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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.