • July 17, 2024

    Robinhood's $9M Promo Text Suit Settlement Gets Final Nod

    A Washington federal judge has awarded $2.2 million in attorney fees and granted final approval to a $9 million settlement resolving claims that stock-trading app Robinhood's referral program caused nonusers to receive unsolicited promotional texts, in violation of Evergreen State law.

  • July 17, 2024

    Ex-Goldman Sachs Analyst Gets Over 2 Years For Insider Tips

    A Manhattan federal judge hit a former Goldman Sachs analyst with a 28-month prison sentence Wednesday for tipping his stepbrother and a friend to market-moving information, saying the Long Island native wanted to be "the big man" among his peers.

  • July 17, 2024

    SPAC Investor Sues Battery Co. In Del. Over Held-Back Shares

    A Florida-based hedge fund that invested in a blank-check company that took battery company Solidion Technology Inc. public has sued for breach of contract in Delaware's Court of Chancery, alleging the company is refusing to issue more than 9.54 million shares of stock that are due under pre-merger agreements.

  • July 16, 2024

    Green Dot Brass Hid Declining Biz And Fed Action, Suit Says

    The top brass at prepaid debit card company Green Dot Corp. has been hit with a derivative shareholder suit, alleging they concealed the company's faltering core business and a proposed consent order from the Federal Reserve Board over internal controls while board members sold millions of dollars worth of shares at inflated prices.

  • July 16, 2024

    EB-5 Investors Seek Sanctions Over 'Flight Risk' Defendant Info

    Two dozen Chinese investors who alleged that $13.2 million worth of their investments in a Hawaii resort went missing has urged an Illinois federal judge to sanction developers for not giving them important case information, including contact information for one defendant who they said is an "obvious flight risk."

  • July 16, 2024

    Apple's Slowed IPhone Derivative Deal OK'd After Tweaks

    A California federal judge said Tuesday she would approve Apple's non-monetary settlement to resolve a derivative-shareholder suit over claims it secretly slowed iPhones and award counsel $6 million in attorney fees and expenses, after she rejected an earlier version of the deal because of the proposal's overbroad release of claims.

  • July 16, 2024

    Masimo Accuses Politan Of Deceit In Hostile Takeover

    Masimo Corp. has hit the activist investment firm Politan Capital Management LP and its top brass with a lawsuit in California federal court, accusing the hedge fund of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."

  • July 16, 2024

    Rocket Cos. Investors Drop CEO Retweet Claims From Suit

    Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.

  • July 16, 2024

    ​​​​​​​Apollo's $1.85B Mining Co. Deal Sparks Del. Suit For Docs

    An investor sued a mining and logistics company in Delaware's Court of Chancery seeking documents regarding the firm's $1.85 billion go-private deal with affiliates of asset management giant Apollo, approved Tuesday by the mineral producer's stockholders, asserting that there are credible concerns over pre-transaction communications between its executives and Apollo about their jobs.

  • July 16, 2024

    $4.5M Davis Wright Deal In Ore. Fraud Suit Gets Final OK

    An Oregon federal judge has fully adopted a magistrate judge's recommendation to sign off on a $4.5 million deal resolving investor claims against law firm Davis Wright Tremaine LLP for its work representing entities involved in an alleged real estate securities fraud scheme, while two banks were dismissed from the case.

  • July 16, 2024

    Solar Co. Cites Macquarie In Fight Against Investor Suit

    SolarEdge Technologies Inc. has moved to dismiss a proposed class action accusing it of misrepresenting the demand for its solar energy products in Europe, arguing that investors' claims that it had to make a detailed accounting of its inventory levels and sales practices do not meet the standard set out by the U.S. Supreme Court's recent Macquarie ruling.

  • July 16, 2024

    Chancery Orders Illumina Docs Released In Grail Merger Fight

    Benefit fund shareholders of biotech giant Illumina Inc. won a Delaware Court of Chancery order on Tuesday for a rare, limited release of legal advice documents on Illumina's merger agreement with cancer-testing firm Grail Inc., a deal that has cost the company billions in fines and lost value.

  • July 16, 2024

    Tycoon's Pilot Says Feds' Stock Tip Claims Don't Add Up

    A private pilot who used to work for convicted insider trader and U.K. billionaire Joe Lewis is arguing federal prosecutors can't use allegations that his own trades were suspicious to ramp up a sentence for a separate tax evasion charge.

  • July 16, 2024

    Drugmaker BioLineRx Beats Investor Suit Over Cash Shortfall

    Israeli biotech company BioLineRx has, for now, beaten a proposed class action over claims that it misled investors on its capital shortfall, which caused a major decline in its share price, with a New Jersey federal judge saying the plaintiffs have failed to plead any actionable misleading or false statements.

Expert Analysis

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • Opinion

    Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill

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    After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.

  • 4 Arbitration Takeaways From High Court Coinbase Ruling

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    The U.S. Supreme Court's May 23 decision in Coinbase v. Suski, which provides clarity to parties faced with successive contracts containing conflicting dispute resolution provisions, has four practical impacts for contracting parties to consider, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • FEPA Cases Are Natural Fit For DOJ's Fraud Section

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    The U.S. Department of Justice’s recent announcement that its Fraud Section would have exclusive jurisdiction over the Foreign Extortion Prevention Act — a new law that criminalizes “demand side” foreign bribery — makes sense, given its experience navigating the political and diplomatic sensitivities of related statutes, say James Koukios and Rachel Davidson Raycraft at MoFo.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

  • 2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors

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    Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • What Transactional Attys Must Know About Texas Biz Courts

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    As Texas prepares to launch its new business courts, transactional attorneys — especially those involved in commercial, securities and internal governance matters — should keep several issues in mind when considering use of the state's business court system to facilitate deals and settle disputes, say attorneys at Katten.

  • Crypto Mixer Laundering Case Provides Evidentiary Road Map

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    A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • 5 Lessons From Ex-Vitol Trader's FCPA Conviction

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    The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.

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