Securities

  • July 01, 2024

    Wash. Law Firm, Ex-Atty Aided In $20M Fraud, Suit Alleges

    A Washington attorney and her former law firm are accused of lending "an air of legitimacy" to an alleged scheme to bilk an asset management firm out of $20 million by using forged invoices to obtain financing for computer equipment, according to a complaint filed in Washington state court.

  • July 01, 2024

    Carvana Seeks Toss Of Chancery Suit Alleging Faulty Sales

    An attorney for online used-car sales giant Carvana Inc. on Monday urged Delaware's chancellor to toss or stay what he described as a derivative damages case "repackaged" from past or pending federal securities actions that "have not fared well."

  • July 01, 2024

    Justices Told Clarity Needed On Ch. 11 Exculpations

    Highland Capital and parties opposed to the venture capital firm's Chapter 11 plan asked the U.S. Supreme Court to clear up how the high court's recent rejection of third-party claims releases in the Purdue Pharma reorganization applies to Chapter 11 exculpations.

  • July 01, 2024

    Caribou Bio Inks $3.9M Deal In Investors' Cancer Therapy Suit

    Caribou Biosciences Inc. has agreed to pay $3.9 million to settle a proposed class action alleging it misled investors about the durability of its most advanced cancer-fighting therapy before and after the gene-editing biotechnology company went public, investors told a California federal judge on Friday.

  • July 01, 2024

    Binance, Ex-CEO Must Face 'Bulk' Of SEC Case

    A Washington, D.C., federal judge has ruled that Binance, its former CEO and its U.S. arm will have to face the "bulk" of a lawsuit from the U.S. Securities and Exchange Commission, but claims surrounding the crypto exchange's stablecoin and certain secondary sales of its proprietary token won't move forward.

  • July 01, 2024

    Womble Bond Adds Int'l Tax Partner In Houston Office

    Womble Bond Dickinson has added a partner to its corporate and securities group in Houston who will focus on tax law and cross-border transactions, the firm announced.

  • July 01, 2024

    Pegasystems Investors Sue After $2B Trade Secrets Verdict

    A pair of Pegasystems Inc. stockholders are seeking to hold its CEO and other officers liable for lost value following a $2 billion judgment against the company in a trade secrets case, according to a shareholder derivative complaint filed in Massachusetts state court.

  • July 01, 2024

    Catching Up With Delaware's Chancery Court

    Two multimillion-dollar settlement approvals, a $25 million fee-shifting demand, and a biotech merger spoiled by murder: This was just the beginning of the drama last week in the nation's preeminent court of equity. Shareholders in satellite companies filed new cases, a cannabis company headed toward trial, and there were new developments in old disputes involving Tesla and Truth Social.

  • July 01, 2024

    CFTC Opponent Says No Chevron, No Election Betting Ban

    Online trading platform operator KalshiEx told a D.C. federal court that Friday's U.S. Supreme Court ruling shutting down Chevron deference is the end of the road for the U.S. Commodity Futures Trading Commission's attempts to ban election gambling on derivatives trading platforms.

  • July 01, 2024

    EV Charging Co. Strikes $3.75M Deal With Investors

    Electric-vehicle charging station operator Blink Charging Co. has agreed to cough up nearly $4 million to resolve investors' claims it misled them about the functionality of its charging network.

  • July 01, 2024

    Supreme Court Widens Window To Challenge Federal Regs

    Legal challenges to federal regulations can be brought outside the normal statute of limitations if someone isn't adversely affected until after the six-year window of time to file suit, the U.S. Supreme Court ruled Monday.

  • June 28, 2024

    Cahill Hires SDNY Vet Who Prosecuted 'Real Housewives' Star

    Cahill Gordon & Reindel LLP has hired an eight-year veteran of the U.S. Attorney's Office for Southern District of New York who was a senior member of the office's Securities and Commodities Fraud Task Force and prosecuted a former U.S. congressional representative and a star of one of "The Real Housewives" TV series.

  • June 28, 2024

    Chevron's End Is Just The Start For Energized Agency Foes

    By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.

  • June 28, 2024

    CUNY Medical Prof Accused Of Fabricating NIH Grant Apps

    A medical professor at the City College of New York and paid adviser to Cassava Sciences has been indicted on allegations he falsified scientific data in grant applications submitted to the National Institutes of Health on behalf of himself and Cassava, prosecutors announced Friday.

  • June 28, 2024

    Stock Clearing Orgs Slam Firm's 'Bizarre' Constitutional Attack

    Two of the nation's largest securities clearing agencies are fighting an attempt to declare their in-house disciplinary procedures unconstitutional, telling the Tenth Circuit that brokerage firm Alpine Securities Corp.'s attack on the private entities is unprecedented and threatens the stability of the capital markets. 

