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Securities
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August 28, 2024
Walgreens Brass Hid Pharmacy Division Woes, Suit Says
Walgreens' directors and officers have been hit with a derivative suit by a shareholder who says the company and its executives inflated stock value by publicly expressing confidence in the pharmacy division's growth while hiding its struggles adapting to industry hurdles.
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August 28, 2024
NFT Platform OpenSea Says SEC May Bring Registration Suit
The CEO of nonfungible token marketplace OpenSea said Wednesday that the firm was ready to "stand up and fight" after it received a notice that the U.S. Securities and Exchange Commission was considering an enforcement action claiming that the "creative goods" on its platform are unregistered securities.
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August 28, 2024
Bowl America Board Strikes $2.2M Deal To End Merger Suit
Bowl America board members have agreed to pay nearly $2.2 million to settle a class action that alleged the company's board of directors acted in bad faith when it approved a merger with Bowlero Corp., according to a proposal submitted to a Maryland federal court.
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August 28, 2024
Billionaire Vik Says Deutsche Bank's 'Harassment' Must End
Deutsche Bank AG's Connecticut state court lawsuit against billionaire Alexander Vik and his daughter is a doomed effort to relitigate issues that were already decided in a 2013 case that likewise sprang from the bank's global legal battle to collect a $243 million foreign judgment, the defendants said in seeking an early win.
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August 28, 2024
Conn. Investment Firm Withheld Pay, Commissions, Suit Says
Six former employees of Connecticut investment advisory firm Excel Wealth Management LLC have sued the company and its members in state court seeking hourly wages or commissions they claimed they were never paid, with some alleging they were terminated for speaking out about their compensation.
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August 28, 2024
SEC Omits 'Swing Pricing' Plan From Fund Disclosure Rules
A divided U.S. Securities and Exchange Commission on Wednesday agreed to require more detailed and frequent disclosures from mutual funds, though regulators dropped plans — at least for now — to implement a controversial "swing pricing" provision.
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August 28, 2024
AI Software Co. Must Face SEC's $108M Pyramid Scheme Suit
A Florida federal judge has refused to toss a suit brought by the U.S. Securities and Exchange Commission against the owners of a multilevel marketing company, accusing them of running a fraudulent and unregistered securities offering that raised roughly $108 million from claims that they are using artificial intelligence to develop software, saying the SEC has sufficiently pleaded the existence of a scheme, among other things.
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August 28, 2024
Farella Braun Can Pursue Unpaid SVB Fees From FDIC
Farella Braun & Martel LLP can go after the Federal Deposit Insurance Corp. for $49,000 in legal fees owed by Silicon Valley Bank's parent after the agency was appointed as the bank's receiver, a California federal judge ruled Wednesday.
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August 28, 2024
Congress Urged To Address Trump Financial Conflicts
After possible financial conflicts of interest caused consternation during President Donald Trump's first term, an ethics watchdog is calling for a series of legislative reforms to prevent them from recurring if he's reelected.
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August 28, 2024
Biotech Biz Hid Risks Of Gene-Editing Trial, Investor Claims
Biotechnology firm Verve Therapeutics was hit with a proposed class suit alleging it misled investors about the risks associated with a clinical trial of an experimental gene-editing drug that was halted and caused the company's stock to tumble.
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August 28, 2024
Cooley Adds O'Melveny Securities Litigation, Fintech Pro In LA
Cooley LLP has expanded its California team, announcing Wednesday it has brought in an O'Melveny & Myers LLP securities litigation and fintech expert as a partner in its Los Angeles office.
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August 27, 2024
Wells Fargo Says 'Good Faith' Efforts Ax Investors' Bias Suit
Wells Fargo & Co. urged a California federal judge Tuesday to toss a derivative lawsuit filed by a putative class of shareholders claiming the bank's board of directors failed to address its discriminatory lending and hiring practices, saying there's evidence of "good-faith" efforts to monitor compliance in those areas.
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August 27, 2024
Exec To Pay SEC $190K Over Macquarie Insider Trading Claim
The U.S. Securities and Exchange Commission says a New York man who used inside information he learned as a Macquarie Group investor relations executive to profit from a then-pending deal to sell its airport services business to KKR & Co. has agreed to pay nearly $190,000 to settle the agency's claims that he violated securities laws.
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August 27, 2024
Electric Jet Co. Grounds Investor Suit Over SPAC Disclosures
Investors in German aerospace company Lilium have failed to adequately allege that the company lied about its electric jet production efforts as it went through a $3.3 billion go-public merger with a special purpose acquisition company, a Florida federal judge determined in permanently tossing the suit.
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August 27, 2024
Reddit Beats Pay-Per-Click Advertising Class Action, For Now
Reddit Inc. has defeated, for now, LevelFields Inc.'s proposed contract breach class action alleging that it charged advertising customers for fake "clicks" that didn't result in corresponding traffic to the advertiser's website after a California federal judge said Tuesday that the plaintiff doesn't identify specific contractual provisions it thinks Reddit violated.
