Securities

  • April 01, 2024

    Investor Challenges GitLab Inc. Nominating Bylaw In Chancery

    An investor in software development security venture GitLab Inc. has hit the company with a proposed class challenge to advance notice nominating restrictions for proxy contests, the latest in a string of suits branding the provisions "restrictive and coercive."

  • April 01, 2024

    Dish Says Investor Suit's 'Witnesses Witnessed Nothing'

    Dish Network wants to dismiss a proposed shareholder class action accusing it of concealing its 5G network integration issues from investors, saying the court should ignore the testimonies of the suit's three confidential witnesses because they have no "basis of knowledge" of the company's inner workings.

  • April 01, 2024

    Spinning For Terraform Was Tough, Crypto Rep Tells Jury

    A California man who worked for Terraform Labs and creator Do Kwon told a Manhattan federal jury Monday that doing public relations for the now-bankrupt cryptocurrency startup accused of fraud left him "angry" and confused as he tried to be transparent.

  • April 01, 2024

    Colo. Judge Pleads For Brevity In Palantir Shareholder Suit

    A Colorado federal judge has dismissed without prejudice a shareholder suit against software and analytics company Palantir Technologies, criticizing the redundancy and excessive length of the complaint, and chastising the plaintiffs for seemingly expecting him to sift through alleged fraudulent statements for them.

  • April 01, 2024

    Murdaugh Gets 40 Years For Financial Crimes In Fed. Court

    Alex Murdaugh, the disgraced former South Carolina lawyer serving a life sentence for murder, was hit with a concurrent 40-year prison term in federal court Monday after pleading guilty to stealing at least $9 million from clients.

  • April 01, 2024

    Last Hemp Co. Exec Agrees To SEC Injunction In $14M Scam

    A CanaFarma Hemp Products Corp. co-founder who pled guilty to claims that he lied about the company's prospects in order to raise $14 million has become the last of four executives to reach a partial agreement resolving the U.S. Securities and Exchange Commission's civil claims.

  • April 01, 2024

    Indicted Crypto Whiz Says Software Development Not A Crime

    The founder of the Tornado Cash cryptocurrency exchange told a Manhattan federal judge that the government had wrongly charged him with scheming to launder money and dodge sanctions, saying that the only agreement he'd made with others was to build legal, open-source software.

  • April 01, 2024

    Morris James Forms M&A Group With 3 Attys From Skadden

    Morris James LLP has hired three attorneys from Skadden Arps Slate Meagher & Flom LLP to launch the Delaware firm's new corporate and mergers and acquisition practice and enhance its already established corporate law services, the firm said Monday.

  • April 01, 2024

    Canadian Trucking Co. Seeks US Bankruptcy Recognition

    Canadian truck dealers the Pride Group on Monday asked a Delaware judge for U.S. recognition of the Canadian insolvency proceedings it began in the face of a more than $90 million claim from Mitsubishi over an alleged loan default.

  • March 29, 2024

    Hogan Lovells Vet's High Court Debut A Study In Contrasts

    Several weeks ago, when a Hogan Lovells lawyer finally delivered U.S. Supreme Court arguments after 20 years at the firm, she parsed arcane arbitration issues and her words weren't widely heard outside the courtroom. But weeks later and back at the high court podium, her words were heard nationwide when she pointedly spotlighted a judge's use of "anonymous blog posts" in a bombshell abortion ruling.

  • March 29, 2024

    Alleged 'Shadow Trader's Co-Worker Tells Jury Stocks Not Tied

    A co-worker of an ex-Medivation executive accused of "shadow trading" in rival Incyte's stock testified Friday as the first defense witness in his California federal civil trial, telling jurors that the two companies weren't competitors and that he wouldn't expect their stock prices to rise in tandem.

  • March 29, 2024

    SentinelOne Execs Face Derivative Suit Over Accounting Error

    Cybersecurity company SentinelOne was hit with a shareholder derivative suit in California federal court Friday over a 35% stock price drop that the plaintiff claimed was the result of the company's disclosure about its internal controls and subsequent inflation of its annualized recurring revenue.

  • March 29, 2024

    High Court SEC Case May Bear On DOJ's Immigration Probes

    A highly anticipated Supreme Court decision on the constitutionality of the U.S. Securities and Exchange Commission's tribunal body could lend support to Walmart and SpaceX in immigration enforcement proceedings, and it may even have the potential to strike the foundation of immigration courts.

  • March 29, 2024

    BitTorrent Owner Says SEC Is Overreaching Its Authority

    The owner of file sharing platform BitTorrent asked a Manhattan federal judge to toss the U.S. Securities and Exchange Commission's lawsuit alleging the fraudulent and unregistered sale of a pair of crypto tokens, saying the agency is trying to extend U.S. securities laws to foreign entities.

  • March 29, 2024

    What's Next On Courts' Crypto Docket After Bankman-Fried

    The 25-year prison sentence for FTX founder Sam Bankman-Fried left the crypto industry one step closer to putting the fallout of "crypto winter" behind it, but there are still other cases with broad implications for the industry set to take over Manhattan courtrooms soon.

  • March 29, 2024

    GEO Group Brass Agree To Reforms To End Derivative Suit

    Shareholders who claimed executives of private prison contractor GEO Group Inc. lied about financing deals with major banks told a Florida federal judge that the company has agreed to a host of corporate reforms to end the derivative suit, which will include the appointment of a chief compliance officer.

  • March 29, 2024

    SEC Wins Extended Asset Freeze Against Biotech Co.

