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Securities
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August 16, 2024
SEC Gets Default Entry Against Crypto Ponzi Scheme Aids
A Washington federal court entered an order of default against two accused Ponzi scheme promoters on Friday, after the U.S. Securities and Exchange Commission said the pair failed to address its allegations that they helped the creator of a purported cryptocurrency trading bot service scam investors out of $295 million.
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August 16, 2024
Trump Media Sued In Del. After New Fla. Share-Sale Challenge
Citing "contemptuous disregard" for Delaware Court of Chancery orders, two co-founders of Trump Media & Technology Group have sought a temporary restraining order to block the social media venture from seeking a Florida court order to stop their sale of some 18 million shares.
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August 16, 2024
Ex-Matterport Worker Sues In Del. Over 'Invalid' Trade Block
A shareholder of 3D spatial mapping company Matterport Inc. sued the California company in Delaware's Court of Chancery Friday, alleging that when it went public by merging with a special acquisition company in 2021, the company prevented him from trading his shares for six months through an "invalid transfer restriction."
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August 16, 2024
Ex-CEO Wants Verdict In COVID Test Kit Fraud Case Tossed
A former healthcare software executive found guilty of securities fraud for publicly touting a $670 million COVID test kit deal that ultimately collapsed wants his conviction thrown out, telling a New Jersey federal judge the government failed to establish every element of the crime.
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August 16, 2024
Atty Who Reported Client Can't Claim Reward, DC Circ. Says
The D.C. Circuit was not moved by an attorney's attempt to claim a potential multimillion-dollar award for reporting his client to the U.S. Securities and Exchange Commission, saying the attorney could not have reasonably believed that blowing the whistle on the $44 million fraud was in his client's best interest.
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August 16, 2024
SEC Seeks Default Judgment In $8.4M Ponzi Scheme Case
The U.S. Securities and Exchange Commission has asked for a default win in its suit against a pair of investment firms that allegedly took part in an $8.4 million Ponzi scheme, arguing the request is warranted after the firms' owners tried unsuccessfully to file pro se responses on the firms' behalf.
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August 16, 2024
PE Firm's SpaceX Suit Belongs In Delaware, HK Co. Says
A Hong Kong company that sued a California-based private equity firm for refusing to invest the company's $50 million into SpaceX says the firm has now sued the company's Chinese parent in California, creating "duplicative proceedings" that ought to be brought in Delaware's Chancery Court.
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August 16, 2024
Attys Eye $10.5M In Fees From Pegasystems Securities Deal
Attorneys for lead plaintiffs in a shareholder class action against Pegasystems are seeking $10.5 million in attorney fees from the $35 million settlement that ended claims that the software company failed to properly disclose a rival's trade secret litigation that led to a since-vacated $2 billion verdict.
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August 16, 2024
Skadden Corporate Adviser Atty Rejoins Simpson Thacher
Simpson Thacher & Bartlett LLP has rehired an attorney who advises corporate executives on general securities and business law matters, bringing him back to the team in New York after several years with Skadden Arps Slate Meagher & Flom LLP.
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August 19, 2024
Connecticut Litigation Highlights Of 2024: A Midyear Report
Several high-stakes Connecticut cases came to a close in the first half of 2024, resulting in the resolution of a Frontier Communications' $21.8 million feud with its ex-CEO, and a $26.5 million deal for RTX Corp. subcontractors and employees who alleged anticompetitive no-poach agreements prevented them from advancing their careers.
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August 16, 2024
NC Litigation Highlights Of 2024: A Midyear Report
Several high profile cases in North Carolina came to a close in the first half of the year, from a second bribery conviction against an insurance magnate beset by legal woes, to the anticlimactic withdrawal of a state Supreme Court justice's much-watched free speech suit. Here, Law360 looks at those and other notable rulings so far in North Carolina.
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August 15, 2024
Investing Website Isn't An Investment Adviser, Court Says
A New York federal judge ruled Thursday that an exclusion to the Investment Advisers Act applies to the investing analysis website Seeking Alpha, dismissing a proposed class action from subscribers who accused the site of serving as an unregistered investment adviser and unlawfully collecting subscription fees.
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August 15, 2024
Collin County Gets Win In Ken Paxton Prosecution Fee Fight
A Texas appeals court handed Collin County a victory Thursday in a long-running fight over how much special prosecutors should get paid for the criminal case against Texas Attorney General Ken Paxton, ordering the trial court to vacate its past orders awarding attorney fees to the prosecutors.
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August 15, 2024
2nd Circ. Won't Revive Platinum Investors' Ch. 7 Challenge
A New York bankruptcy court correctly refused to overturn the approval of a $2.5 million settlement in the bankruptcy of a founder of defunct hedge fund Platinum Partners, the Second Circuit ruled Thursday, finding that the approved deal was superior to an alternative offer.
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August 15, 2024
SEC Nabs $5.75M Judgment Against Unregistered Broker
A Florida man and his business have agreed to pay the U.S. Securities and Exchange Commission $5.75 million to end claims they operated as unregistered broker-dealers for at least four years.
