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Corporate
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June 11, 2024
Amplitude Execs Face Suit Over Post-IPO Share Inflation
Current and former insiders of business software maker Amplitude were hit with a shareholder derivative suit claiming they profited from misrepresentations they made about the likelihood of the company sustaining its revenue growth following its initial public offering.
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June 11, 2024
NFL Sunday Ticket Monopoly Cost Fans $7B, Expert Testifies
An economist testifying as an expert for the plaintiffs in a California federal trial over multibillion-dollar antitrust claims brought against the NFL by DirecTV Sunday Ticket subscribers said Tuesday that subscribers suffered over $7 billion in damages from DirecTV's alleged monopoly on the television package.
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June 11, 2024
Tyco's $750M PFAS Deal In Foam Co. MDL Gets Initial OK
A South Carolina federal judge gave his blessing Tuesday to the $750 million settlement Johnson Controls International PLC subsidiary Tyco Fire Products LP entered to resolve public water systems' federal claims that some forever chemicals they detected in their supplies came from firefighting foam it made.
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June 11, 2024
2nd Circ. Cites Macquarie In Booting Suit Over Go-Private Deal
The Second Circuit refused to revive a proposed class action accusing a real estate services provider of artificially depressing share prices, applying apparently for the first time the U.S. Supreme Court's Macquarie decision on alleged failures to disclose certain information.
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June 11, 2024
Ontrak CEO Told Broker To Sell Shares Quickly, Jury Hears
A stockbroker testifying Tuesday in the California federal insider trading trial for Ontrak's founder said the executive didn't accept his advice to delay selling shares of the healthcare company to avoid the appearance of trading on insider information, but instead insisted on selling the shares immediately.
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June 11, 2024
Quinn Emanuel Swapped Sides For X Suit, Data Co. Says
Israeli data collector Bright Data Ltd. asked a California federal judge on Tuesday to disqualify law firm Quinn Emanuel Urquhart & Sullivan LLP from representing social media company X Corp., which is suing Bright Data over its data-scraping practices, accusing the firm, which was once contracted by the data company for advice in a similar matter, of switching sides.
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June 11, 2024
9th Circ. Judge On Theranos Appeal: 'Good Story' For Holmes
Two Ninth Circuit judges on a three-judge panel expressed concerns Tuesday that the district judge presiding over convicted former Theranos CEO Elizabeth Holmes' criminal trial erred by allowing a layperson witness to offer expert testimony at trial, with one judge saying, "There's a pretty good story here for Ms. Holmes."
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June 11, 2024
DOL's H-2A Protections Rule Flouts Labor Law, GOP AGs Say
The U.S. Department of Labor's final rule including protections for foreign farmworkers within the H-2A visa program doesn't comport with federal labor law, a group of Republican attorneys general claimed in Georgia federal court, saying the rule doesn't give the same rights to U.S. citizen workers.
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June 11, 2024
Granulated Sugar Price-Fixing Cases Centralized In Minn.
A collection of price-fixing suits against some of the country's biggest refined sugar manufacturers is being consolidated in Minnesota federal court, with the Judicial Panel on Multidistrict Litigation choosing the venue over federal courts in New York.
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June 11, 2024
HashiCorp Hit With Investor Suit Over $6.4B Sale To IBM
Software company HashiCorp Inc. and its board members face an investor suit seeking to halt an upcoming shareholder vote on a proposed $6.4 billion acquisition of HashiCorp by tech giant IBM, alleging the deal would unfairly benefit company insiders and hasn't been properly detailed in required filings.
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June 11, 2024
Southwest Ditches 2022 Holiday Mayhem Suit, For Now
A California federal judge on Tuesday dismissed a group of Southwest Airlines customers' proposed breach of contract class action stemming from massive flight cancellations during the airline's December 2022 holiday-week meltdown but gave the plaintiffs another shot to bolster their claims.
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June 11, 2024
Auto Apprenticeship Program Sued In Del. For Documents
A stockholder and founder of Automotive Apprenticeship Group LLC sued the Kentucky-headquartered business Tuesday for a Delaware Court of Chancery-ordered release of company documents allegedly refused in the past after repeated, direct requests.
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June 11, 2024
4 More States Join DOJ's Antitrust Suit Against Apple
The attorneys general of Washington, Massachusetts, Nevada and Indiana on Tuesday became the latest to join the U.S. Department of Justice's antitrust lawsuit in New Jersey federal court claiming Apple is monopolizing the smartphone market.
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June 11, 2024
Moelis-Inspired Del. Corporate Law Bill Clears Senate Panel
A string of law professors turned out Tuesday to oppose a Delaware Senate bill that would let boards cede some governance rights to big stockholders and some Delaware Court oversight to other jurisdictions, with the measure nevertheless cleared for a full Senate vote.
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June 11, 2024
Roblox Based Forecast On 'Tenuous' Factors, Investor Says
A Roblox Corp. shareholder accused the online gaming platform in California federal court Monday of misleading investors with projected online sales revenue that came in at least $100 million short, boasting of its technology developments and advertising efforts despite knowing those revenue opportunities were "tenuous at best."
