Private Equity

  • March 28, 2024

    Radiology Co. To Pay $19M To End ESOP Self-Dealing Suit

    A radiology company and its employee stock ownership plan trustee will pay $19 million to settle a proposed class action alleging that executives used shell companies to suck value out of the company and shorted workers when the business was sold for $215 million.

  • March 28, 2024

    Mass. Justices Say 2019 Sunday-Wage Ruling Is Retroactive

    Massachusetts' highest court on Thursday affirmed a finding that a furniture retailer violated the state's wage laws by paying salespeople overtime and a Sunday premium out of their own earned commissions, keeping intact a nearly $10 million damages award.

  • March 28, 2024

    Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud

    FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."

  • March 28, 2024

    The Home Depot Buying PE-Backed SRS For $18.25B

    The Home Depot said Thursday it has agreed to acquire SRS Distribution Inc., a private equity-backed distributor of roofing and building supplies, for $18.25 billion, inclusive of debt. 

  • March 27, 2024

    Latham, Cooley Steer Oncology Firm's $100M IPO

    Clinical-stage oncology firm Boundless Bio Inc. raised a $100 million initial public offering at the middle of its price range late on Wednesday, represented by Latham & Watkins LLP and underwriters' counsel Cooley LLP, joining a potentially recovering IPO market.

  • March 27, 2024

    FERC Finds Fans And Foes Of Wall Street's Utility Ownership

    The deadline has just passed for initial comments on the Federal Energy Regulatory Commission's reexamination of its policy for allowing financial firms to own electric utilities. Here's a recap of what FERC is contemplating and the initial feedback the agency has received from players throughout the U.S. power sector.

  • March 27, 2024

    T-Mobile Can Appeal Refusal To Toss Sprint Merger Case

    An Illinois federal court granted T-Mobile's request on Wednesday to immediately appeal a ruling refusing to toss a proposed class action from AT&T and Verizon subscribers who have alleged their prices increased because of T-Mobile's 2020 merger with Sprint.

  • March 27, 2024

    Backers Of Trump-Tied SPAC Sue To Confirm Manager Purge

    Investors behind the sponsor of the special-purpose acquisition company that took Donald Trump's Truth Social public sued its managing member, seeking a declaration from the Delaware Chancery Court that they have validly removed him from his post and that he has no authority to act on their behalf.

  • March 27, 2024

    DLA Piper Lands Kirkland Private Equity Ace In Austin

    DLA Piper is expanding its corporate team, announcing Wednesday it is adding a Kirkland & Ellis LLP private equity expert as a partner in its Austin, Texas, office.

  • March 27, 2024

    Paul Weiss Reps Wellspring On $975M Continuation Fund

    New York-based private equity firm Wellspring Capital Management Group LLC, advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Wednesday announced that it has closed a multi-continuation vehicle with $975 million in tow, which was used to acquire interests in three portfolio companies from one of the firm's previous funds.

  • March 27, 2024

    Everbridge Investor Seeks To Block $1.8B Thoma Bravo Deal

    A shareholder in Massachusetts-based emergency management platform Everbridge Inc. is asking a state court to intervene in a pending $1.8 billion acquisition by private equity firm Thoma Bravo LP, alleging in a Wednesday lawsuit that investors are being misled about the true value of shares and the motives of those promoting the deal.

  • March 27, 2024

    Bain Capital Sells £68M Of TI Fluid Shares

    Private equity and venture capital firm Bain Capital LP on Wednesday said it has sold 50 million shares of auto parts supplier London-listed TI Fluid Systems through a subsidiary and raised approximately £67.5 million ($85 million) in the process.

  • March 27, 2024

    Kirkland-Led Percheron Closes Sophomore Fund At $1.55B

    Kirkland & Ellis LLP-advised Percheron Capital on Wednesday announced that it clinched its sophomore fund after securing $1.55 billion in capital commitments, which will be used to invest in essential services businesses across North America.

  • March 26, 2024

    SPAC 'Frenzy' Led To $1.6B Deal For Dog Treat Co., Suit Says

    Shareholders of a special-purpose acquisition company that merged with dog-treat box company BarkBox in a $1.6 billion deal have sued the executives and directors of both entities, alleging they breached their fiduciary duties in connection with what the complaint calls "an extreme example of the 'churn-and-burn' SPAC frenzy."

  • March 26, 2024

    AI Weapons Detector Faces Investor Suit After Gov't Probes

    Evolv Technologies, which makes metal detectors that purportedly use artificial intelligence to detect weapons, is facing a proposed shareholder class action in Massachusetts federal court alleging that false claims about its products' abilities to screen for types of tactical knives and guns led to federal investigations and share declines.

  • March 26, 2024

    Terraform Backer Tells Jury His Firm Lost Big On $36M Stake

    A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.

  • March 26, 2024

    Mitsubishi Seeks $88.9M From Canadian Truck Sellers In US

    Mitsubishi's commercial financing arm has asked federal judges in Connecticut, Illinois and New York to issue at least $89 million in judgments against two individuals in Canada, saying the men in question breached promises to stand behind credit lines extended to two companies that sell tractor trailers and lease equipment.

  • March 26, 2024

    6 Firms Build $340M SPAC Merger For AI-Driven Medicine Biz

    Precision medicine company OmnigenicsAI Corp. on Tuesday announced it and artificial intelligence-enabled preventative medicine company MultiplAI Health Ltd., which it recently agreed to acquire, will go public through a merger with blank-check company APx Acquisition Corp. I in a deal built by six firms, valuing the two businesses at a combined $340 million.