  • June 28, 2024

    FCPA, Shkreli Prosecutor To Lead EDNY's Criminal Division

    Breon Peace, U.S. attorney for the Eastern District of New York, on Friday said Alixandra Smith, known for taking point in the prosecution of Martin Shkreli and her leading roles in foreign bribery cases, has been appointed as the new chief of the office's Criminal Division.

  • June 28, 2024

    Custodia Bank Asks 10th Circ. For Fed Master Account Win

    Crypto-focused Custodia Bank has argued in an opening brief before the Tenth Circuit that it is entitled to a Federal Reserve master account and should be given approval to open one, kicking off its appeal of a Wyoming federal judge's decision that said otherwise.

  • June 28, 2024

    In Chevron Case, Justices Trade One Unknown For Another

    The U.S. Supreme Court's decision to overrule a decades-old judicial deference doctrine may cause the "eternal fog of uncertainty" surrounding federal agency actions to dissipate and level the playing field in challenges of government policies, but lawyers warn it raises new questions over what rules courts must follow and how judges will implement them.

  • June 28, 2024

    Ontrak Exec Conviction Shows Trading Plans Aren't Shields

    Executives who use so-called Rule 10b5-1 trading plans to buy and sell shares of their company's stock don't have an automatic shield against insider trading charges, attorneys said following the first criminal conviction of an executive based exclusively on his use of the plans, which are facing increased scrutiny from financial regulators.

  • June 28, 2024

    Justices' SEC Ruling Unlikely To Bear On Immigration Actions

    The U.S. Supreme Court's decision reining in the U.S. Securities and Exchange Commission's use of administrative courts is unlikely to help Walmart and SpaceX escape proceedings for alleged immigration-related violations, with the justices punting on the authority of administrative law judges.

  • June 28, 2024

    Match Group Should Escape Investor Claims, Judge Says

    A proposed class action brought by shareholders of dating website operator Match Group Inc. should be tossed for now because it failed to show how the company allegedly misled the markets about an integration process, a Delaware federal magistrate judge determined.

  • June 28, 2024

    Home Point Investor Attys Get $1.5M Fee As Judge OKs Deal

    A Michigan federal judge on Friday granted final approval to a $5 million deal resolving investor allegations that mortgage lender Home Point exaggerated its ability to keep costs low ahead of its initial public offering, giving class counsel a $1.5 million cut of the deal.

  • June 28, 2024

    Chancery Court, Not Accountant, To Resolve Curaleaf Dispute

    A post-merger dispute between cannabis dispensary giant Curaleaf and the former owner of a multistate cannabis operation it acquired in 2022 must be resolved by Delaware's Court of Chancery and not an independent accountant, the court's chancellor said Friday.

  • June 28, 2024

    Ackman's Pershing Square Sets $50 IPO Price On New Fund

    Bill Ackman's new fund Pershing Square USA Ltd. on Friday set an initial public offering price of $50 per share in an IPO guided by three law firms, marking Ackman's latest step toward inviting the public to own a stake in his investment empire.

  • June 28, 2024

    Bitcoin Device Seller Sues Ex-CEO, Alleging $5.3M Fraud

    A California-based crypto mining-farm builder and equipment seller has sued its former CEO in California federal court, alleging that he embezzled roughly $5.3 million, leading to the company's failure to pay multiple vendors in a timely manner.

Expert Analysis

  • Series

    Skiing Makes Me A Better Lawyer

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    A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.

  • Can A DAO Be Sued? SDNY Case May Hold The Answer

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    A case pending in the Southern District of New York will examine whether decentralized crypto co-op MakerDAO is a partnership with the capacity to be sued in federal court, and the decision could shape how legal frameworks will adapt to accommodate blockchain technologies moving forward, say attorneys at Haynes Boone.

  • Tips For Counsel Seeking Balance In The ESG Political Divide

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    Corporate counsel tasked with navigating environmental, social and governance factors in the current polarized political environment should not lose sight of best practices, including sticking to what the law requires and always telling the truth, say Jennifer Rubin at Mintz and Mike Rider at ResMed.

  • Practical Steps For Navigating New Sanctions On Russia

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    After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • How Advance Notice Bylaws Are Faring In Del. Courts

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    Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • Strategies For Single-Member Special Litigation Committees

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    The Delaware Supreme Court's recent order in the Baker Hughes derivative litigation allowing testimony from a single-member special litigation committee highlights the fact that, while single-member SLCs are subject to heightened scrutiny, they can also provide unique opportunities, says Josh Bloom at MoloLamken.

  • Lessons For D&O Policyholders From Pharma Co. Ruling

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    A California federal court's recent decision in AmTrust v. 180 Life Sciences, requiring insurers to advance defense costs for a potentially covered claim, provides a valuable road map for directors and officers insurance policyholders, rebutting the common presumption that a D&O insurer's duty to advance costs is more limited than under other policies, say attorneys at Pasich.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

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