Capital Markets

  • April 08, 2024

    Mich. Regulators' Fraud Fears Are 'Nonsense,' Developer Says

    A real estate developer has told Michigan's high court that the state is raising unfounded concerns that Michigan will become a haven for fraudsters if the top court does not adopt a federal judicially created test to determine when an investment is a security, telling the justices Michigan's own securities law is controlling.

  • April 08, 2024

    SEC 'Shadow Trading' Victory Could Bring DOJ Knocking

    Now that the U.S. Securities and Exchange Commission has convinced a jury that a pharmaceutical executive committed insider trading by purchasing a competitor's stock in a practice often referred to as "shadow trading," attorneys say federal prosecutors might be tempted to dip their toe into the waters of the previously untested legal theory.

  • April 08, 2024

    Southwest Gas Unit Centuri Eyes Spinoff Through $242M IPO

    Southwest Gas Holdings Inc.'s infrastructure services unit Centuri Holdings Inc. on Monday unveiled terms for an estimated $242 million initial public offering that would lead to Centuri becoming a standalone public company, represented by Morrison Foerster LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.

  • April 08, 2024

    Czech Firm Says Its Vista Deal Offers Benefits Over Rival Bid

    Czechoslovak Group A.S. on Monday reaffirmed its commitment to its planned $1.9 billion acquisition of Vista Outdoor's sporting products business, which is also being pursued by rival bidder MNC Capital, noting that it has fully committed financing and has already received antitrust clearance from the Federal Trade Commission.

  • April 08, 2024

    Walmart-Backed Digital Marketer Ibotta Primes $450M IPO

    Walmart-backed digital marketing platform Ibotta Inc. on Monday launched plans for an initial public offering led by Wilson Sonsini Goodrich & Rosati PC that could raise $450 million, hoping to tap a thawing IPO market for technology issuers.

  • April 08, 2024

    Catching Up With Delaware's Chancery Court

    Last week, a much-watched Chancery Court Match.com decision got reversed, a Philip Morris motion got stubbed out, and a long-frozen Blue Bell Creameries suit started churning again. Delaware's Court of Chancery also saw new suits filed for legal fees, arguments over multibillion-dollar pay packages, and a judge flummoxed over Truth Social.

  • April 08, 2024

    Ex-IRS Criminal Investigations Head Joins Crypto Data Firm

    A newly retired chief of the Internal Revenue Service's law enforcement arm is taking his skills to blockchain analytics firm Chainalysis, where he'll help federal agencies and crypto firms leverage Chainalysis' data and solutions to combat financial crime.

  • April 08, 2024

    Tradeweb Pays $785M For Investment Tech Firm ICD

    Tradeweb Markets Inc., advised by Fried Frank Harris Shriver & Jacobson LLP, on Monday announced that it has agreed to buy institutional investment technology provider Institutional Cash Distributors LLC, advised by Kirkland & Ellis LLP, for $785 million.

  • April 08, 2024

    Glancy Prongay To Lead EB-5 Grocery Co. Fraud Stock Suit

    Glancy Prongay & Murray LLP will lead a proposed class action alleging Asian specialty grocery chain Maison Solutions' stock price was severely damaged after a third-party research report accused it and its executives of participating in illegal activities, including using supermarkets as a front for immigration fraud.

  • April 08, 2024

    3 Firms Build $2.3B Hospitality Biz SPAC Merger

    Singapore-headquartered Hotel101 Global Pte Ltd., a hotel prop-tech operator pioneering a standardized "condotel" business model, announced Monday that it plans to go public through a merger with blank-check company JVSPAC Acquisition Corp. in a deal built by three firms that will give it an equity value of $2.3 billion post-closing.

  • April 08, 2024

    Linklaters Guides Cosmetics Biz On €1.25B Raise In EU IPO

    Cosmetics group Puig, which owns the beauty brand Charlotte Tilbury, said on Monday that it plans to raise more than €1.25 billion ($1.35 billion) through a flotation in Spain, in a sign of revival for European equity capital markets.

  • April 05, 2024

    Perrigo Inks $97M Deal With Investors In Securities Fraud Suit

    A class of investors suing Perrigo Co. PLC asked a New Jersey federal judge Friday to approve a $97 million settlement after the court trimmed several claims in the suit alleging the pharmaceutical company's executives made misleading statements to defeat a potential $29 billion takeover attempt.

  • April 05, 2024

    Starbucks Tells Judge Union Dealings Aren't 'Mission Critical'

    Starbucks denied Friday that complying with federal labor law was "mission critical" to its business as it urged a Washington state judge to dismiss a shareholder suit accusing company leaders of union busting, which they say tanked Starbucks' reputation.

