Securities

  • October 18, 2024

    Hong Kong Regulators Unveil Plans To Quicken IPOs

    Hong Kong regulators and stock exchange officials announced a plan on Friday to accelerate their time frames for reviewing initial public offerings, a bid to improve the region's attractiveness for new listings amid intense global competition.

  • October 18, 2024

    Credit Suisse, PwC Fight Bondholders' Separate Merger Suits

    Credit Suisse and PwC have urged a New York federal judge to toss a proposed class action alleging that they concealed the impact of quarterly losses and the bank's inability to retain client funds leading up to its takeover by UBS AG, saying the plaintiff launched the suit to circumvent its rejected bid to be lead plaintiff in a similar suit.

  • October 18, 2024

    Weedmaps' Parent Co. Faces Investor Suit After SEC Fine

    The parent company of cannabis tech company Weedmaps was hit with an investor's proposed class action alleging shareholders were damaged following the U.S. Securities and Exchange Commission's announcement that it fined the company $1.5 million for allegedly making misleading statements about its monthly active users.

  • October 18, 2024

    Crypto Coder Asks 2nd Circ. To Delay Expert Witness Reveal

    The founder of cryptocurrency service provider Tornado Cash urged the Second Circuit on Friday to pause a district court judge's order for him to disclose who he might call as an expert witness at an upcoming money laundering and sanctions trial.

  • October 18, 2024

    Paramount-Skydance Merger Triggers Class Atty Fight In Del.

    A five-firm stockholder attorney team investigating the proposed $7 billion Paramount Global-Skydance Media LLC merger has urged Delaware's Court of Chancery to put the brakes on another firm's motion for co-lead plaintiff appointment for a deal challenge, arguing that the move would reward a rush to the courthouse.

  • October 18, 2024

    Allianz, Santander End Shareholder Suit Coverage Fight

    Allianz has agreed to drop its request in Massachusetts federal court for a ruling that it is not obligated to cover Santander Holdings' defense in a now-settled 2022 shareholder lawsuit, a recent filing showed.

  • October 18, 2024

    Conn. Brother Wants No Jail Time In Brazilian Oil Scheme

    A Connecticut man who pled guilty to laundering money in a Brazilian oil bribery scheme that also ensnared his brother says he should not be sentenced to jail time because he needs cancer treatments and has been "devastated financially."

  • October 18, 2024

    JPMorgan Says Trial 'Needless' After Couple Loses $20M Suit

    JPMorgan Chase Bank NA told a Massachusetts federal judge Thursday there is no need for a two-week trial on the bank's counterclaims after it scored a pretrial win in a suit brought by an elderly couple who said bad investments cost them $20 million.

  • October 17, 2024

    SEC Fines Broker-Dealer PHX, Sues Rep Over Reg BI Claims

    The U.S. Securities and Exchange Commission has fined broker-dealer PHX Financial Inc. and sued one of its registered representatives over claims that the representative improperly advised a handful of retail clients to engage in a trading strategy that caused them massive losses but generated significant fees and commissions for the firm and the representative.

  • October 17, 2024

    Trump Media Investors Get Prison For Insider Trading

    A New York federal judge on Thursday sentenced a Florida venture capitalist to over two years in prison for insider trading on confidential plans to take the media company behind former President Donald Trump's Truth Social network public, a scheme that netted the investor and his brother nearly $23 million.

  • October 17, 2024

    Acadia Hid Wrongful Detainment Of Patients, Investor Claims

    Behavioral healthcare provider Acadia Healthcare was hit with a proposed securities class action in Tennessee federal court alleging that investors were damaged after The New York Times published an investigative report saying the company detained patients in its psychiatric facilities for financial gain rather than out of medical necessity.

  • October 17, 2024

    Stockholders Sue Tech Co. Controllers Over Equity Shuffle

    Stockholders of materials science venture Footprint International have sued the company, several current and former board members and its controlling shareholders in Delaware Chancery Court, seeking damages for allegedly conflicted refinancing moves that stripped regular shareholders of their interests and rights.

  • October 17, 2024

    CFTC Says Court 'Erred At Every Turn' In Election Betting Suit

    The U.S. Commodity Futures Trading Commission told the D.C. Circuit that the district court "erred at every turn" when it allowed trading platform KalshiEx LLC to offer event contracts based on the outcome of U.S. elections.

  • October 17, 2024

    DOL, Red States Spar Over Loper Bright Impact On ESG Rule

    Conservative-led states suing the U.S. Department of Labor have told a Texas federal court that the end of the Chevron doctrine boosts their bid to end a rule allowing retirement plan advisers to consider environmental, social and governance factors in investment choices, while the DOL argued that it deserves another summary judgment win.

  • October 17, 2024

    Rocket Investors Eye New Cert. Bid After Post-Goldman Denial

    A pension fund has asked a Michigan federal judge for another chance at class certification in a suit alleging Rocket Cos. hid its knowledge of a drop in its mortgage business, saying the new class would be "substantially narrowed" after certification was previously denied in light of a recent U.S. Supreme Court decision.

