Securities

  • October 15, 2021

    Endo Investors Ink $63M Deal In Generics Stock Inflation Suit

    Endo International and a class of investors told a Pennsylvania federal court Friday that they reached a $63.4 million settlement to resolve claims Endo inflated its stock price by hiking its generic drug prices in tandem with competitors and then lied to investors about how it had increased its profits.

  • October 15, 2021

    Appeal Sought Over Chancery's Facebook Class Counsel Pick

    Block & Leviton LLP and Heyman Enerio Gattuso & Hirzel LLP sought a mid-case appeal Friday over a ruling granting class counsel leadership for Delaware stockholder litigation over Facebook security lapses, arguing that the Chancery's choice was both faulty and potentially overbroad.

  • October 15, 2021

    Theranos' Test Demo Hid Failures From Investors, Jury Told

    A former Theranos senior project manager testified in ex-Theranos CEO Elizabeth Holmes' criminal fraud trial Friday that he gave potential investors tours of the startup's headquarters and helped set up demonstrations using Theranos' blood-testing devices, which were, on at least one occasion, programmed to shield protocol failures.

  • October 15, 2021

    DC Circ. Urged To Void House Panel's Bid For Trump Docs

    A subpoena from a congressional committee seeking certain financial documents from former President Donald Trump's longtime accounting firm implicates significant separation-of-powers concerns that justify voiding the request, his attorneys told the D.C. Circuit.

  • October 15, 2021

    DC Circ. Skeptical Of Ending Payout Stay In $50B Russia Saga

    D.C. Circuit judges seemed doubtful Friday that they should lift a district court stay that's long held up three arbitration awards worth $50 billion that shareholders won against Russia for allegedly destroying their oil company and transferring its assets to state control.

  • October 15, 2021

    SEC Awards Total Of $40M To 2 Whistleblowers

    The U.S. Securities and Exchange Commission announced Friday that it had awarded a total of $40 million to a pair of whistleblowers who kick-started a successful enforcement action, despite the fact that one informant waited years to report the misconduct.

  • October 15, 2021

    Rosen Law Firm To Lead Class In Robinhood MDL

    A Florida federal judge appointed the Rosen Law Firm PA on Friday to lead multidistrict litigation that alleges stock-trading app Robinhood caused more than $10 billion in market capitalization losses after its customers were hit in January with trading restrictions on certain stocks.

  • October 15, 2021

    Ex-Nevada AG Tells Of Hounding Parnas For Campaign Cash

    Former Nevada Attorney General Adam Laxalt took the witness stand Friday in the campaign finance trial of Rudy Giuliani associate Lev Parnas and his former business partner, telling jurors of how he badgered a "clownish" Parnas for cash in the final days of his failed gubernatorial campaign.

  • October 15, 2021

    Treasury Issues Sanctions Compliance Guide Aimed At Crypto

    The Office of Foreign Assets Control on Friday published a compliance guide for digital asset companies as part of its ongoing efforts to crack down on ransomware attacks and the use of cryptocurrencies to avoid sanctions.

  • October 15, 2021

    British Asset Manager Wins Signoff For Bitcoin ETF

    Jacobi Asset Management said Friday it received approval from Guernsey regulators to launch a bitcoin-based exchange traded fund, which would be among the first such ETFs in the world and comes before any American counterpart has hit the market.

  • October 15, 2021

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen another Italian region in a lawsuit over derivatives contracts, the U.K.'s high-speed railway project facing a fresh legal challenge, and a British chain of discount retail stores suing Shoosmiths. Here, Law360 looks at those and other new claims in the U.K.

  • October 15, 2021

    Calif. Court OKs Warrant For PetroSaudi Arbitral Win

    The U.S. Department of Justice finally secured a warrant for portions of a PetroSaudi unit's $380 million arbitration award that federal prosecutors say is linked to $1 billion allegedly stolen from Malaysia's sovereign wealth fund.

  • October 15, 2021

    New DOJ Tip Line Targets Central American Corruption

    The U.S. Department of Justice on Friday unveiled a new tip line for reports of possible bribery and money laundering tied to El Salvador, Guatemala and Honduras, the latest in President Joe Biden's global anti-corruption push and related efforts to control migration.

  • October 15, 2021

    Health Care Co. Hit With Stock-Drop Suit Over Medicare Freeze

    An investor in health care delivery platform InnovAge Holding Corp. has filed a proposed securities class action alleging the company lied about its business and operations in its initial public offering, which in turn led its stock price to fall when new enrollment at one of its hospitals was banned by the Centers for Medicare and Medicaid Services.