  • March 26, 2024

    Ailing Health Co. Steward Owes Attys $600K, Firm Says

    A small Boston law firm that represented Steward Health Care System in a variety of cases says the beleaguered healthcare provider has strung it along with promises to pay fees that now total more than $600,000.

  • March 26, 2024

    Enbridge Plugs $350M Into Natural Gas Joint Venture

    Enbridge Inc., WhiteWater/I Squared Capital and MPLX LP on Tuesday announced that they will be banding together to form a joint venture that will develop, construct, own and operate natural gas pipelines and storage assets that connect the Permian Basin natural gas supply to liquefied natural gas export markets.

  • March 25, 2024

    SEC Says Cannabis Investment Fund Was $500K Scheme

    The U.S. Securities and Exchange Commission has filed suit in Arizona federal court against a would-be venture capitalist, accusing him of fraudulently raising more than $500,000 from two investors for the cannabis startup where he worked.

  • March 25, 2024

    Truth Social To Start Trading With Performance Tied To Trump

    Shares of former President Donald Trump's nascent social media platform Truth Social are set to begin trading Tuesday, setting up a potentially volatile ride for an unprofitable company with scant revenue.

  • March 25, 2024

    Texas Hotel REIT Says Blackwells Wants Illegal Proxy Contest

    A Texas hotel real estate investment trust asked a Texas federal court Sunday to stop a shareholder vote "from being infected with deception and misinformation," saying a New York-based hedge fund wants to run an illegal proxy contest to take control of the company's board of directors while hiding plans to buy it.

  • March 25, 2024

    Varsity Brands Says It Will Pay To Settle Cheer Antitrust Case

    A Tennessee federal judge Monday rejected Varsity Brands' request for a one-week pause on an antitrust lawsuit brought by the parents of cheerleader athletes while the two sides hash out details of a settlement, arguing there are no impending deadlines making a stay necessary.

  • March 25, 2024

    Atty Can Drop Alleged Schemer Who Didn't Pay For 2 Years

    A man accused of being the mastermind behind a $2 million cannabis crowdfunding scheme must find a new lawyer after stiffing his previous counsel for nearly two years, a Michigan federal judge said Monday.

Expert Analysis

  • Series

    Participating In Living History Makes Me A Better Lawyer

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    My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.

  • Opinion

    Private Equity Owners Can Remedy Law Firms' Agency Issues

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    Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.

  • Mass. Robinhood Ruling Will Affect Broker-Dealers Nationwide

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    Following the Massachusetts Supreme Judicial Court's recent ruling in Robinhood v. Galvin, which upheld the state's rule imposing a fiduciary duty standard on broker-dealers, the Massachusetts Securities Division will likely target in-state and out-of-state firms under the rule, say attorneys at Mintz.

  • How To Protect Atty-Client Privilege While Using Generative AI

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    When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.

  • What FERC-PJM Negotiations Mean For The Energy Industry

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    Following the aftermath of Winter Storm Elliot, disputes associated with the PJM Interconnection settlement negotiations taking place at the Federal Energy Regulatory Commission have brought to the fore a potential legal minefield arising out of extreme weather events that could lead to commercial risks for power generating companies, say attorneys at Hogan Lovells.

  • How New Lawyers Can Leverage Feedback For Growth

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    Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.

  • How Reps And Warranties Insurance Can Aid Sellers In M&A

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    Amid the current slowdown in the M&A climate, representation and warranty insurance offers sellers a number of advantages, including protection against fraud and possible leverage to insist on a no-seller-indemnity deal, say Alex Leibowitz and Eric Jesse at Lowenstein Sandler.

  • Series

    ESG Around The World: Australia

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    Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.

  • Del. Corporate Law Overhaul Delivers On Flexibility For Cos.

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    Recent amendments to the Delaware General Corporation Law provide needed flexibility to public companies, including by making it easier to effect stock splits or changes to authorized shares, and by streamlining the process to ratify defective corporate acts, say attorneys at Venable.

  • Restructuring Concerns For Distressed De-SPACs

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    Distressed companies struggling to remain viable following a de-SPAC transaction can reduce uncertainty by deleveraging balance sheets, reconfiguring contractual and operational relationships, and creating new opportunities for investors via the pursuit of a prepackaged Chapter 11 reorganization plan, say attorneys at Pillsbury.

  • Info Exchanges Must Stay Inside Now-Invisible Antitrust Lines

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    While the antitrust agencies recently withdrew long-standing enforcement policy statements for being "overly permissive" on information exchanges, we should not assume that all information exchanges are inherently suspect — they are still permissible if carefully constructed and vigorously managed, say attorneys at Nelson Mullins.

  • Private Fund Advisers Should Prep Now For New SEC Rules

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    The U.S. Securities and Exchange Commission's final private fund adviser rules place significant burdens on this group, and despite both modifications to the initial ruleset and litigation challenges, advisers should begin developing practices that could comply with these regulations should any of them take effect, say attorneys at Simpson Thacher.

  • Twitter Legal Fees Suit Offers Crash Course In Billing Ethics

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    X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.

  • Blockchain Tech's Role As A Driver Of M&A Action Evolves

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    Distributed ledger and other blockchain derivative technologies are uniquely positioned to drive M&A activity, and will play a pivotal role in shaping the future of financial and investment landscapes despite the turmoil in the cryptocurrency space, say Louis Lehot and Pat Daugherty at Foley & Lardner.

  • Transaction Risks In Residential Mortgage M&A Due Diligence

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    As the residential mortgage market continues to consolidate due to interest rate increases and low housing volume, buyers and sellers should pay attention to a number of compliance considerations ranging from fair lending laws to employee classification, say attorneys at Mayer Brown.

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