Securities

  • November 21, 2019

    Aurora Cannabis Hit With Stock Drop Suit Over Tanking Sales

    Aurora Cannabis Inc. was slapped with a proposed shareholder class action in New Jersey federal court Thursday over dismal earnings that battered the Canadian company's stock, part of a sectorwide retrenchment as marijuana companies grapple with weak demand and oversupply.

  • November 21, 2019

    Bitcoin ‘Inventor’ Faces $658K Atty Fee Bid Over Sanctions

    The estate accusing self-proclaimed Bitcoin inventor Craig Wright of stealing $10 billion worth of the cryptocurrency from his late partner is seeking $658,581 in attorney fees and expenses incurred while trying to get Wright to comply with court orders.

  • November 21, 2019

    Snap Investors Win Cert. In IPO Class Action

    Shareholders in Snapchat parent Snap Inc. won certification in California federal court Wednesday in their class action over the company's alleged cover-up of problematic growth metrics ahead of its initial public offering.

  • November 21, 2019

    Proskauer Pushes To Halt Stanford Ponzi Suit In Antigua

    Proskauer Rose LLP has asked a Texas federal court to move quickly to end litigation in Antigua that the firm says is barred after it paid $63 million to settle claims over a former partner's work for entities affiliated with the R. Allen Stanford $7 billion Ponzi scheme.

  • November 21, 2019

    Chinese Crypto Miner Raises $90M In Low-Pricing IPO

    Chinese bitcoin mining company Canaan Inc. raised $90 million in an initial public offering that priced at the bottom of its range on Thursday, represented by Simpson Thacher and underwriters counsel Freshfields.

  • November 21, 2019

    Atty Talks Over Tribune Buyout Are Protected, Ill. Justices Say

    Two foundations that were formerly the Tribune Co.'s second-largest shareholders don't have to fork over documents detailing their discussions with attorneys ahead of their participation in the Tribune's 2008 leveraged buyout, the Illinois Supreme Court said Thursday.

  • November 21, 2019

    Symantec Investor Wants Records On Audit Probe

    A Symantec Corp. investor has filed suit in Delaware Chancery Court seeking the cybersecurity giant's records of an internal audit investigation launched after a former employee raised accounting concerns.

  • November 21, 2019

    Ex-Investment Manager Pleads Guilty To FATCA Fraud

    A former investment manager with shuttered English brokerage firm Beaufort Securities has pled guilty in a New York federal court to defrauding the U.S. by violating the Foreign Account Tax Compliance Act, according to the U.S. Department of Justice.

  • November 21, 2019

    Investors Urge 5th Circ. To Revive Ponzi Claims Against SEI

    A group of investors in Robert Allen Stanford's massive Ponzi scheme are asking the Fifth Circuit to revive their claim that investment processor SEI Investments Co. could have provided them with the information they needed to avoid the scheme's collapse.

  • November 21, 2019

    Ex-BigLaw Atty Guilty In Crypto Money Laundering Trial

    A Manhattan federal jury on Thursday found former Locke Lord LLP corporate partner Mark S. Scott guilty of helping "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, launder $400 million and lie to banks.

  • November 20, 2019

    SEC Initiative Spurs Record Enforcement Against Public Cos.

    Fiscal year 2019 saw markedly more U.S. Securities and Exchange Commission enforcement actions against public companies than any year over the past decade, largely driven by participation in the regulator's Share Class Selection Disclosure Initiative, according to a report released Wednesday.

  • November 20, 2019

    Canopy Hit With Shareholder Suit Over Weak Earnings

    Cannabis giant Canopy Growth was hit with a stock drop class action in New Jersey federal court Wednesday on the heels of disappointing quarterly results that included a nearly 33 million Canadian dollar ($24.8 million) restructuring charge chalked up to weak demand and glutted inventory.

  • November 20, 2019

    Centra Investors Lose 2nd Bid For Cert. In Crypto Fraud Case

    A Florida federal judge denied certification to a proposed class of Centra Tech investors for the second time in a suit over a fraudulent initial coin offering, saying Wednesday that the investors failed to justify allowing a do-over.

  • November 20, 2019

    DOJ Tweaks FCPA Corporate Enforcement Policy For Clarity

    The U.S. Department of Justice has tweaked its policy offering companies leniency under the Foreign Corrupt Practices Act, clarifying what companies need to disclose and when.

