Coinbase Investor Drops Direct Listing Suit After Slack Ruling

By Lauren Berg

A Coinbase investor Wednesday dropped a proposed class action accusing the cryptocurrency platform and its top brass of offering false and misleading materials that caused its stock price to plummet following the company's debut with an $86 billion valuation, after the Ninth Circuit tossed a similar case against Slack Technologies.

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SEC Defends 'Follow-On' Action From Post-Jarkesy Challenge

By Jessica Corso

The U.S. Securities and Exchange Commission is defending its ability to pursue industry bars in its administrative court, telling a Washington, D.C., federal judge that a recent U.S. Supreme Court decision limiting the use of in-house courts does not prevent the agency from booting a father and son duo from the investment advisory industry.

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Del. Corporate Law Bill Poses 'Grave Risk,' Plaintiffs' Firms Say

By Jeff Montgomery

Five of Delaware's most active corporate litigation plaintiffs' firms have branded pending legislation aimed at curbing stockholder suits as a "dangerous and radical" measure that attacks the state's courts and will put Delaware's nationally known incorporation franchise "at grave risk."

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DOJ's Absence Felt At ABA Conference On White Collar Crime

By Carolina Bolado

Officials from the U.S. Department of Justice were conspicuously absent Wednesday from the American Bar Association's annual white collar crime conference, leaving organizers scrambling to fill empty panel seats and practitioners guessing as to what the Trump administration's enforcement priorities will be.

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Feds Allege Vast Overseas Insider Trading Scheme

By Brian Dowling

Two foreigners are facing criminal charges and civil securities fraud claims for allegedly masterminding a multinational, yearslong insider trading scheme that generated millions of dollars in illicit profits by trading on leaked information ahead of business developments. 

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FINRA Fines NJ Firm, Suspends AML Compliance Officer

By Sydney Price

The Financial Industry Regulatory Authority has fined Network 1 Securities and suspended its anti-money laundering compliance officer over their alleged failure to design a reasonable compliance program to prevent money laundering.

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FCPA Trial Delay Would Stop Speedy Trial Clock, Feds Say

By Carla Baranauckas

The adjournment of the government's Foreign Corrupt Practices Act case against two former Cognizant Technology Solutions Corp. executives should stop the Speedy Trial Act clock because the case needs a "fulsome review" in light of the pause in FCPA enforcement, New Jersey's freshly minted top federal prosecutor told a judge Wednesday.

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SEC Asks To Toss Subpoena Suit Against Telehealth Co.

By Katryna Perera

The U.S. Securities and Exchange Commission asked a New York federal judge Wednesday to dismiss its suit aimed at forcing a weight-loss-focused telehealth company to comply with a subpoena, saying the company has since provided the requested documents and otherwise complied with the subpoena.

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Chancery Mulls Amicus Bid, TRO In Paramount Merger Battle

By Jeff Montgomery

Backers of a $13.5 billion offer for Paramount Global asked Wednesday for clearance to chime in on a Delaware Chancery Court stockholder challenge to the company's proposed $8 billion, allegedly conflicted sale to Skydance Media, arguing that a board special committee never gave the higher bid proper consideration.

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Wyo. Firm's 'Classic' Ponzi Scheme Made $92M, Investors Say

By Emilie Ruscoe

A group of would-be investors has filed suit against a purported investment management company and associated entities and individuals, alleging they were taken in by a "classic Ponzi scheme" that raked in at least $92 million from its victims.

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Biotech Co. Maravai Hit With Investor's Internal Controls Suit

By Sydney Price

Health research tools company Maravai LifeSciences Holdings Inc. has been hit with a proposed shareholder class action alleging it failed to report that it had issues with its internal reporting controls ahead of its announcement that an inaccurate report led to the misallocation of $3.9 million.

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US Looks For Pause In PetroSaudi $380M Seizure Suit

By Joyce Hanson

The United States has asked a California federal court to stay its suit to seize part of a $380 million arbitral award issued to a PetroSaudi unit, saying the civil case is up in the air because the oil producer's sole owner was convicted in August in Swiss criminal court.

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30 Years Later: How PSLRA Has Improved Securities Litigation

In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.

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Terraform Case May Be Bellwether For Crypto Enforcement

The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.

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Wilson Sonsini Latest Firm To Announce Beijing Closure

By Tracey Read

Wilson Sonsini Goodrich & Rosati PC confirmed Wednesday that it will reduce its presence in Greater China by shutting down its Beijing office.

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Atty Who Repped Trump And Bannon Joins Brownstein Hyatt

By Jack Rodgers

Evan Corcoran, who represented President Donald Trump in his classified documents case and Steve Bannon in his contempt of Congress trial, has joined Brownstein Hyatt Farber Schreck LLP's Washington, D.C., office.

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Ex-DOJ Official Jeffrey Clark Returns To Trump Administration

By Alison Knezevich

Jeffrey Clark, a former U.S. Department of Justice official who is facing criminal charges in Georgia and fighting to save his law license over claims that he helped President Donald Trump try to overturn the results of the 2020 election, has returned to the federal government.

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Atty's Vanity Plate Gets Spotlight In Fatal Shooting Trial

By Brian Steele

A Connecticut prosecutor has zeroed in on the vanity license plate that was on Cramer & Anderson LLP partner Robert L. Fisher Jr.'s car when he fatally shot an attacker in June 2021, asking the defendant's character witnesses Wednesday if they knew about it, and if so, what they thought of it.

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Jury Mulling Judge's Murder Trial Hears More Arguments

By Gina Kim

With jury deliberations in the murder trial of a California judge who fatally shot his wife stretching into their sixth day Wednesday, the presiding judge allowed the prosecution and defense to make additional arguments addressing the jury's question about the willfulness requirement for second-degree murder.

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ABA Says Attys Victimized By Clients May Share Certain Info

By Emily Sawicki

An attorney who is a victim of a crime perpetrated by a client or prospective client may disclose client information "to the extent reasonably necessary to report a crime," the American Bar Association's Standing Committee on Ethics and Professional Responsibility has found in its latest ethics opinion, released Wednesday.

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Senate Confirms Todd Blanche To Be Trump's Deputy AG

By Courtney Bublé

The Senate voted 52-46 on Wednesday to confirm Todd Blanche, one of President Donald Trump's former criminal attorneys, to be deputy attorney general.

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High Court Allows Release Of Frozen USAID Foreign Aid

By Katie Buehler

The U.S. Supreme Court on Wednesday ruled that a D.C. federal judge can require the Trump administration to release up to $2 billion in frozen foreign aid funding, but told the judge he must clarify the scope of the government's responsibility and ensure it has enough time to comply with any deadline. 

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Revived Bill To Add Judges Teed Up For Another House Vote

By Courtney Bublé

The House Judiciary Committee voted out of committee three bills on Wednesday along party lines, including legislation to add more federal judgeships that the federal judiciary says are needed desperately but has become subject to partisan fighting.

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