Securities

  • March 05, 2021

    CBD Co. Execs Can't Rewrite Admissions, Investor Says

    Executives of a CBD company shouldn't be allowed to take back admissions they already made, an investor in the company told a Nevada federal judge in regards to his case against them.

  • March 05, 2021

    Investors Sue To Block $2.3B Gov't Tech Services Merger

    Shareholders in digital government services company NIC Inc. are seeking to block a $2.3 billion merger with software provider Tyler Technologies Inc. from going ahead, claiming the company's board of directors misled investors, according to two suits in Delaware federal court.

  • March 05, 2021

    4 Ways A Gensler-Led SEC Could Toughen SPAC Scrutiny

    If Gary Gensler is confirmed as the U.S. Securities and Exchange Commission's next chair, regulators could delve deeper into the explosion of blank-check entities and their subsequent acquisitions to examine where investor protections can be strengthened. Here are four areas where regulators could step up scrutiny of special purpose acquisition companies.

  • March 05, 2021

    Stanford Receiver Urges $79M Ponzi Clawback Citing 5th Circ.

    The court-appointed receiver of Stanford International Bank asked a Texas federal judge late Thursday to enter a final judgment in his $79 million fraudulent transfer clawback claim against a group of the bank's investors after a Fifth Circuit panel mandated a return of the funds.

  • March 05, 2021

    Billionaire Frost, OPKO Execs Sued Over Leadership Diversity

    An OPKO Health shareholder hit the biotech company's top brass, including its billionaire chairman Phillip Frost, with a derivative lawsuit in Florida federal court on Friday for allegedly falling short on its commitments to diversify its leadership team.

  • March 05, 2021

    Raymond James Fights $8M Deal In Jay Peak EB-5 Fraud Case

    Investment bank Raymond James & Associates opposed on Thursday a proposed $8 million settlement that would resolve claims against law firms implicated in the failed Jay Peak ski resort EB-5 immigrant investor scam, arguing that the deal doesn't account for its entitlement to 75% of the resort receiver's proceeds.

  • March 05, 2021

    'Despicable' Fraud Keeps Morgan Stanley Adviser In Prison

    A former Morgan Stanley financial adviser will not be allowed out of prison due to COVID-19 risks, a judge said Friday, citing the "irony" of the convicted man asking to care for his aging parents after swindling an elderly victim in a "despicable" fraud scheme.

  • March 05, 2021

    No Sanctions For Objector In Wells Fargo Fake Account Deal

    A California federal judge has declined to sanction an objector to a Wells Fargo settlement over fake accounts after investors accused the objector and his attorneys of extorting $1.75 million from the bank, saying the court won't order disgorgement of a settlement reached in a state court lawsuit.

  • March 05, 2021

    Full 9th Circ. Won't Rehear Tesla Model 3 Disclosures Suit

    The full Ninth Circuit won't review a panel's recent finding that Tesla's blunt warnings about production challenges for its Model 3 sedan nullified proposed class claims that the electric carmaker intentionally misled investors by covering up manufacturing bottlenecks and capacity problems.

  • March 05, 2021

    Dole's Win Bolsters Del. Corporations In D&O Coverage Fights

    The Delaware Supreme Court issued a landmark ruling March 3 that state law does not excuse a Dole directors and officers insurer from covering the food company's settlements of fraud-based claims, a decision that will aid other Delaware corporations in similar disputes with their D&O carriers.

  • March 05, 2021

    SEC Accuses AT&T Of Selectively Disclosing Info To Analysts

    The U.S. Securities and Exchange Commission filed suit against AT&T and three of its investor relations executives Friday for allegedly making selective disclosures of nonpublic information to research analysts.

  • March 05, 2021

    Taxation With Representation: Latham, Skadden, Sullivan

    In this week's Taxation With Representation, cloud company Okta buys identity authentication company Auth0 for $6.5 billion, Las Vegas Sands sells property holdings for $6.3 billion, and insurance technology company Hippo inks a $5 billion merger.

  • March 05, 2021

    Garrett Motion Strikes Deal With Shareholders On Ch. 11 Plan

    Bankrupt car parts maker Garrett Motion Inc. told a New York bankruptcy judge Friday that it has reached a deal with shareholders to increase their share of the reorganized company in exchange for their support for the Chapter 11 plan.