  • November 20, 2019

    Pot Data Co. Seeks $4M For Rival's TM Infringement

    Cannabis price tracker New Leaf Data Services LLC on Wednesday asked a Connecticut federal court to hit a rival with a default judgment and $4 million in damages for infringing its trademarks and buying up dummy domains to poach users.

  • November 20, 2019

    Woodbridge Ch. 11 Trustee OK'd For Shapiro Prison Interview

    A Delaware bankruptcy judge on Wednesday approved efforts to conduct an in-prison interview of convicted $1.3 billion Ponzi-scheme architect Robert Shapiro by a liquidating trustee pursuing assets for the estate of Shapiro's plundered Woodbridge Group of Cos.

  • November 20, 2019

    Robbins Geller, Funds Push To Keep Lead In ATM Investor Suit

    Pension funds represented by Robbins Geller Rudman & Dowd LLP and the Kendall Law Group PLLC fought back Tuesday in New York federal court against a motion to reassess their appointment as lead plaintiffs in a case alleging that ATM manufacturer Diebold Nixdorf Inc. misrepresented to shareholders the success of its acquisition of a German competitor.

  • November 20, 2019

    Freddie, Fannie Bond Buyers Seek Cert. In Price-Rigging Suit

    Days after announcing a third settlement in the litigation, buyers of Fannie Mae and Freddie Mac bonds asked a New York federal judge for class certification in their antitrust suit against Bank of America, JPMorgan and other banking behemoths.

  • November 20, 2019

    Brazilian Oil Exec Charged With Corruption Pleads Not Guilty

    A former CEO of Brazilian oil company Braskem pled not guilty to corruption charges stemming from alleged violations of the Foreign Corrupt Practices Act in Brooklyn federal court late Wednesday afternoon.

  • November 20, 2019

    AbbVie Investors Fight Bid To Toss Humira Kickbacks Suit

    Investors urged an Illinois federal judge on Tuesday not to dismiss a lawsuit against AbbVie Inc., saying they’ve adequately alleged that the pharmaceutical company concealed its use of an illegal strategy to market its blockbuster drug Humira.

  • November 20, 2019

    Restaurant.com CEO Hit With Suit Over 'Self-Interested' Acts

    Two investors in dining deals website Restaurant.com filed a derivative suit Wednesday in Delaware Chancery Court alleging the company’s CEO has engaged in "self-interested" dealings and unjustly enriched himself amid financial struggle that has led to the company being shopped at an undervalued price.

  • November 20, 2019

    Ex-JPMorgan Trader Found Guilty Of Forex Price-Fixing

    A Manhattan federal jury on Wednesday convicted onetime JPMorgan forex trader Akshay Aiyer of scheming to fix currency prices to boost his earnings, delivering a guilty verdict on a count of conspiring to restrain trade in violation of the Sherman Act.

  • November 20, 2019

    Private Equity Firm Escapes Envision Investor Suit

    Private equity firm Clayton Dubilier & Rice LLC was excused from a proposed shareholder class action accusing Envision Healthcare Corp. of lying about its billing practices Tuesday after a Tennessee federal judge found that there was not enough evidence against CD&R.

  • November 20, 2019

    Sports Betting Contracts Are Securities, SEC Tells Court

    The U.S. Securities and Exchange Commission has told a Nevada federal court that investment contracts two felons issued when soliciting funds for an alleged $30 million sports betting scheme are considered securities, urging the court not to dismiss claims that the felons stole the collected funds for their own use.

  • November 20, 2019

    Citi Defends Firing Trader Acquitted In DOJ Forex Case

    A former Citibank trader acquitted of manipulating foreign exchange markets used code words to hide his attempts to coordinate trading activity with his peers, a compliance officer with the lender testified on Wednesday at a trial in London over the banker's dismissal.

Expert Analysis

  • SEC Proposals Could Be Game Changing For Proxy Process

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    Recently proposed rule amendments from the U.S. Securities and Exchange Commission could overhaul the proxy process by making it harder for proxy advisory firms to issue voting recommendations, and by changing the requirements for shareholders submitting proposals, say attorneys at V&E.