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August 15, 2024
Zymergen Investors Can't Beat Suit Over Pre-IPO Statements
Three of the largest investors of biotechnology company Zymergen cannot escape a suit accusing them of misleading shareholders ahead of the company's initial public offering by approving misstatements about the company's commercial product pipeline.
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August 15, 2024
Intel Hit With Del. Derivative Suit After Stock, Revenue Drop
An Intel Corp. stockholder has sued the chip giant for derivative damages tied to the company's more-than 27% stock drop and $7 billion production unit loss in 2023 following separation of the company's chip production and design operations, despite prior upbeat forecasts.
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August 15, 2024
Shift4 Beats Suit Over 'Questionable' Accounting Practices
A Pennsylvania federal judge has dismissed a proposed class action accusing payment processing company Shift4 Payments Inc. of engaging in questionable accounting practices to keep its stock price afloat, ruling that the plaintiffs had not proven that the company knowingly lied, among other things.
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August 15, 2024
Judge Gives Plaintiffs' Attys $1M In Fees For Derivative Row
A Massachusetts federal judge sliced 60% off a request for attorney fees in a shareholder derivative lawsuit Wednesday, awarding plaintiffs' counsel $1 million for their work on the case, which led to a noncash settlement.
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August 15, 2024
SEC Defendants Fight Ex-Latham Atty For Whistleblower Docs
A credit reporting agency at the center of a $73 million U.S. Securities and Exchange Commission lawsuit is seeking to force a retired Latham & Watkins LLP partner to hand over his discussions with a pair of SEC whistleblowers, arguing that the attorney's work for the tipsters isn't privileged.
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August 15, 2024
'What Is An NFT?': 9th Circ. Mulls Novel Bored Ape TM Fight
A Ninth Circuit judge considering whether a trial court correctly found artists owe millions for ripping off trademarks on the Bored Ape Yacht Club nonfungible token collection questioned Thursday whether the NFT market is comparable to typical consumer markets, rhetorically asking, "What are we even talking about? What is an NFT?"
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August 15, 2024
No Harm In SEC Releasing More Info On Breach, Judge Told
A conservative civil liberties group questioned the U.S. Securities and Exchange Commission's claims that releasing additional materials related to its handling of an internal firewall breach would harm the public interest Thursday, telling a D.C. federal judge in court that so much was already out, more sunlight couldn't hurt.
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August 15, 2024
Levi & Korsinsky To Lead Hertz EV Cost Shareholder Suit
Levi & Korsinsky LLP will represent a proposed class of investors in car rental giant Hertz Global Holdings Inc. in litigation alleging it exaggerated demand for electric cars, then took a $200 million earnings hit as it worked to offload those cars.
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August 14, 2024
Synopsys Escapes Exclusivity Breach Suit At Chancery
Delaware's Chancery Court on Wednesday dismissed private equity firm Sunstone Partners' lawsuit accusing Synopsys Inc. of breaching an exclusivity provision for a potential sale of its security testing services business, saying Sunstone failed to adequately allege Synopsys solicited proposals from other potential buyers.
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August 14, 2024
SEC, CFTC To Collect $474M In Latest Texting Probe Fines
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission on Wednesday announced settlements totaling nearly $474 million with several broker-dealers, investment advisers and other registered firms over failures to maintain and preserve text messages and other electronic communications as required under federal law.
Expert Analysis
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jakesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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How Corner Post Affects Enviro Laws' Statutes Of Limitations
The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.
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FTC Drives Crackdown On Connected Cars' Data Privacy Risk
After the Federal Trade Commission's warning to automakers about data privacy, which continues to emerge as a national concern, automakers must carefully examine their data collection, use and retention practices, say Catherine Castaldo and Michael Rubayo at Reed Smith.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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Opinion
Texas Judges Ignored ERISA's Core To Stall Fiduciary Rule
Two recent rulings from Texas federal courts, which rely on a plainly wrong reading of the Employee Retirement Income Security Act to effectively strike a forthcoming rule that would impose functional fiduciary duties onto sellers of investment services, may expose financially unsophisticated 401(k) participants to peddlers of misleading advice, says Mark DeBofsky at DeBofsky Law.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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Del. Dispatch: Director Caremark Claims Need Extreme Facts
The Delaware Court of Chancery recently dismissed Caremark claims against the directors of Centene in Bricklayers Pension Fund of Western Pennsylvania v. Brinkley, indicating a high bar for a finding of the required element of bad faith for Caremark liability, and stressing the need to resist hindsight bias, say attorneys at Fried Frank.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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Jarkesy Ruling May Redefine Jury Role In Patent Fraud
Regardless of whether the U.S. Supreme Court’s Jarkesy ruling implicates the direction of inequitable conduct, which requires showing that the patentee made material statements or omissions to the U.S. Patent and Trademark Office, the decision has created opportunities for defendants to argue more substantively for jury trials than ever before, say attorneys at Cadwalader.