  • March 05, 2021

    2nd Circ. Retirement Will Let Biden 'Flip' The Court

    Second Circuit Judge Peter W. Hall took senior status on Thursday, giving President Joe Biden a third opening on the New York-based appeals court and his first opportunity to "flip" a circuit to a majority of Democratic appointees.

  • March 05, 2021

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

    The past week in London has seen Scotland's ferry services sue its insurer, Britain's new high-speed rail service face another contract challenge and an ex-Qatari prime minister's company hit with a new suit. Here, Law360 looks at those and other new claims in the U.K.

  • March 05, 2021

    Software Pioneer John McAfee Indicted In Crypto Case

    Antivirus software innovator John McAfee and his bodyguard have been indicted on fraud and money laundering conspiracy charges for fraudulently touting various cryptocurrencies on Twitter to further two separate schemes, Manhattan federal prosecutors said Friday.

  • March 04, 2021

    Banks, Ex-Merrill Traders Defeat Investors' Spoofing Case

    A New York federal judge on Thursday threw out a consolidated shareholder lawsuit against Bank of America, Morgan Stanley and two former Merrill Lynch traders over alleged spoofing in the precious metals futures market, ruling that the shareholders waited too long to bring their claims.

  • March 04, 2021

    DLA Piper Beats Car Dealer's Malpractice Suit

    A Nevada federal judge on Wednesday axed a China-based auto dealer's legal malpractice suit against DLA Piper, finding the firm is not subject to general jurisdiction in Nevada since it doesn't have any offices, employees or property in the state.

  • March 04, 2021

    Wells Fargo Fights Bid To Reveal Atty Docs In Stock-Drop Row

    Wells Fargo has urged a California federal court overseeing a putative securities fraud class action to reject a request by investors that the bank reveal communications it had with Gibson Dunn, arguing that the documents are protected by attorney-client privilege.

  • March 04, 2021

    Centra Tech Boss Gets 8 Years For $36M Crypto Scam

    The founder of Centra Tech Inc. on Thursday was sentenced to eight years in prison over a scheme that conned victims into investing more than $36 million into the cryptocurrency company that claimed to offer a digital currency payment card.

  • March 04, 2021

    Ex-Bank CEO Takes OCC Rebuff Of Lucia Attack To DC Circ.

    A former Maryland bank CEO is moving to appeal a recent refusal by the Office of the Comptroller of the Currency to revisit an agency administrative proceeding that he settled more than five years ago, a case he argues was unconstitutionally presided over under the U.S. Supreme Court's Lucia decision.

  • March 04, 2021

    Investor Knew Pot Biz Was Illegal, Thus Can't Sue, Firm Says

    The architect of a failed venture in the cannabis industry seeks to end claims he defrauded an investor, arguing that the federally illegal nature of his business, and his investor's knowledge of that illegality, means the suit against him should be dismissed with prejudice.

  • March 04, 2021

    Boeing Emails In Chancery Suit Show Angst Over 737 Reports

    The Boeing Co.'s leadership struggled on multiple fronts to get ahead of negative news about the company's 737 Max jetliners after one of them crashed in late 2018, according to documents released Thursday in a Delaware Chancery Court stockholder lawsuit.

  • March 04, 2021

    PwC Trial Judge Limits Whistleblower's Integrity Questions

    A California federal magistrate judge overseeing a bench trial on whether PricewaterhouseCoopers LLP fired an auditor in retaliation for purported whistleblowing refused Thursday to allow the ex-employee's counsel to question PwC's expert witness on the company's auditing track record or on the U.S. Securities and Exchange Commission's impartiality.

  • March 04, 2021

    Insurer Can Resume Stock Overvaluation Suit Coverage Row

    A Michigan federal judge ruled on Thursday that Great American Fidelity Insurance Co. can restart its bid to dodge coverage of a lawsuit accusing advisory firm Stout Risius Ross of faulty stock valuations, reasoning that the stock suit has been reduced to just one claim that's ineligible for coverage.

Expert Analysis

  • Musk's Crypto Tweets Likely Didn't Violate SEC, CFTC Rules

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    The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will be hard-pressed to argue Tesla CEO Elon Musk's recent tweets about cryptocurrencies amounted to illegal communication of material information to investors, or constituted market manipulation, say Kenneth Breen and Phara Guberman at Paul Hastings.