  • October 15, 2021

    Alston Real Estate Leader Sees More Fundraising Competition

    While Blackstone has dominated the real estate fundraising space for years, a new wave of entrants seeking returns in commercial real estate is likely to chip into some of its market share, one of Alston & Bird LLP's real estate leaders told Law360 in a recent interview.

  • October 15, 2021

    Goodwin Snags Another Litigator From Manatt In SoCal

    Goodwin Procter LLP nabbed another litigation partner from Manatt Phelps & Phillips LLP to join its Santa Monica office, continuing to bolster its West Coast litigation offerings.

  • October 15, 2021

    Tether To Pay CFTC $41M Over Stablecoin Reserve Claims

    The U.S. Commodity Futures Trading Commission said Friday that Tether will pay $41 million to resolve allegations that it misled the market about its namesake stablecoin being "fully backed" by U.S. dollars.

  • October 15, 2021

    Banks Still Reporting Significant Libor Exposures, EBA Warns

    Banks still have €50 trillion ($58 trillion) in derivatives exposures tied to Libor and face high transition risks as the scandal-plagued benchmark rate goes out of service in two months, the European Union's banking watchdog warned.

  • October 14, 2021

    Zendesk Wants 9th Circ. To Affirm Ax Of Investors' Breach Suit

    Software company Zendesk is urging the Ninth Circuit to uphold the dismissal of a putative securities class action accusing it of concealing a 2016 data breach, arguing that it never lied to or misled investors about the strength of its data security program. 

  • October 14, 2021

    Holmes Prayed As WSJ Reporter Raised Doubts, Jury Told

    A California federal magistrate judge Thursday rejected ex-Theranos CEO Elizabeth Holmes' efforts to exclude ex-Wall Street Journal reporter and "Bad Blood" author John Carreyrou from watching her criminal fraud trial, while the jury viewed text messages showing she was "praying literally nonstop" as Carreyrou's investigation raised doubts about Theranos' technology.

  • October 14, 2021

    SEC Resurrects Proposed Rules For Clawing Back Exec Pay

    The U.S. Securities and Exchange Commission on Thursday reopened the comment period on proposed rules requiring executives at publicly traded companies to pay back certain bonuses and other incentive-based compensation in the event of an accounting restatement, regardless of whether they were at fault.

  • October 14, 2021

    After SEC Rejection, Bitwise Tries Again For A Bitcoin ETF

    Bitwise Asset Management is taking another shot at launching a bitcoin exchange-traded fund, this time based on the price of bitcoin instead bitcoin futures, that will build on an application previously rejected by the U.S. Securities and Exchange Commission.

  • October 14, 2021

    Dental Co. To Pay $63M To End Investors' Price-Fixing Suit

    Patterson Cos. Inc. has agreed to pay $63 million to end investors' class action in Minnesota federal court accusing the dental supply company of working with competitors to fix prices, according to the investors' unopposed bid for preliminary approval of the deal Thursday.

  • October 14, 2021

    Parnas Jury Sees Barrage Of Trump-World Photos

    Jurors in the campaign finance trial of former Rudy Giuliani associate Lev Parnas and his former business partner Andrey Kukushkin on Thursday saw numerous photos of people in the case posing with former President Donald Trump and others in his orbit, pictures taken as the alleged conspirators sought political support to set up a legal cannabis business.

  • October 14, 2021

    Del. Justices Uphold Mixed $6M Ruling On Solar Co. Breaches

    Delaware's Supreme Court upheld on Thursday a partial, $6.1 million Chancery Court win for investors who sued the manager of a solar power venture for fiduciary breaches and fraud after a disastrous performance, only to see some claims fall to litigation missteps and the solar company's bankruptcy.

Expert Analysis

  • Anti-Retaliation Refresher Following Facebook Whistleblower

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    A former Facebook employee’s recent sharing of internal documents with government agencies and the press reminds that whistleblowers are shielded by strong anti-retaliation protections — with certain limitations, depending on the type and scope of material taken and the parties that receive it, says Alia Al-Khatib at Katz Marshall.

  • Girardi Scandal Provides Important Ethics Lessons

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    The litigation and media maelstrom following allegations that famed plaintiffs attorney Thomas Girardi and his law firm misappropriated clients' funds provides myriad ethics and professional responsibility lessons for practitioners, especially with regard to misconduct reporting and liability insurance, says Elizabeth Tuttle Newman at Frankfurt Kurnit.

