Securities

  • July 30, 2021

    Jury Clears NextGen In Rare 'Holder's Claim' Securities Trial

    A California jury cleared NextGen Healthcare in what the company's attorneys called a rare, precedent-setting securities case brought by an investor claiming he was duped out of selling his shares — the first time a so-called "holder's claim" has ever been tried in California.

  • July 30, 2021

    Alaska Lawmakers Seek To Up Tribal Bonds To $4B, Add ANCs

    Alaska's congressional lawmakers have floated legislation that would double the cap on tax-exempt bonds to spur Native American tribal projects to $4 billion and make Alaska Native corporations eligible for the program to help Alaska Natives the lawmakers said had been unfairly left out.

  • July 30, 2021

    Inovio Investors Move For Cert. In COVID-19 Vaccine Suit

    A class of investors moved for certification Thursday in their suit against biotechnology firm Inovio Pharmaceuticals Inc. and a cohort of company executives alleging that they misled the public about a coronavirus vaccine they purported to have in the works.

  • July 30, 2021

    El Pollo Loco Insider Trading Suit Tossed Out Of Del. Court

    The Delaware chancellor has tossed an investor lawsuit seeking derivative damages on behalf of restaurant chain El Pollo Loco over approximately $118 million in alleged insider trades, heeding a call to dismiss the suit by a special litigation committee set up by the company's board.

  • July 30, 2021

    SEC Raises The Disclosure Bar For China-Based IPO Seekers

    The U.S. Securities and Exchange Commission on Friday announced a series of new disclosure requirements that will make it harder for Chinese companies to launch IPOs in the U.S., answering calls by lawmakers who say the Chinese government may be intentionally exploiting U.S. investors.

  • July 30, 2021

    Ex-Deutsche Traders Get Bail During Spoofing Appeal

    Two former Deutsche Bank gold and silver traders convicted of spoofing will stay out of jail as they appeal, with a Chicago federal judge ruling Thursday that the men's primary argument over a jury instruction may "very well" be decided in their favor by the Seventh Circuit.

  • July 30, 2021

    BotsForWealth Marketer Seeks $10M After Alleged Ouster

    A businessman who marketed "trading bot" venture BotsForWealth on TikTok has sued the project's developers, claiming he was unfairly cut out of the business and defamed after flagging a bug in the bots' code.

  • July 30, 2021

    Concrete Supply Co. Investor Sues To Halt Planned Merger

    Construction supplier U.S. Concrete Inc. was hit with a lawsuit Friday in New Jersey federal court that seeks to halt the company's pending $1.3 billion merger with Vulcan Materials Co., saying shareholders need more information about the deal's finances before voting on it.

  • July 30, 2021

    Del. Court Orders New Trial On $749M Yahoo Patent Reserve

    Delaware Chancery Court on Friday ordered a new trial and directed former Yahoo owner Altaba Inc. to set aside a $749 million patent infringement suit cash reserve previously ruled unnecessary, citing post-trial disclosures and actions that "undermined" court confidence that the cash would be available if needed.

  • July 30, 2021

    Exxon Again Seeks Win In Indonesian Human Rights Suit

    Exxon has again asked a D.C. federal court to put a clean end to decades-old litigation seeking to hold the company liable for human rights abuses Indonesians allegedly suffered at the hands of the country's soldiers when they were purportedly providing security for the oil giant, arguing there is no evidence to suggest the company bears any blame for the military's actions.

  • July 30, 2021

    L Brands Inks $90M Global Deal For 'Toxic' Workplace Suits

    Multichain specialty retailer L Brands announced a $90 million corporate governance reform agreement Friday to settle multiple derivative lawsuits seeking damages arising from "toxic" workplace conditions, including sexual harassment.

  • July 30, 2021

    Chamberlain Hrdlicka Adds 5 New Attys In Houston

    Chamberlain Hrdlicka has added five attorneys in its Houston office in recent months, bolstering the firm's commercial litigation, securities, tax planning and transactional practice groups.

