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Capital Markets
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March 04, 2025
3 Firms Build Instinct Brothers' $242M SPAC Merger
Japanese regenerative medicine and stem cell technology company Instinct Brothers Co. Ltd. on Tuesday unveiled plans to go public through a merger with special purpose acquisition company Relativity Acquisition Corp. in a $242 million deal built by three law firms.
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March 03, 2025
Fenwick-Led AI Startup Coreweave Files For IPO
Artificial intelligence-focused startup CoreWeave Inc. filed plans for an initial public offering Monday, represented by Fenwick & West LLP and underwriters' counsel Latham & Watkins LLP, marking what could become the first major technology IPO of 2025.
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March 03, 2025
SEC Expands Confidential Filing Options For Companies
The U.S. Securities and Exchange Commission on Monday said it is expanding the range of filings that companies can submit for confidential review before such documents become public, predicting that the new accommodations will spur capital formation.
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March 03, 2025
Judge Tosses SEC Crypto Case For Lack Of US Ties
Crypto founder Richard Heart has beaten a U.S. Securities and Exchange Commission suit over his Hex, PulseChain and PulseX crypto projects after the Brooklyn federal judge overseeing the case found the regulator failed to show enough stateside ties.
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March 03, 2025
Adviser Funneled Investor Cash Into $300M Ponzi, Suit Says
A Georgia financial adviser has been hit with a proposed class action alleging that she funneled investors into a company at the heart of what the U.S. Securities and Exchange Commission has called a $300 million Ponzi scheme.
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March 03, 2025
SEC's Peirce Taps Ex-Willkie Partner For Crypto Task Force
The U.S. Securities and Exchange Commission has hired a former Willkie Farr & Gallagher LLP partner into a leadership role in its new task force created to transform the agency's approach toward the cryptocurrency industry.
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March 03, 2025
Jarkesy Can't Get Penny Stock Co. Out Of SEC Penalty
The Second Circuit on Monday upheld the U.S. Securities and Exchange Commission's courtroom victory against a penny stock company found to have misled its investors about its financial state, ruling that the company couldn't lean on the U.S. Supreme Court's Jarkesy ruling to argue that a jury should have determined its punishment.
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March 03, 2025
Kraken Joins Crypto Cos. Announcing SEC Case Dismissals
Crypto exchange Kraken said Monday that the U.S. Securities and Exchange Commission is also walking away from its registration suit amid a bevy of crypto case dismissals and investigation closures that have come as part of a new approach to digital asset policy.
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March 03, 2025
Activist Investor Nominates 2 Candidates To Portillo's Board
Activist investor Engaged Capital LLC on Monday unveiled its slate of directors to stand for election to Portillo's Inc.'s board ahead of the company's annual meeting, saying that the Chicago street food-focused restaurant chain's performance has been suffering due to outdated restaurant operations.
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March 03, 2025
Former SDNY Top Prosecutor Kim Returns To Private Sector
Veteran white-collar defense lawyer Edward Kim, who most recently served as acting U.S. attorney for the Southern District of New York, said Monday he is returning to the firm he founded, Krieger Lewin LLP, which will be known as KKL.
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March 03, 2025
Coinbase Wants To Know SEC Spend On Crypto Enforcement
Crypto exchange Coinbase wants to know how much the U.S. Securities and Exchange Commission spent on its "regulation-by-enforcement campaign" against crypto firms under previous Chair Gary Gensler, according to a Freedom of Information Act request submitted on Monday.
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February 28, 2025
SEC, Ex-Silvergate CFO Trade Shots Over Enforcement Case
The U.S. Securities and Exchange Commission on Friday urged a New York federal court not to throw out its claims that the former chief financial officer of defunct crypto-focused bank Silvergate Capital concealed the bank's rocky financial position, saying that the executive is mischaracterizing its claims.
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February 28, 2025
Del. Judge Orders Trial On AMC Stock Swap Coverage Fight
A Delaware Superior Court judge ordered a jury trial Friday on an AMC Entertainment Holdings Inc. insurer's claim that it never consented to cover part of a $99.3 million settlement with theater chain stockholders who challenged a preferred share conversion and reverse stock split.
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February 28, 2025
Beyond Meat Fries Investors' Fast-Food Production Woes Suit
A Los Angeles federal judge has tossed, for good, a reworked investor class action accusing Beyond Meat of concealing major problems with its efforts to scale production on plant-based meat substitutes for fast-food chains like McDonald's, KFC and Pizza Hut.
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February 28, 2025
SEC's Crypto Turn Could Undermine Staff, Dem Member Says
The U.S. Securities and Exchange Commission's sole Democratic member has spoken out against its postelection retreat from prosecuting crypto cases, warning that recent actions like the voluntary dismissal of a lawsuit against Coinbase threaten to undermine the agency's enforcement staff.
