Securities

  • March 12, 2025

    SEC Says Ex-Allarity Execs Concealed Doomed FDA Approval

    The U.S. Securities and Exchange Commission sued three former executives of clinical-stage pharmaceutical company Allarity Therapeutics Inc. in Massachusetts federal court, alleging Wednesday that they schemed to conceal from the public that the company's new drug application for its flagship drug had no chance of gaining regulatory approval.

  • March 12, 2025

    Coinbase Escapes Direct Listing Suit Despite New Plaintiff Bid

    A California federal court has dismissed a proposed class action against Coinbase over its direct listing following the lead plaintiff's decision to leave the suit when the Ninth Circuit dismissed a similar case brought against Slack Technologies, saying the voluntary dismissal counts as a final proceeding.

  • March 12, 2025

    SEC Answers Latham's Call To Free Up Private Capital

    Staff at the U.S. Securities and Exchange Commission issued guidance Wednesday that could allow accredited investors to self-certify their ability to participate in private securities offerings, a move that Latham & Watkins LLP said represents a "new era" for capital fundraising. 

  • March 12, 2025

    Del. Senate Panel Sends Corp. Law Overhaul To Full Chamber

    Delaware legislation that could narrow stockholder opportunities to sue state-chartered corporations for fiduciary duty breaches or access to books and records moved to the state's full Senate on Wednesday after a less than 90-minute committee hearing that leaned toward the bill's supporters.

  • March 12, 2025

    Binance Asks Judge To Rethink Upholding Terror Victims' Suit

    Cryptocurrency exchange Binance and its former CEO Changpeng Zhao have asked a New York federal judge to reconsider his ruling allowing a bulk of claims from a group of Hamas attack survivors to move forward, arguing that the survivors do not allege that Binance had a "close nexus" to the terrorist groups that allegedly used its platforms.

  • March 12, 2025

    Caribou Biosciences Brass Face Investor's Clinical Trials Suit

    Executives and directors of Caribou Biosciences Inc. have been hit with a shareholder's derivative suit alleging that they overstated the safety and efficacy of Caribou's cell therapy and concealed that the company was at risk of being unable to fund its operations.

  • March 12, 2025

    Convicted Insurance Magnate Settles SEC's $57M Fraud Suit

    Convicted insurance mogul Greg Lindberg has netted a deal with the U.S. Securities and Exchange Commission to resolve claims he misappropriated $57 million in client funds, tying up the civil suit just four months after he copped to related criminal charges.

  • March 12, 2025

    Crypto CEO Linked To Jack Abramoff Convicted Of Fraud

    A California federal jury on Wednesday convicted a cryptocurrency company founder of fraud and money laundering over allegations he stole more than $10 million from tens of thousands of investors in a scheme that involved disgraced ex-lobbyist Jack Abramoff.

  • March 12, 2025

    PwC Singapore Fudged Compliance Test Data, PCAOB Says

    PricewaterhouseCoopers' Singapore unit has agreed to pay $1.5 million to settle allegations from the Public Company Accounting Oversight Board that the firm failed to have proper policies and procedures in place for periodic reviews of staff members' financial independence.

  • March 12, 2025

    Ex-Smartmatic Execs Seek FCPA Reprieve After Trump Order

    Two former executives of electronic-voting system developer Smartmatic asked a Florida federal judge on Wednesday to push back the schedule in their bribery case while the U.S. Department of Justice reviews pending Foreign Corrupt Practices Act cases.

  • March 12, 2025

    Ohio Man Gets 30 Months For $2M Energy Investment Scam

    An Ohio man was sentenced to 2½ years in federal prison for his role in a $2 million scheme that duped investors into thinking they were funding the construction of a plant that would convert biodegradable waste into green energy, acting U.S. Attorney Troy Rivetti announced.

  • March 12, 2025

    Mallinckrodt Investors Ask NJ Court To Approve $46M Deal

    A group of Mallinckrodt PLC investors has asked a New Jersey federal judge to grant final approval to a $46 million settlement they reached with executives and directors of the pharmaceutical company to resolve claims that they misrepresented the prospects of a drug the company developed.

  • March 12, 2025

    Feds, Ex-Cognizant Execs Ink April Date For FCPA Trial

    A New Jersey federal judge set an April 7 trial date for the Foreign Corrupt Practices Act case against two former Cognizant Technology Solutions Corp. executives on Wednesday, firming up a case timeline that's been beset by multiple delays, most recently due to the Trump administration's retreat from enforcing the statute.

  • March 12, 2025

    Ex-Fed Examiner Seems Prison-Bound In Insider Trading Case

    A former senior banking supervisor for the Federal Reserve Bank of Richmond who pled guilty to insider trading appears likely to be sentenced to prison later this month, after both he and prosecutors have asked a Virginia federal judge for a custodial sentence.

  • March 11, 2025

    Crypto CEO A 'Grifter' Who Stole Millions, Jurors Told

    Cryptocurrency company founder Marcus Andrade is a "grifter" who stole millions and left investors empty-handed, a prosecutor told a California federal jury Tuesday during closing arguments while a defense lawyer said his client was a "dreamer" who acted in good faith and was taken advantage of by ex-lobbyist Jack Abramoff.

  • March 11, 2025

    Musk Opens Del. Appeal To Recover $56B In Tesla Pay

    Elon Musk on Tuesday launched his Delaware Supreme Court appeal aimed at a Court of Chancery decision that had short-circuited the electric car company's 10-year, $55.6 billion compensation plan for the celebrity CEO.

