Try our Advanced Search for more refined results
Securities
-
June 26, 2024
SEC Fines Ex-Tech Co. Controller In Insider Trading Matter
The U.S. Securities and Exchange Commission announced that an electronic security solutions company vice president and controller will pay over $435,000 to settle claims that he sold shares of the company based on financial results that were not publicly available at the time.
-
June 26, 2024
Chamber Backs 9th Circ. Call To Nix SEC's 'Gag Rule'
The U.S. Chamber of Commerce is among those calling on the Ninth Circuit to overturn a long-standing U.S. Securities and Exchange Commission policy that settling parties not be allowed to deny the allegations against them, saying that the so-called gag rule threatens the free speech rights of the accused.
-
June 26, 2024
Crypto App Pledges More Refunds In Multistate Settlement
Cryptocurrency platform Abra has agreed to return millions of dollars in digital assets to U.S. customers after getting busted for running a mobile application for crypto transactions without the required money transmitting licenses, a coalition of state financial regulators announced on Wednesday, with Washington state taking the lead.
-
June 26, 2024
IP Co. Breaching Investment Laws, Shareholder Alleges In Del.
A shareholder of patent developer Network-1 Technologies Inc. has sued the company in Delaware's Court of Chancery, saying he needs to see the company's books and records to investigate, among other things, whether it is "operating as an unregistered investment company, contrary to the Investment Company Act of 1940."
-
June 26, 2024
Director Sues Materials Testing Co. In Del. For Withheld Docs
A shareholder and director of Femtometrix Inc. has sued the California materials testing company in Delaware's Court of Chancery for books and records, saying the company is not giving him sufficient information to function as a director.
-
June 26, 2024
Ed Tech Co. Can't Beat Investor Suit Over Bot-Inflated Classes
A New Jersey federal judge has ruled that confidential witness testimonies, among other things, "paint an unmistakable picture" that education tech company GSX Techedu Inc. used "bots" to inflate its online class enrollment numbers, in refusing to dismiss a suit against the company that demands recompense from certain executives for stock price drops.
-
June 26, 2024
3 Firms Vie For Lead Role In Autodesk Securities Suit
Robbins Geller Rudman & Dowd LLP, Bernstein Litowitz Berger & Grossmann LLP and The Rosen Law Firm PA have each asked a California federal judge to lead a securities lawsuit against software company Autodesk for allegedly lacking proper internal controls due to issues with its free cash flow and operating margin practices.
-
June 26, 2024
Tesla Says Musk's Pay OK In Texas Affects Del. Class Fee Bid
Tesla Inc. has doubled down on arguments that stockholder ratification of Elon Musk's mammoth compensation plan in Texas should sideline a Delaware Court of Chancery hearing on a potential multibillion-dollar class attorney fee tied to the court's earlier voiding of the same pay package.
-
June 26, 2024
11th Circ. Urged To Toss $62M Order Against Forex Co. CEO
An imprisoned former CEO of an investment company urged the Eleventh Circuit on Tuesday to toss a multimillion-dollar penalty against him obtained by the federal government, saying he never operated foreign exchange commodity pools and didn't invest borrowed funds on behalf of lenders.
-
June 26, 2024
Judge Denies ConvergeOne Lenders' Bid To Halt Ch. 11 Plan
A Texas federal judge has rejected a request by a group of ConvergeOne lenders to stay a bankruptcy court's order approving an equity rights offering included in the information technology company's Chapter 11 plan, ending the spurned lenders' challenge to a deal they claimed ran afoul of bankruptcy rules.
-
June 26, 2024
Gun Co. Co-Owner Tells Del. Justices That Partner 'Lied'
A joint owner of a gun manufacturing business who accused his partner of duping him out of his 50% stake told Delaware's Supreme Court on Wednesday that the partner — who won the case — had repeatedly "lied" during Chancery Court litigation, so the trial court's decision should be overturned.
-
June 26, 2024
Big Banks Cleared Fed's Stress Tests, Despite 'Higher Losses'
The Federal Reserve said Wednesday that the nation's big banks have enough capital on hand to ride out a simulated recession, giving them passing marks in the latest round of stress tests as regulators debate tougher rules that could raise capital requirements further.
-
June 26, 2024
Olo Moots Investor's Chancery Suit By Axing Free Takeover
Directors of New York-based online food-ordering venture Olo have mooted a proposed class challenge to a company stock buyback program by effectively barring moves that would give the company's top investor majority control of the business, Delaware's chancellor ruled on Monday.
-
June 26, 2024
Investor Appeals Chancery Toss Of $2.4B SPAC Deal Suit
A stockholder of the blank-check company that took electric vehicle company Canoo Holdings Ltd. public in March 2021 has appealed to the Delaware Supreme Court the dismissal of his proposed Delaware Court of Chancery class action challenging the $2.4 billion deal.
-
June 26, 2024
House GOP Gears Up For The End Of Chevron Deference
A new memo outlines how House Republicans are gearing up for the U.S. Supreme Court to potentially overturn the decades-old precedent that courts defer to agencies' interpretations of ambiguous statutes, as an opportunity to roll back the Biden administration's policies and reclaim Congress' power.