  • July 30, 2021

    Wynn Resorts Can't End Investors' Revived Suit Over Ex-CEO

    A Nevada federal judge has cut down an amended proposed class action against Wynn Resorts and its current and former top brass for allegedly covering up former CEO Steve Wynn's sexual misconduct and causing a stock drop, finding that two of seven sets of purportedly misleading statements can go forward. 

  • July 30, 2021

    Binance Crypto-Exchange Winds Down Derivatives In Europe

    Cryptocurrency firm Binance announced on Friday that it is winding down its futures and derivatives product offerings across Europe, where it has been coming under increasing regulatory scrutiny amid concerns about compliance and protection for investors.

  • July 29, 2021

    Alphabet Investors Tell Judge Board Willfully Ignored COPPA

    Alphabet investors warned a California federal judge Thursday that he would set a "dangerous precedent" if he let Google and YouTube's parent company, Alphabet, and its top brass dodge a derivative action alleging that the tech behemoth knowingly collected children's online data in violation of the Children's Online Privacy Protection Act.

  • July 29, 2021

    SEC Accuses Broker-Dealer Of Violating 'Short Tender Rule'

    Brokerage firm Lupo Securities violated the "short tender rule" and acquired more shares of Leidos Holdings than it was entitled to during Leidos' 2016 spinoff from Lockheed Martin Corp., the U.S. Securities and Exchange Commission alleged in a suit filed Thursday.

  • July 29, 2021

    Regeneron Investor Sues Execs, Alleging Kickback Scheme

    Regeneron leadership was hit with a derivative shareholder suit over claims the company's former and current executives and board members reaped over $650 million in sales of stock whose value was inflated by a purported kickback scheme tied to a vision-loss drug. 

  • July 29, 2021

    FinCEN's New Adviser Aims To Crack Down On Crypto Crime

    Michele Korver's career has led her into the deepest parts of the criminal underworld, hunting criminals who use digital currencies to finance their misdeeds. But as debate rages over the regulation of digital assets, there are no hard feelings regarding crypto from Korver, who became the Financial Crimes Enforcement Network's first-ever chief digital currency adviser this month.

  • July 29, 2021

    House Gives SEC $73M Boost, Blocks Trump-Era Proxy Rules

    The U.S. House of Representatives voted to approve a bill Thursday giving the U.S. Securities and Exchange Commission a $73 million funding boost over fiscal year 2021, while blocking the agency from using the funds to implement controversial Trump-era proxy voting rules.

  • July 29, 2021

    'Mixed Bag' Chancery Ruling Keeps Utah Mine Suit Alive

    In what he called a "mixed bag" ruling, a Delaware vice chancellor moved toward trial counterclaims in a sprawling Chancery Court battle over an alleged international loan-to-own scheme dating to 2013 and focused on a $600 million Utah copper mine.

  • July 29, 2021

    Battery Venture Ends With $9M Judgment Against Owner

    A Norwegian entrepreneur's ambitious battery venture, which at one point supposedly raised $1 billion, ended quietly in Florida federal court Thursday after he failed to mount a defense to a $9 million arbitration enforcement action.

  • July 29, 2021

    Deals Rumor Mill: Baxter International, Didi Global, Nanosys

    Baxter International could buy $8 billion health care technology company Hill-Rom, Didi Global is weighing a go-private deal to appease Chinese regulators just one month after hitting the U.S. public markets, and Nanosys is mulling a SPAC merger. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • July 29, 2021

    Ex-Goldman Analyst Gets 1 Month For Insider Trading Scheme

    A former Goldman Sachs analyst and Hollywood screenwriter who admitted to passing insider trading tips to an NFL linebacker was sentenced to one month in prison Thursday in Pennsylvania federal court, officials and his lawyer confirmed.

  • July 29, 2021

    Chemical Co. Sues Seller Over IP Claim In $240M Deal

    A Kansas oilfield company has filed suit in Delaware Chancery Court against the founder of one of the companies it purchased in a $240 million deal, saying that he launched a competing business using trade secrets that he now claims are public information.