  • Practical Implications Of Delaware's New Demand-Futility Test

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    In United Food and Commercial Workers Union v. Zuckerberg, the Delaware Supreme Court adopted a new universal test for assessing a board’s ability to independently assess a shareholder litigation demand, which may close off certain paths for plaintiffs who seek to plead demand futility, say Courtney Worcester and Roger Lane at Holland & Knight.

  • Series

    Embracing ESG: Jabil GC Talks Compliance Preparation

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    Tried-and-true compliance lessons from recent decades can be applied to companies’ environmental, social and governance efforts, especially with regard to employee training and consistent application of policies — two factors that can create a foundation for ESG criteria to flourish, says Robert Katz at Jabil.

  • Upshots Of Del. Holding On Appraisal Rights Waivers In M&A

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    The Delaware Supreme Court's recent Manti v. Authentix holding offers key takeaways clarifying the enforceability of the dual approach of appraisal waivers and drag-along rights, to keep common stockholders in check in a merger or stock sale, while also framing the contexts in which these waivers might not be enforceable, say attorneys at Troutman Pepper.

  • Corporate Boards' Role In Workplace Vaccine Mandates

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    Company boards may have a role to play in workplace COVID-19 vaccination mandates, given their duty to manage risks and the growing recognition of employees’ importance to the corporate mission — and effective oversight is key to ensuring a vaccine program doesn't introduce new issues, says Jen Rubin at Mintz.

  • 3 Ways CLOs Can Drive ESG Efforts

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    Chief legal officers are specially trained to see the legal industry's flaws, and they can leverage that perspective to push their companies toward effective environmental, social and governance engagement, says Mark Chandler at Stanford Law School.

  • Opinion

    Why Congress Should Pass Whistleblower Protection Law

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    It’s crucial that lawmakers enact the Whistleblower Protection Reform Act — which remedies the Dodd-Frank Act’s weak safeguards for those who report federal securities law violations — to ensure courageous tipsters continue to step forward when they spot wrongdoing, say Jason Zuckerman and Matthew Stock at Zuckerman Law.

  • 10 Years On, SEC's Market Access Rule Still Lacks Clarity

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    The U.S Securities and Exchange Commission adopted the market access rule to address the risks of algorithmic trading, but its failure over the past 10 years to articulate clear standards except through costly enforcement actions has left firms with an informal patchwork of guidance and moving targets for broker-dealers, say Ashley Bashur and Paul Eckert at WilmerHale.

  • How Law Firms Can Rethink Offices In A Post-Pandemic World

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    Based on their own firm's experiences, Kami Quinn and Adam Farra at Gilbert discuss strategies and unique legal industry considerations for law firms planning hybrid models of remote and in-office work in a post-COVID marketplace.

  • Arthrex Ruling Could Reshape Copyright Small Claims Court

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    The U.S. Supreme Court's recent Arthrex ruling, that administrative patent law judges were unconstitutionally appointed, raises several questions about the constitutionality of the new Copyright Claims Board and about how courts might rewrite the small claims enforcement legislation, say Mary Ellen Roy and Andrew Coffman at Phelps Dunbar.

  • A Primer On DOL Probes For ERISA Plan Service Providers

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    As the U.S. Department of Labor shifts its enforcement resources from Employee Retirement Income Security Act plan sponsors to financial institutions that service such plans, nonfiduciary providers should know what to expect and how to respond to agency investigations, say attorneys at Groom Law Group.

  • What To Expect From SEC's Equity Market Recommendations

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    U.S. Securities and Exchange Commission Chair Gary Gensler’s recent comments offer clues as to how the agency's forthcoming report on equity market structure may address issues like payment for order flow, settlement cycle, market data and conflicts of interest, says Justin Chretien at Carlton Fields.

  • Protecting Attorney-Client Privilege In Human Rights Audits

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    As investors and customers increasingly demand corporate plans to address human rights concerns, multinational companies conducting audits and other due diligence should consider four practical steps to maximize the protections of attorney-client privilege while still fostering effective engagement with stakeholders, say Katherine Pappas and Virginia Newman at Miller & Chevalier.

  • When Antitrust's Consumer Welfare Standard And ESG Collide

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    The recent debate over antitrust law’s so-called consumer welfare standard means that — depending on how the principle is defined — company collaborations can be viewed as either pro- or anti-competitive, which is relevant for evaluating environmental, social and corporate governance agreements as climate issues take center stage in American and European policy, says Joshua Sherman at Charles River Associates.

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