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August 27, 2024
Navy Shipbuilder Pleads Guilty To Accounting Fraud
A shipbuilder that contracts with the U.S. Navy pled guilty Tuesday to accounting fraud as part of a settlement to resolve criminal and civil investigations.
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August 27, 2024
NY Pension Funds Join Illumina Deal Suit Pile-On In Del.
New York state's retirement system and fund have added a new derivative suit to widening stockholder litigation over Illumina Inc.'s $8 billion reacquisition of cancer testing company Grail Inc. despite European Commission regulatory agency opposition.
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August 27, 2024
CFTC Fines TOTSA $48M Over Market Manipulation Attempts
Swiss energy trader TOTSA will pay $48 million for allegedly trying to manipulate the market for futures contracts linked to a type of refined gas mainly used in automobiles in Europe, the Commodity Futures Trading Commission announced Tuesday, with one commissioner dissenting over "flimsy evidence that is speculative and circumstantial."
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August 27, 2024
SEC Cites Amazon's FTC Loss In Coinbase Document Dispute
The U.S. Securities and Exchange Commission on Tuesday told a New York federal judge that a recent ruling denying Amazon's request to review internal documents from the Federal Trade Commission bolsters its own bid to shield internal communications in its enforcement suit against crypto exchange Coinbase.
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August 27, 2024
Self-Driving Truck Co. Inks $189M Deal To End Investor Suit
Self-driving trucking company TuSimple Holdings Inc. has agreed to pay $189 million to settle a class action lawsuit alleging it misled investors about its safety record and payments to a Chinese rival that opened it up to U.S. government investigations, according to a filing in California federal court.
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August 27, 2024
Deutsche Bank, Rabo Beat Antitrust Suit Over Euro Bonds
A New York federal judge has tossed an antitrust suit against Deutsche Bank AG and Rabo Securities USA, alleging they conspired to fix the price of European government-issued euro-dominated bonds sold throughout the U.S. between 2005 and 2016, saying the plaintiffs lack standing.
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August 27, 2024
Bank Seeks To End Claims It Mismanaged Treasury Program
A bank is seeking to permanently dismiss a suit accusing it of misleading an investor about its oversight of a U.S. Department of Treasury contract, saying despite amending its case three times, the investor hasn't connected any sustained stock loss to contract issues.
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August 27, 2024
Del. Court Nixes Trump Media Contempt Bid In Share Suit
A Delaware vice chancellor declined on Tuesday to find Donald Trump's social media venture in contempt for suing in Florida to block the release of two Trump Media & Technology Group founders' shares, while the same founders are battling for the stock in the Court of Chancery.
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August 27, 2024
Colo. Co. Deprived Analyst Of $58M Stock Deal, Judge Rules
An Illinois federal judge has found that a Wall Street analyst and investor suffered damages worth nearly $58 million when a Colorado company and its president failed to compensate him with millions of shares as part of a consulting agreement.
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August 27, 2024
2nd Circ. Urged To Reject Preemption Defense In BofA Row
The Second Circuit should join fellow federal courts in finding that a New York statute requiring all banks to pay at least 2% interest on mortgage-escrow accounts isn't preempted, a former Bank of America mortgage customer has told the appeals court following the U.S. Supreme Court's remand of the matter.
Expert Analysis
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Examining Chancery's Relaxed New Confidential Filing Rules
The Delaware Court of Chancery’s overhauled Rule 5.1, which governs confidential filings, risks permitting nonconfidential information to be shielded from public review unless and until a challenge notice is filed — but several potential solutions could help to override this issue, says Delaware attorney Daniel J. McBride.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.
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CFTC Action Highlights Necessity Of Whistleblower Carveouts
The U.S. Commodity Futures Trading Commission's novel settlement with a trading firm over allegations of manipulating the market and failing to create contract carveouts for employees to freely communicate with investigators serves as a beacon for further enforcement activity from the CFTC and other regulators, say attorneys at Davis Wright.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Half-Truths Vs. Omissions: Slicing Justices' Macquarie Cake
The U.S. Supreme Court's recent ruling in Macquarie v. Moab provides a road map for determining whether corporate reports that omit information should be considered misleading — and the court baked it into a dessert analogy that is key to understanding the guidelines, say Daniel Levy and Pavithra Kumar at Advanced Analytical Consulting Group.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.
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American Airlines ESG Ruling Could Alter ERISA Landscape
The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.
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SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early
After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.
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Del. Dispatch: 27.6% Stockholder Not A Controller
The Delaware Court of Chancery's recent decision in Sciannella v. AstraZeneca — which found that the pharma giant, a 26.7% stockholder of Viela Bio Inc., was not a controller of Viela, despite having management control — shows that overall context matters when challenging transactions on breach of fiduciary duty grounds, say attorneys at Fried Frank.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.
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Loss Causation Ruling Departs From Usual Securities Cases
A California federal court recently dismissed Ramos v. Comerica, finding that the allegations failed to establish loss causation, but the reasoning is in tension with the pleading-stage approaches generally followed by both courts and economists in securities fraud litigation, say Jesse Jensen and Aasiya Glover at Bernstein Litowitz.