-
June 26, 2024
Akerman Adds Foley Hoag Corporate Atty In DC
Akerman hired a competition counsel from Foley Hoag LLP in Washington who spent the past four and half years representing clients in a range of antitrust matters.
-
June 26, 2024
UK Man Avoids Jail In $13M Whiskey, Wine Investment Scam
A London native was sentenced to three years of probation by an Ohio federal judge after pleading guilty to cold-calling elderly people and falsely promising large returns for investing in wine and whiskey.
-
June 26, 2024
Archegos Duo Won't Testify In $36B Market Distortion Trial
The founder of Archegos and its former chief financial officer will not take the stand in their trial on charges they orchestrated a massive campaign to manipulate Wall Street stock prices, the pair told a Manhattan federal judge Wednesday.
-
June 26, 2024
Crypto ATM Co. Coinme Taps MoneyGram Atty As Legal Head
Crypto exchange and kiosk operator Coinme has brought on the former general counsel at payments firm MoneyGram to head its legal and compliance departments, the firm said on Wednesday.
-
June 25, 2024
Warhol, Monet Artwork Forfeited To US In 1MDB Clawback
Andy Warhol and Claude Monet paintings are among the items that will be forfeited to the United States as part of a deal resolving the government's civil complaints looking to recover assets allegedly related to money laundering by a Malaysian state-owned investment fund, according to a consent judgment entered Monday.
-
June 25, 2024
Archer Aviation SPAC Deal Blasted As 'Sham' In Chancery Suit
Investors in a blank check company that took vertical takeoff-and-landing aircraft startup Archer Aviation Inc. public in 2021 have accused the venture, controlled by interests of billionaire Ken Moelis, of deceptively hyping its progress and prospects, according to a new Delaware Court of Chancery complaint.
-
June 25, 2024
Coffee Chain Dutch Bros Beats Investor Suit For Good
A New York federal judge has dismissed with prejudice a suit alleging drive-through coffee chain Dutch Bros and two of its executives weren't honest with investors about the impact inflation was having on the company after its 2021 initial public offering, saying the shareholders have failed to plead any actionable misstatements or omissions.
-
June 25, 2024
Adviser, Firm Owe SEC $425K For Mishandling Crypto Assets
A Florida federal judge on Tuesday approved approximately $425,000 in settlements in a suit by the U.S. Securities and Exchange Commission against an investment adviser and its owner, alleging they hid investment strategies and lost control of the firm's recordkeeping, preventing them from accessing crypto assets possibly worth $10 million.
-
June 25, 2024
SEC Accuses Ex-CEOs Of Duping Market In $138M Offering
The U.S. Securities and Exchange Commission on Tuesday reached a $1 million deal with a company allegedly involved in a market manipulation scheme and also brought claims against the two former CEOs who allegedly led the scheme, which fraudulently raised $137.5 million from investors, according to the regulator.
-
June 25, 2024
Cummins Brass Face Investor Suit For $2B Clean Air Act Deal
Executives and directors of engine manufacturer Cummins Inc. have been hit with a shareholder derivative suit accusing them of concealing the company's use of unlawful emissions control devices in certain engines, which eventually resulted in a record $1.68 billion fine against the company and more than $326 million in related payments.
Expert Analysis
-
Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
-
Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
-
Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
-
Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
-
Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
-
6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
-
Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.
-
9 Considerations For Divestitures, Carveouts And Spinouts
Amid new economic optimism, data protection, transitional services and seven other considerations can help legal practitioners untangle complex divestitures, carveouts and spinouts to unlock value for corporate sellers, say Kimberly Petillo-Décossard and Kristen Rohr at White & Case.
-
Why Fla. High Court Adopting Apex Doctrine Is Monumental
The Florida Supreme Court recently solidified the apex doctrine in the Sunshine State, an important development that extends the scope of the doctrine in the state to include both corporate and government officials, and formalizes the requirements for a high-level corporate official to challenge a request for a deposition, says Laura Renstrom at Holland & Knight.
-
5 Lessons For SaaS Companies After Blackbaud Data Breach
Looking at the enforcement actions that software-as-a-service provider Blackbaud resolved with state attorneys general, the U.S. Securities and Exchange Commission and the Federal Trade Commission in the past year can help SaaS companies manage these increasingly common forms of data breaches, say attorneys at Orrick.
-
Del. Ruling Stands Out In Thorny Noncompete Landscape
In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.
-
SEC Regs Give Banks Chance To Step Up Cyber Safety Game
Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.
-
A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
-
Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
-
Opinion
Exxon Court Should Clarify Shareholder Proposal Exclusion
ExxonMobil last month took the unusual action of asking a Texas federal judge whether a proposal from climate activists seeking to limit oil and gas sales could be excluded from its 2024 proxy statement, and the court should use this opportunity to reevaluate SEC policy and set clear limits on when shareholder proposals can be included, says Stephen Bainbridge at UCLA School of Law.