  • July 29, 2021

    Air Taxi Startup Lowers Enterprise Value Of SPAC Deal By $1B

    Archer Aviation and special purpose acquisition company Atlas Crest said Thursday that they were slicing the enterprise value of their merger by $1 billion, in a move that comes as the U.S. Securities and Exchange Commission seeks to ensure SPAC deals are being adequately regulated.

Expert Analysis

  • What To Expect Under New SEC Enforcement Director Grewal

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    Newly appointed U.S. Securities and Exchange Commission Director of Enforcement Gurbir Grewal’s record as a public servant provides insight into the SEC’s likely priorities for the coming year, and firms should expect him to work closely with Chair Gary Gensler in pursuing an aggressive enforcement agenda, say attorneys at Ropes & Gray.

  • Will You Be Ready If Your Class Action Goes To Trial?

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    Despite conventional wisdom, class actions sometimes do go to trial — as TransUnion v. Ramirez, decided last month by the U.S. Supreme Court, illustrates — so attorneys must prepare by studying past class action trials, focusing on how the courts and lawyers approached procedural and evidentiary questions, says Ross Weiner at Risk Settlements.

  • Responding To Fraud Charges Based On Trade Data Analytics

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    Anthony Barkow and Charles Riely at Jenner & Block examine recent charges against a Canadian hedge fund manager to highlight how defense practitioners can appraise suspicious trading pattern evidence gleaned from the U.S. Securities and Exchange Commission's data analytics.

  • Rolling Disclosure Cap Method May Lead To Lower Damages

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    In light of a California federal court's decision in a securities class action against Zoom, consultants at Analysis Group analyze how utilizing rolling disclosure cap methodology affects damage calculations, compared to the Private Securities Litigation Reform Act's more traditional final disclosure cap.

  • Law Firms, Know Who's Responsible For Your Cloud Security

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    Lawyers generally know that files go into the cloud and that the files are then secured and protected, but it's necessary for firms to take a closer look at their cloud supply chain and then come up with a responsibility matrix that helps mitigate any potential risks or weaknesses, says Martin Ward at iManage.

  • Benefits For Law Firms Venturing Into New Services

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    By offering more services, law firms can deepen and strengthen their client relationships and truly become an extension of their clients' teams while generating new revenue streams, and while there are risks associated with expanding into consulting, they may be worth it, says Lou Ramos at Major Lindsey.

  • How Anti-Corruption Push Affects US Cos. Operating Abroad

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    A recent Biden administration memo, and an anticipated increase in enforcement related to transnational fraud, money laundering and corruption, means that U.S. companies and financial institutions with operations abroad should take concrete steps to stave off U.S. Department of Justice scrutiny, says Andrey Spektor at Bryan Cave.

  • Green Investments Are Not Immune To ESG Scrutiny

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    As investment informed and motivated by environmental, social and governance considerations accelerates, companies and investors in the green technology sector must keep in mind that regulators, consumers and communities will not grant them free passes on the full range of ESG concerns, say Michael Murphy and Kyle Guest at Gibson Dunn.

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

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    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • How Wyoming Is Leading On Cryptocurrency

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    This month, Wyoming became the first state to classify decentralized autonomous organizations as a new form of LLC, which could bring new liability principles and chip away at Delaware's dominance as the corporate capital of the U.S., says Emily DiBenedetto at Shaw Keller.

  • Recent SPAC Settlement Signals SEC Enforcement Wave

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    The U.S. Securities and Exchange Commission's recent settlement with special purpose acquisition company Stable Road — and its sponsor, CEO and proposed merger target — over false representations to investors illustrates the agency's heightened focus on policing SPAC transactions and should prompt participants to ensure adequate due diligence, say attorneys at Pillsbury.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

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    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • First 2021 Corporate FCPA Case Offers Compliance Reminders

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    Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Awaiting High Court Answer On Post-Cyan Discovery Issue

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    The U.S. Supreme Court’s forthcoming decision in Pivotal Software v. Tran next term may clarify a question begat by the court’s 2018 Cyan decision — whether the Private Securities Litigation Reform Act’s automatic discovery stay provision applies in state courts — and thereby lessen the burden on parties litigating amid the ambiguity, says Liz Cassady at Steptoe & Johnson.

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