  • Warren Bill Presents Powerful Headwinds For Private Equity

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    If passed, Sen. Elizabeth Warren's private equity reform bill would protect companies being purchased by private equity, but impose significant restrictions on funds by eliminating the liability shield and favorable tax treatment they currently enjoy, say Jon Brose and Kevin Neubauer at Seward & Kissel.

  • Top Takeaways From The SEC's Banner Enforcement Year

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    The U.S. Securities and Exchange Commission's fiscal year 2019 enforcement report demonstrates the Division of Enforcement's focus on protecting Main Street; that self-reporting initiatives and sweeps are working; and several emerging settlement trends from a record year for penalties and disgorgement, says Kurt Wolfe at Troutman Sanders.

  • 7 Steps For Managing Private Equity Whistleblower Risk

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    In light of the U.S. Securities and Exchange Commission's report last week that whistleblower payouts have declined, private equity firms — which face unique risks — should shore up policies to encourage internal reporting and discourage retaliation, say attorneys at Kirkland.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • Highland Filing Shows Benefits Of Ch. 11 For Hedge Funds

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    Highland Capital Management's Chapter 11 filing last month illustrates how a bankruptcy filing can provide additional advantages when investors are not a hedge fund’s only creditors, as in the aftermath of fraud allegations or market dislocations, say attorneys at Cleary. 

  • Justices Mull Interplay Of ERISA, Securities Laws In IBM Case

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    At recent U.S. Supreme Court arguments in IBM v. Jander, the justices grappled with the Employee Retirement Income Security Act’s difficult application and its intersection with federal securities laws in considering whether plan fiduciaries must disclose inside information about publicly traded companies, say attorneys at King & Spalding.

  • High Court's Pass On 1 SEC Case Offers Insight Into Another

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    The U.S. Supreme Court effectively recognized the U.S. Securities and Exchange Commission's extraterritorial reach in denying certiorari in Scoville v. SEC. The move may foreshadow the high court's eventual ruling in Liu v. SEC, which will determine the regulator's authority to seek disgorgement, say Adam Schwartz and Russell Koonin at Homer Bonner.

  • Record Spoofing Settlement Provides Guidance For Traders

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    A record $67.4 million settlement the U.S. Department of Justice and the Commodity Futures Trading Commission recently negotiated with Tower Research Capital over alleged futures market spoofing offers commodities traders enforcement and compliance guidance, and reflects increasing coordination among regulators, say Charley Mills and Matt Kulkin at Steptoe & Johnson.

  • SEC Relief For Digital Custody Co. Takes Guarded Approach

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    The U.S. Securities and Exchange Commission recently granted Paxos Trust Company limited no-action relief to settle securities using blockchain technology without registering as a clearing agency, demonstrating the regulator wants to better understand digital asset custody before allowing for broad adoption, say attorneys at Norton Rose.

  • 4 Months After Kisor V. Wilkie, Auer Deference Survives

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    Recent federal appellate and district court rulings suggest that the predicted radical curtailing of Auer deference in the wake of the U.S. Supreme Court's decision in Kisor v. Wilkie has not come to fruition, say Jeffrey Karp and Edward Mahaffey at Sullivan & Worcester.

  • Bill Would Bridge Digital Realty Whistleblower Protection Gap

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    The Whistleblower Programs Improvement Act's recent introduction in the Senate, along with overwhelming bipartisan support for a similar bill in the House, strongly indicates that Congress intends to extend whistleblower protections beyond the U.S. Supreme Court's 2018 Digital Realty decision, says Antuan Johnson at Katz Marshall.

  • Key Takeaways From Ex-Alstom Exec's FCPA Conviction

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    In U.S. v. Hoskins, a Connecticut federal court last week convicted a foreigner who did not work for a U.S. company of Foreign Corrupt Practices Act violations, presenting valuable lessons about the scope of FCPA liability and how to effectively withdraw from a bribery scheme, say Sunil Shenoi and Kim Nemirow at Kirkland.

  • Can State Laws One-Up SEC’s Regulation Best Interest?

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    Because the U.S. Securities and Exchange Commission has punted on whether Regulation Best Interest will preempt state broker-dealer conduct standards, state laws may face challenges under the doctrines of conflict preemption, as well as limitations from the federal securities laws, say attorneys at Williams & Jensen.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.