  • October 17, 2024

    Feds Arrest Man In SEC X Account Hack Touting Bitcoin ETF

    An Alabama man was arrested Thursday on federal charges tied to the January hack of the U.S. Securities and Exchange Commission's X account, which caused bitcoin prices to spike after a phony post falsely touted that the agency had approved bitcoin exchange-traded products, federal authorities said.

  • October 17, 2024

    Zoox Investors Battle Amazon Sale Suit Toss In Chancery

    An attorney for self-driving robotaxi venture Zoox Inc., its directors and Amazon.com told Delaware's chancellor on Thursday that insolvency was days away when Zoox agreed to a $1.3 billion acquisition by Amazon.com in June 2020, despite conflicting claims from stockholders who challenged the deal.

  • October 17, 2024

    Meta Judge Doubts Investor Suit Over Efforts To Protect Kids

    A California federal judge appeared skeptical Thursday of keeping alive an investor's lawsuit claiming Meta Platforms Inc.'s annual proxy statement misled investors about the social media giant's efforts to protect children from sexual predators, telling the investor his economic loss arguments are circular and doubting whether Meta's statements are actionable.

  • October 17, 2024

    Amgen Faces Derivative Suit In Del. Over Tax Disclosures

    An Amgen Inc. stockholder has sued the company in Delaware's Court of Chancery seeking derivative recoveries for the multinational biopharmaceutical company from its directors and officers based on allegedly false and misleading statements regarding $10.7 billion in federal tax bills and penalties.

  • October 17, 2024

    FTC Admits Federal Court Merger Fights Are Usually Decisive

    Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.

  • October 17, 2024

    FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison

    The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.

  • October 16, 2024

    TD Bank's $3B AML Deal Sparks Scrutiny Of Its Oversight

    The long-standing, widespread compliance failures at the root of TD Bank's blockbuster $3 billion U.S. anti-money laundering settlement last week have stunned experts and brought tough punishment for the Canadian bank — but they're also raising questions about why regulators didn't act sooner.

  • October 16, 2024

    NY's Financial Regulator Releases AI Cybersecurity Guidance

    New York's Department of Financial Services issued new guidance Wednesday intended to give state-regulated financial institutions an outline for protecting against cybersecurity risks posed by artificial intelligence.

  • October 16, 2024

    Chinese AI Co. Hit With Investor Suit Over Nasdaq Compliance

    China-based artificial intelligence company Xiao-I Corp. was hit with a proposed investor class action in New York federal court alleging it downplayed increasing research and development costs that it was incurring, increasing the likelihood that it would fail to comply with the Nasdaq Stock Market's minimum price requirement after going public.

  • October 16, 2024

    Gatos Silver Investor Deal Gets Final OK, Attys Score $6M Fee

    Attorneys from Bleichmar Fonti & Auld LLP, Wheeler Trigg O'Donnell LLP and The Schall Law Firm will receive over $6 million after representing investors in a settlement with precious metals company Gatos Silver Inc. over claims the company knowingly overstated expectations about the resources and reserves in its mine in Mexico.

Expert Analysis

  • Series

    After Chevron: SEC Climate And ESG Rules Likely Doomed

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    Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.

  • Assessing Whether Jarkesy May Limit FINRA Prosecutions

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    The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.

  • Series

    Being An Opera Singer Made Me A Better Lawyer

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    My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.

  • Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU

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    Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • 6 Considerations To Determine If A Cyber Incident Is Material

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    The U.S. Securities and Exchange Commission's recent guidance on material cybersecurity incidents covers a range of ransomware scenarios, from a company paying a sum and regaining operations to recovering payment via cyberinsurance, but makes it clear that no single factor determines whether a cybersecurity incident is material, say attorneys at Troutman Pepper.

  • Opinion

    Litigation Funding Disclosure Key To Open, Impartial Process

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    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • Carbon Offset Case A Win For CFTC Enviro Fraud Task Force

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    An Illinois federal court's decision in Commodity Futures Trading Commission v. Ikkurty — earning the CFTC a sizeable monetary award that will likely incentivize similar enforcement pursuit — shows the impact of the commission's Environmental Fraud Task Force, say attorneys at Steptoe.

  • RealPage Suit Shows Growing Algorithm, AI Pricing Scrutiny

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    The U.S. Department of Justice's suit against RealPage for helping fix rental rates, filed last week, demonstrates how the use of algorithmic and artificial intelligence tools to assist with pricing decisions is drawing increasing scrutiny and action across government agencies, and specifically at the Federal Trade Commission and the DOJ, say Andre Geverola and Leah Harrell at Arnold & Porter.

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Foreign Threat Actors Pose Novel Risks To US Tech Cos.

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    A recent bulletin jointly issued by several U.S. intelligence agencies warns technology startups and the venture capital community about national security risks posed by foreign threat actors, so companies interested in raising foreign capital should watch for several red flags, say Robert Friedman and Jacob Marco at Holland & Knight.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Class Actions At The Circuit Courts: August Lessons

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    In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers certification cases touching on classwide evidence of injury from debt collection practices, defining coupon settlements under the Class Action Fairness Act, proper approaches for evaluating attorney fee awards in class action settlements, and more.

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