  • April 05, 2024

    Genesis Used GBTC Share Proceeds To Buy 32,041 Bitcoin

    Cryptocurrency lender Genesis Global Holdco said it had fully monetized its Grayscale Bitcoin Trust shares and used the proceeds to purchase 32,041 bitcoin that will be distributed to its customers.

  • April 05, 2024

    Jury Finds Pharma Exec 'Shadow Traded' With Inside Info

    A California federal jury found Friday that a former Medivation executive is liable for using inside information from his company when he purchased stock in rival pharmaceutical maker Incyte, in a novel civil "shadow trading" case brought by the U.S. Securities and Exchange Commission.

  • April 05, 2024

    UBS Beats Blockchain Co.'s Spoofing Suit, For Now

    UBS Securities LLC has, for now, escaped a suit accusing it of a so-called spoofing campaign against blockchain company Phunware's stock, with a New York federal judge saying that while Phunware has adequately alleged the spoofing scheme took place, it has failed to show how it was impacted or injured by it. 

  • April 05, 2024

    Gunderson, Sidley Steer Biotech's Scaled-Down $110M IPO

    San Diego, California-based biotech Contineum Therapeutics began trading its shares publicly on Friday after raising $110 million in its scaled-down initial public offering.

  • April 05, 2024

    Skadden-Led Cruise Operator Viking Files $100M IPO

    Private equity-backed cruise operator Viking Holdings Ltd. on Friday filed initial public offering plans with a preliminary fundraising estimate of $100 million, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP, hoping to sail into an IPO market that is more inviting lately.

  • April 05, 2024

    Green Energy Co. Duped Investors Out Of $40M, Suit Says

    A proposed class of investors has hit a purported Chicago green energy outfit and its executives with a federal suit claiming they used promises of extravagant returns to get the plaintiffs to invest but never created any energy or produced the returns they promised. 

  • April 05, 2024

    Terraform And Founder Do Kwon Held Liable For Crypto Fraud

    A Manhattan federal jury quickly found bankrupt cryptocurrency startup Terraform Labs and its creator Do Kwon liable Friday for securities fraud, after the U.S. Securities and Exchange Commission claimed they lied to investors about the company's stability and business prospects.

  • April 05, 2024

    2nd Circ. Revives Coinbase Securities Class Action

    The Second Circuit on Friday revived a proposed class action accusing crypto trading platform Coinbase of selling unregistered securities, saying that competing user contracts left it open for interpretation as to who, exactly, was the direct seller of dozens of tokens trading on the exchange.

  • April 04, 2024

    SEC Points Jury To 'Coincidence' In Shadow Trading Trial

    A U.S. Securities and Exchange Commission attorney on Thursday cross-examined a former executive of pharmaceutical company Medivation about his alleged "shadow trading" in the stock of rival pharma company Incyte, pressing the executive repeatedly to assert that various facts and circumstances supporting the agency's position were merely "coincidence."

  • April 04, 2024

    Crypto Bank, Chair Blast FTX Investors' 'Gatling Gun' Claims

    A crypto bank and its chairman have urged a Florida federal judge to toss a second amended complaint from FTX investors alleging they helped Sam Bankman-Fried abscond with $8 billion in customer assets, saying the investors "employ a Gatling gun approach to pleading."

  • April 04, 2024

    Morgan Stanley, Goldman Sachs Can't Duck Archegos Claims

    A New York appellate court on Thursday affirmed a decision refusing to dismiss ViacomCBS investors' claims against Morgan Stanley, Goldman Sachs and a long list of banks over the collapse of Archegos Capital Management, finding that investors plausibly identified statements the banks made that could have been misleading.

  • April 04, 2024

    Huawei Slated For 2026 Sanctions, IP Theft Trial

    A Brooklyn federal judge on Thursday set the trial of China's Huawei Technologies and affiliates for 2026, over prosecutors' claims that Huawei deceived banks and the U.S. government for years about its business dealings in sanctioned countries and conspired to steal intellectual property from U.S. companies.

Expert Analysis

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • Securities Class Actions Show No Signs of Slowing In 2024

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    Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.

  • How Corp. Transparency Act Can Unmask Crypto Owners

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    With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.

  • Adjusting Deals To Reflect Shifts In The CRE Market

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    As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.

  • ESG Concerns Can No Longer Be Ignored In 2024

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    While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • SEC Case May Expand Scope Of Insider Trading Liability

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    The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Year Ahead In Foreign Investment And National Security

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    In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.

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