    A Colorado federal judge on Friday granted the U.S. Securities and Exchange Commission's request to make permanent a restraining order freezing a biotech company's assets while the case proceeds, finding that the regulator is likely to prevail in the suit.

  • March 29, 2024

    HJ Sims Honoring Books And Records Settlement, Court Told

    The daughter of a seven-decade employee of Herbert J. Sims & Co. Inc. has withdrawn a books and records suit against the investment bank and its owner, The Teksys Corp., telling a Connecticut state court that she is now satisfied that the defendants have abided by the terms of a November settlement.

  • March 29, 2024

    Liberty Sues SEC Again Over Climate Disclosure Regs

    Liberty Energy Inc. filed a complaint against the U.S. Securities and Exchange Commission in Texas federal court, marking the company's second attempt at challenging the agency's corporate climate disclosure regulations after its previous Fifth Circuit petition was transferred to the Eighth Circuit.

  • March 29, 2024

    Innoviz's $1.4B SPAC Deal 'Abysmal,' Investor Tells Chancery

    A former stockholder of the special purpose acquisition company that took autonomous vehicle software provider Innoviz public has sued the architects behind the $1.4 billion merger in Delaware's Court of Chancery, accusing them of unjust enrichment and breaches of fiduciary duty and calling the transaction "abysmal" for investors.

  • March 29, 2024

    Nikola Says Convicted Ex-CEO Plotting Illegal Board Takeover

    Electric truck manufacturer Nikola Corp. sued its former CEO and convicted felon Trevor Milton in Arizona federal court Friday, accusing him of scheming with unqualified loyalists to regain control of the company by flouting securities laws, infringing Nikola's trademarks and breaching agreements.

  • March 29, 2024

    Hedge Fund Beats Vaxart Investor's 'Short-Swing' Profits Suit

    A New York federal judge has granted a win to hedge fund Armistice Capital LLC and its managing member in a derivative suit brought by a shareholder of biotechnology company Vaxart Inc., which sought disgorgement of short-swing profits that allegedly were wrongfully obtained by the investment adviser.

  • March 29, 2024

    FuboTV Exits Investor Suit Over Sports Betting Biz, For Now

    A New York federal judge has dismissed a lawsuit from investors of sports streaming service FuboTV Inc. accusing it of misleading them about its attempt to enter into the sports betting business, saying that claims in short seller reports, which the investors say damaged share prices, are only opinions, not actionable facts.

  • March 29, 2024

    Up Next After Bankman-Fried Sentencing: FTX Cooperators

    Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.

  • March 29, 2024

    Retirement Advisers Back Biden Admin's ESG Rule In 5th Circ.

    Supporters of a Biden administration rule allowing retirement advisers to consider environmental, social and governance issues when making decisions for clients rose to defend the policy in the Fifth Circuit, arguing the move aligns with fiduciary duties to minimize risks and maximize returns for clients.

Expert Analysis

  • Navigating The Sunset Of Sibor And Other Key Benchmarks

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    Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.

  • What Shareholder Approval Rule Changes Mean For Cos.

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    The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • The FINRA Reports That May Foreshadow New AI Rules

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    By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Financial Cos. Must Know For Handling T+1 Settlements

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    The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.

  • Breaking Down FDIC's New Advertising And Signage Rule

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    The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.

  • The Double-Edged Sword Of Biometrics In Financial Services

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    Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.

  • CFTC Moves May Boost Interest In Voluntary Carbon Markets

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    As companies try to reduce their net greenhouse gas emissions, many have been cautious about embracing voluntary carbon credit markets — but recent moves by the U.S. Commodity Futures Trading Commission to regulate this sector may address some of its well-known challenges, say Deborah North and Laura Daugherty at Cleary.

  • Musk Pay Package Ruling Offers Detailed Lesson On Del. Law

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    Anat Alon-Beck and John Livingstone at Case Western Reserve University discuss the specifics that led Delaware's chancellor to rescind Elon Musk's $55.8 billion Tesla pay package on Jan. 30, how the state’s entire fairness doctrine played into the ruling, and its bigger-picture impact on the executive compensation landscape.

  • Chancery's Sears Ruling Clarifies Stockholder Duties

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    In a recent landmark decision involving stockholders of Sears Hometown and Outlet Stores, the Delaware Chancery Court addressed for the first time what precise duties a controlling stockholder owes, highlighting that controller interference with board action is not per se invalid and that enhanced scrutiny is a reasonableness test, say Christopher Chuff and Taylor Bartholomew at Troutman Pepper.

  • Del. Ruling Adds Momentum For Caremark Plaintiffs

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    The Delaware Supreme Court's recent opinion in Lebanon County Employees' Retirement Fund v. Collis could be viewed as expanding plaintiffs' ability to viably plead a Caremark claim against directors, so Delaware companies should be on heightened alert and focus on creating a record of board oversight, say attorneys at V&E.

  • How Biotech Cos. Can Utilize Synthetic Royalty Financing

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    Synthetic royalty transactions have been on the rise as a funding structure for biotechnology companies, but questions have arisen surrounding how such transactions work, and structuring them correctly requires a nuanced understanding, say Todd Trattner and Ryan Murr at Gibson Dunn.

  • 2 SEC Orders Illuminate Bribery Risks For US-China Cos.

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    The U.S. Securities and Exchange Commission’s foreign bribery-related resolutions with 3M and Clear Channel offer important takeaways on compliance risks for companies with operations in China, from the role of traditionally low-risk vendors to gaps in internal accounting controls, say attorneys at Miller & Chevalier.

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