  • Ethics Tips For Attorneys Telecommuting Across State Lines

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    Attorneys working remotely from jurisdictions in which they are not admitted should take precautionary steps to avoid engaging in unauthorized practice of law, say John Schmidt and Michael Seaman at Phillips Lytle.

  • Opinion

    Abusive M&A Litigation Highlights Need For Securities Reform

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    In-court M&A challenges that benefit plaintiffs counsel more than shareholders continue unabated, demonstrating the need for federal securities law reform to prevent what amounts to a deal tax on companies forced to pay mootness fee settlements and higher directors and officers insurance premiums, say attorneys at Seyfarth.

  • NY Rulings Show State Court Aversion To Securities Act Suits

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    In a welcome development for defendants, a New York state court's back-to-back rejections of Securities Act class claims in Sundial Growers and Lyu v. Ruhnn Holdings signal a growing judicial backlash against the flood of similar litigation following the U.S. Supreme Court’s 2018 decision in Cyan, say Israel Dahan and Alexander Noble at King & Spalding.

  • 6 Ways Legal Employers Can Help Pandemic-Weary Parents

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    Parenting during the pandemic has introduced a series of competing personal and professional obligations for attorneys and professional staff, and even organizations that are supportive of their parent employees can take steps to do better, says Meredith Kahan at Saul Ewing.

  • Charitable Fund Dispute Opens Doors For Litigation Wave

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    Although a California federal court recently ruled a donor-advised fund sponsor did not breach prudent investor standards in Fairbairn v. Fidelity Charitable, the case shows that disgruntled donors may initiate claims against charities over nonbinding advisory privileges, and could introduce a wave of litigation over alleged investment mismanagement, says Karl Mill at Adler & Colvin.

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • Mitigate Key FCPA Risks With Tailor-Made Compliance

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    Multinational companies should take a pragmatic approach to Foreign Corrupt Practices Act compliance by being aware of key risk areas — such as inappropriate gift-giving, liability for third-party actions, and countries with recurring corruption issues — and implementing custom-designed procedures that evolve with their operations, says Howard Weissman at Miller Canfield.

  • Too Wealthy To Bail: Navigating Pretrial Release Strategy

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    Recent noteworthy bail decisions, including a New York federal court's denial of Ghislaine Maxwell's $28.5 million bail package offer, reveal that high-net-worth defendants should demonstrate significant ties to the U.S. and provide comprehensive financial disclosures to mitigate flight-risk objections, say Sean Buckley and Amanda Tuminelli at Kobre & Kim.

  • Keys To Carbon Neutral Oil And LNG Transactions: Part 2

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    The parties to a carbon neutral oil or liquefied natural gas transaction must agree upon the source and quality of the carbon offset units used in the deal, as well as on any transaction-specific verification protocols and carbon footprint methodologies, say Gabriel Procaccini and Kenneth Markowitz at Akin Gump.

  • What Biden's Ethics Pledge Means For Gov't Revolving Door

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    Attorneys at Nossaman look at how President Joe Biden’s ethics pledge goes beyond those of his predecessors by imposing post-employment shadow lobbying and golden parachute restrictions on his administration’s appointees — and how a House bill proposing expansion of federal ethics law could affect enforcement.

  • Keys To Carbon Neutral Oil And LNG Transactions: Part 1

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    Carbon neutral oil and liquefied natural gas transactions can make oil and LNG more environmentally competitive with renewable energy, but participants must pay close attention to the cost of carbon offsets involved, and applicable regulations around carbon trading and marketing claims, say Gabriel Procaccini and Kenneth Markowitz at Akin Gump.

  • Opinion

    Punishing Bar Exam Policies On Menstrual Products Must Go

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    Law graduates across the states are sitting for the grueling two-day bar exam this week despite menstruation-related barriers, such as inadequate menstrual product and bathroom access, which could be eradicated with simple policy tweaks, say law professors Elizabeth Cooper, Margaret Johnson and Marcy Karin.

  • Tax Takeaways From India's Proposed Budget

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    Consultants at Deloitte discuss the tax implications of India's latest budget proposals, including the potential benefits for foreign portfolio investors and offshore funds migrating to India's new international financial services center, and the possible rise of M&A costs.

  • Transaction Toolkit For A More Litigious M&A Environment

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    As transaction disputes rise amid evolving market conditions, certain strategies can help companies mitigate risk while remaining live to M&A opportunities, say attorneys at Freshfields.

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