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February 28, 2025
SPAC Trio Raise $575M Combined As Market Recovers
Three special purpose acquisition companies began trading on Friday after raising a combined $575 million under guidance from six law firms, adding to a resurgent SPAC market.
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February 28, 2025
NY Man Found Guilty Of $7M Crypto Investment Scheme
A New York man has been found guilty by a California federal jury of 14 counts related to allegations that he stole millions of dollars' worth of investment funds and moved them to sports betting sites located outside the U.S.
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February 28, 2025
Carbon Project Investor C-Quest Hits Ch. 7
Carbon project developer C-Quest Capital has filed for Chapter 7 liquidation in a Delaware bankruptcy court as its ex-CEO faces charges he fraudulently obtained millions of dollars worth of carbon credits.
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February 28, 2025
Time To Abolish IPO 'Bureaucracy,' Law Professor Says
The U.S. Securities and Exchange Commission's long-established practice of vetting initial public offering filings through back-and-forth comment letters with companies — essentially a screening process intended to rectify faulty disclosures before public dissemination — is a bureaucratic relic that should be done away with, a law professor argues.
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February 28, 2025
Taxation With Representation: Gibson Dunn, Skadden
In this week's Taxation With Representation, Blackstone acquires Safe Harbor Marinas, National Grid sells its green subsidiary in the U.S. to Brookfield, Apollo Global Management buys Bridge Investment Group Holdings Inc., and Teleflex splits into two publicly traded companies.
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February 28, 2025
Goodwin, White & Case Build BridgeBio's $949M SPAC Deal
Clinical-stage biopharmaceutical company BridgeBio Oncology Therapeutics, advised by Goodwin Procter LLP, on Friday announced plans to go public via a merger with special purpose acquisition company Helix Acquisition Corp. II, advised by White & Case LLP, in a deal that gives the combined business an implied pro forma enterprise value of $949 million.
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February 27, 2025
PennyMac Can't Avoid Investors' Suit Over Post-Libor Rate
A California federal judge has ruled PennyMac's mortgage investment arm must face a suit accusing it of using last year's discontinuation of Libor to unlawfully lock in a lower dividend for some of its preferred stock, saying the plaintiffs have adequately pled that the company violated the LIBOR Act when it issued dividends at a fixed rate.
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February 27, 2025
Real Estate Fund Says Property Cos. Lost Investor Funds
A real estate investment fund has sued various companies associated with a man accused by the U.S. Securities and Exchange Commission of defrauding investors in an alleged $1 billion scheme, telling a Florida state court that the companies made off with millions of dollars of investor funds meant to go toward specific real estate projects.
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February 27, 2025
Lottery.com Investor Suit Over IPO Disclosures Trimmed
A New York federal judge trimmed a consolidated securities suit against third-party lottery website Lottery.com, tossing a handful of alleged misstatements made before its merger with a special purpose acquisition company and claims several of the individual defendants pushed through the merger for their financial gain, among other things.
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February 27, 2025
Crypto Fugitives Should Pay SEC $46M, Judge Recommends
A cryptocurrency mining company and its founders, who fled to Brazil after the SEC launched an investigation, should be on the hook for more than $46 million in combined payments to harmed investors, along with interest and penalties, a magistrate judge has recommended.
Expert Analysis
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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The Compliance Trends And Imperatives On Tap In 2025
The corporate ethics and compliance landscape is rapidly evolving, posing challenges from conflicting stakeholder expectations to technological disruptions, and businesses will need to explore human-centered, data-driven and evidence-based practices, says Hui Chen at CDE Advisors.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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UBS Ruling Shows SDNY's Pro-Award Confirmation Stance
A New York federal court's recent ruling upholding an arbitration award in Lakah v. UBS, a long-running dispute over a bond debt default, serves as a reminder that New York courts carry a strong presumption toward binding parties to arbitration agreements and enforcing arbitral awards, say attorneys at Mayer Brown.
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How Decline Of Deference Will Affect Trump Policymaking
An administrative law regime without Chevron deference may limit the Trump administration’s ability to implement new policies in the short term, but ultimately help it in the long term, and all parties with an interest in regulatory changes will have to take a fresh approach to litigation, say attorneys at Covington.
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5 Evolving Concerns For Family Offices In 2025
Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
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7 Ways 2nd Trump Administration May Affect Partner Hiring
President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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Impact Of Successful Challenges To SEC's Rulemaking Ability
In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Takeaways From SEC's Mixed Results In '24 Crypto Litigation
Though the U.S. Securities and Exchange Commission's new leadership seems likely to create a more favorable cryptocurrency regulatory environment, it must also confront the consequences of, and lingering questions raised by, the SEC's 2024 policy of investigating and charging cryptocurrency trading platforms for operating unregistered exchanges, say attorneys at Dechert.
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Series
In The CFPB Playbook: A Sprint To The Finish Line
The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.
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Predicting What's Next For SEC By Looking At Past Dissents
While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.