  • March 11, 2025

    Digimarc Faces Investor Suit Over Subscription Plunge

    Digital watermarking technology company Digimarc Corp. and two of its executives face a proposed investor class action alleging that the company failed to warn investors that its recurring revenue would take a significant hit after one of its major customers had its contract expire in June.

  • March 11, 2025

    SEC Disgorgement Snipped By $1M In Collectibles Fraud Case

    A New York federal judge has trimmed over $1 million from a disgorgement award the U.S. Securities and Exchange Commission sought in a long-running suit against a sports memorabilia merchant found liable at trial for ripping off investors, after a recalculation revealed that the company had already repaid some of its victims.

  • March 11, 2025

    SDNY Illicit Finance Unit Co-Chief To Depart US Atty's Office

    The co-chief of the Southern District of New York's Illicit Finance and Money Laundering Unit said in a withdrawal notice that he's leaving the U.S. attorney's office at the close of this week and requested that he be removed as counsel of record in an ongoing criminal case.

  • March 11, 2025

    Origin Brass Face Investor Suit Over Factory Delay Disclosure

    Executives and directors of sustainable chemical manufacturer Origin Materials have been hit with a shareholder's derivative suit alleging that they concealed a three-year construction delay affecting a production facility the company was building that increased company costs and altered relationships with its customers, including Pepsi.

  • March 11, 2025

    Innodata Slams 'AI Washing' Shareholder Suit As Flimsy

    Investors in data engineering company Innodata Inc. "essentially cut and pasted" claims from a short-seller's report on the company into their proposed class action accusing the company of "AI washing," despite the company's recovery from a related trading price dip, the company has argued.

  • March 11, 2025

    Florida Judge Won't Block FINRA Action Against Broker

    A Florida federal judge has declined to block a Financial Industry Regulatory Authority enforcement action against a broker-dealer representative, despite his claims that the pending in-house hearing is unconstitutional under the U.S. Supreme Court's recent Jarkesy decision.

  • March 11, 2025

    Hedge Fund Group Sends SEC Its Regulatory Wish List

    The U.S. Securities and Exchange Commission should reevaluate rules that impose "significant, unjustified costs and burdens on investors and other market participants with little to no corresponding benefits," the Managed Funds Association said in a letter to the regulator Tuesday.

  • March 11, 2025

    NY's Banking Regulator Hangs 'Help Wanted' Sign In DC

    At a Washington, D.C., appearance on Tuesday, New York's top financial services regulator Adrienne Harris had a message for the legions of federal financial agency employees who have been cut loose by the Trump administration in recent weeks: She's hiring.

  • March 11, 2025

    Entity That Got Ponzi Scheme Funds Must Face SEC Suit

    A Texas federal judge has declined to free an entity that accepted part of proceeds from an $8.4 million Ponzi scheme from an SEC action, writing that he could "reasonably infer" the entity did not accept the funds in good faith.

Expert Analysis

  • Best Practices To Find Del. Earnout Provisions That Hold Up

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    Recent Delaware earnout litigation illustrates the need for careful drafting and proactive planning to avoid later divergent interpretations of the signed contract, and a series of drafting tips can help, say attorneys at Cozen O'Connor.

  • Climate Disclosure Spotlight Shifts To 2 Calif. Laws

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    With Donald Trump's election spelling the all-but-certain demise of the proposed federal climate disclosure rules, new laws in California currently stand as the nation's only broadly applicable climate disclosure requirements — and their brevity is both a blessing and a curse, say attorneys at Davis Polk.

  • What's Ahead As Transparency Act Comes To A Crossroads

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    Synthesizing the contrasting federal district and appellate court rulings on the Corporate Transparency Act’s validity reveals several main areas of debate that will likely remain at issue as challenges to the law continue winding through the courts, say attorneys at Farella Braun.

  • UBS Ruling Shows SDNY's Pro-Award Confirmation Stance

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    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.

  • Where Payments Law And Regulation Are Headed In 2025

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    The Trump administration will likely bring significant changes to payments regulations in 2025, but maintaining internal compliance efforts in the absence of robust federal oversight will remain key as state authorities and private plaintiffs step into the breach, say attorneys at Stinson.

  • How Decline Of Deference Will Affect Trump Policymaking

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    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.

  • 5 Evolving Concerns For Family Offices In 2025

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    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.

  • Series

    Ohio Banking Brief: All The Notable Legal Updates In Q4

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    Ohio's banking and financial services sector saw several significant developments in the fourth quarter of 2024, including a landmark Uniform Commercial Code ruling, adjustments to the state's Homebuyer Plus Program and the launch of the state's first women-led bank, says attorney Alex Durst.

  • 2024 Was A Banner Year For Shareholder Activism

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    Shareholder activism campaigns in 2024 continued at an elevated pace globally, with activist investors exploiting valuation gaps and pushing aggressively for corporate governance reforms, including the ouster of many companies' chief executives, a trend that could continue once President-elect Donald Trump takes office, say attorneys at Sidley.

  • 7 Ways 2nd Trump Administration May Affect Partner Hiring

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    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.

  • E-Discovery Quarterly: Rulings On Custodian Selection

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    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.

  • Impact Of Successful Challenges To SEC's Rulemaking Ability

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    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.

  • A Look At PCAOB's Record-Breaking Enforcement In 2024

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    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.

  • 2 Cases May Enlighten UK Funds' Securities Litigation Path

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    Following recent nine-figure settlements in securities class actions against Apple and Under Armour, U.K. pension funds may increasingly lead U.S. shareholder derivative suits, advocating for transparency, better risk management and stronger governance practices, say lawyers at Labaton Keller.

  • Series

    Exercising On My Peloton Bike Makes Me A Better Lawyer

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    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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