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June 11, 2024
Abbott Taps General Counsel, Austin Partners For New Courts
Texas Gov. Greg Abbott announced his first appointments to the statewide business court and the Fifteenth Court of Appeals on Tuesday, roughly three months before the state's newest courts are set to begin taking cases.
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June 11, 2024
Raytheon Openly Prefers Younger Job Applicants, Suit Says
Raytheon for years has violated age bias law by advertising positions explicitly meant for recent college graduates despite public statements acknowledging that the aerospace company needs thousands of additional workers, a 67-year-old job applicant alleged Tuesday in Massachusetts federal court.
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June 11, 2024
Willkie Farr Hires 11 Ex-Latham Bankruptcy Attys In Germany
Willkie Farr & Gallagher LLP has snagged three bankruptcy partners and eight more attorneys from Latham & Watkins LLP in Germany as it expands its bench in the country, the firm announced Tuesday.
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June 11, 2024
Home Depot Again Notches Win In OT Suit
A California federal court ruled that although a group of workers accusing Home Depot of unpaid overtime set forth enough new evidence to reconsider a win the home improvement chain snagged, the workers didn't sustain their arguments that the company purposely tried to dodge overtime laws.
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June 11, 2024
Biz Groups Urge 6th Circ. To Put Net Neutrality On Hold
Industry groups want the Sixth Circuit to put the Federal Communications Commission's net neutrality rules on hold while they are litigated and to reject an FCC bid to move numerous consolidated challenges to the D.C. Circuit.
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June 11, 2024
SEC Probing Autodesk After Accounting Practices Report
Autodesk Inc. said the U.S. Securities and Exchange Commission is investigating the software corporation after it voluntarily contacted the regulatory body to inform it of the company's own internal investigation into its free cash flow and non-generally accepted accounting principles operating margin practices.
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June 11, 2024
WeWork Announces CEO Switch As It Leaves Ch. 11
WeWork, fresh from the confirmation of its Chapter 11 restructuring plan, said Tuesday it will be led by John Santora, who will take over as CEO as the company leaves bankruptcy behind.
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June 11, 2024
Slow IPO Recovery Expected To Accelerate In 2025
More companies are preparing initial public offerings even as the pace of new listings has been slower than anticipated, experts said Tuesday, signaling that an IPO recovery is likely to accelerate next year after investors sort out November election results.
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June 11, 2024
AES Sued In Del. For 'Weaponized' Advance Notice Bylaws
Global utility and power company The AES Corp. has "weaponized" advance notice requirements in its bylaws to make it "unreasonably difficult, if not impossible," for stockholders to nominate candidates for the company's board, a stockholder has alleged in a new Delaware Court of Chancery suit.
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June 11, 2024
FTC Gets Short Extension On Novant Deal Pause
A North Carolina federal court Tuesday extended an order preventing Novant Health from closing its $320 million deal for a pair of hospitals in the state by 10 days to give the Federal Trade Commission time to ask the Fourth Circuit to pause the transaction.
Expert Analysis
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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Decoding The FTC's Latest Location Data Crackdown
Following the Federal Trade Commission's groundbreaking settlements in its recent enforcement actions against X-Mode Social and InMarket Media for deceptive and unfair practices with regards to consumer location data, companies should implement policies with three crucial elements for regulatory compliance and maintaining consumer trust, says Hannah Ji-Otto at Baker Donelson.
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How American Airlines ESG Case Could Alter ERISA Liability
Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Patent Ownership Issues In Light Of USPTO AI Guidance
Recently published guidance from the U.S. Patent and Trademark Office establishes that inventions created using artificial intelligence may be patentable if a human also significantly contributes, but ownership and legal rights in these types of patents are different issues that require further assessment, says Karl Gross at Leydig Voit.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
The first quarter of the year brought the usual onslaught of new regulatory developments in California — including a crackdown on junk fees imposed by small business lenders, a big step forward for online notarizations and a ban on predatory listing agreements, says Alex Grigorians at Hanson Bridgett.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.
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5 Takeaways From SAP's Foreign Bribery Resolutions
German software company SAP’s recent settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission, resolving allegations of foreign bribery, provide insights into government enforcement priorities, and how corporations should structure their compliance programs to reduce liability, say attorneys at Perkins Coie.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Fears About The End Of Chevron Deference Are Overblown
While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.
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10 Ransomware Issues GCs Should Have On Their Radar
As the ransomware threat landscape rapidly evolves, in-house counsel should expect to face a number of challenging dynamics, including the need to justify any ransom payments both to internal and external stakeholders, and data extortion demands that are bypassing the encryption stage, say attorneys at Alston & Bird.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Series
NJ Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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What To Know About IRS' New Jet Use Audit Campaign
The Internal Revenue Service recently announced plans to open several dozen audits scrutinizing executive use of company jets, so companies should be prepared to show the business reasons for travel, and how items like imputed income and deduction disallowance were calculated, say attorneys at Morgan Lewis.