Securities

  • April 03, 2020

    SEC Accounting Chief Expects ‘Significant’ COVID Challenges

    The U.S. Securities and Exchange Commission’s top accountant acknowledged Friday that accounting firms will face increasing challenges in crafting judgments and estimates amid the coronavirus pandemic, while stressing the importance of required disclosures.

  • April 03, 2020

    LifeLock Investors Seek OK Of $20M Securities Deal

    A group of shareholders asked an Arizona federal judge Friday to give his blessing to a $20 million settlement to resolve claims that the identity protection service LifeLock Inc. misled investors about the impending fallout from its violation of a Federal Trade Commission settlement.

  • April 03, 2020

    SEC Rips Boutique Firm’s Bid For $3M From EB-5 Receiver

    The U.S. Securities and Exchange Commission told a California federal judge that a boutique law firm is trying to get $3 million in fees from the receivership estate for an EB-5 investment fraud scheme simply for getting the receiver appointed.

  • April 03, 2020

    Chancery Finds Fraud In Cancer Drug Firm's Spinoff Deal

    California-based immunotherapy drug developer Harpoon Therapeutics must face damage claims from a Takeda Pharmaceutical subsidiary, after a Delaware vice chancellor’s finding that Harpoon effectively misrepresented the scope of a cancer therapy research and investment opportunity.

  • April 03, 2020

    Switch Says Mysterious Exit Of Lead Plaintiff Would Be Unfair

    Switch Inc. challenged a withdrawal bid by the lead plaintiff in the proposed class action over the data center company's initial public offering as unfair, telling a Nevada federal judge that the company has already invested resources into building an argument against the current plaintiff.

  • April 03, 2020

    Atty Fights 'Farce' DQ Bid In Investors' $3.1M Fraud Suit

    An attorney representing a woman accused by investors of helping run a $3.1 million securities fraud scheme told a Florida federal court Thursday that a request to disqualify him over an alleged conflict of interest is "nothing more than a farce."

  • April 03, 2020

    SEC Blasts Ex-Informant's 'Absurd' Bid To Ax Stock Suit

    The U.S. Securities and Exchange Commission took aim Friday at an alleged penny stock fraudster’s bid to escape its proposed injunctions because his purported misconduct was too long ago, saying his argument would lead to an “absurd implication” related to a Third Circuit ruling reviving the agency’s suit.

  • April 03, 2020

    Securities Atty Fights ‘Too Severe’ SEC Judgment Request

    A Manhattan securities attorney accused by the U.S. Securities and Exchange Commission of playing a role in a pump-and-dump scheme tried to persuade a federal judge Friday that he doesn’t deserve judgment as drastic as the terms the SEC suggested.

  • April 03, 2020

    Telegram Order Raises Questions About Crypto Fundraising

    The highly anticipated order in the SEC's case against Telegram Group Inc. has added some clarity to the application of securities laws to digital token offerings, with attorneys saying the commission's initial win might nudge blockchain companies to consider different types of fundraising options.

  • April 03, 2020

    Venture-Backed Firms Could Miss Out On Virus Relief Loans

    Certain venture-backed startups may be ineligible for relief loans aimed at small businesses struggling to pay employees during the coronavirus pandemic, prompting fears that many distressed startups will be denied aid amid a brutal cash crunch.

  • April 03, 2020

    Regulators Warn Forex Trader To Stop Selling In Texas

    Texas regulators Friday ordered a foreign exchange currency trader to stop offering investments to its residents, saying the man isn't registered with the state and has been fraudulently advertising a "basically risk-free" venture during the economic fallout from the COVID-19 pandemic.

  • April 03, 2020

    Blockvest Says Issues Of Fact In ICO Fraud Case Remain

    Cryptocurrency company Blockvest LLC and its founder have urged a California federal judge to reject a bid for summary judgment by the U.S. Securities and Exchange Commission in a suit alleging it fraudulently advertised that its initial coin offering had the SEC's nod.

  • April 03, 2020

    McKesson Again Wants Out Of Antitrust-Linked Derivative Suit

    McKesson Corp. has sought another dismissal of a shareholder derivative action accusing the company of concealing its involvement in alleged pharmaceutical industry price-fixing, telling a California federal judge that the latest complaint didn't properly address the issues in the old one.

  • April 03, 2020

    Financier Facing 27 Years Denied Release Amid COVID Crisis

    An Illinois federal court on Friday denied former investment manager and convicted fraudster Shawn Baldwin’s bid to be released from prison over COVID-19 fears, finding he didn't have a compelling medical reason to enjoy home confinement ahead of his sentencing.

  • April 03, 2020

    Chancery Asks If Jefferies Spiked Defense In $189M Deal

    Delaware's chancellor pressed an attorney for Jefferies Financial Group Friday to explain how its allegedly tainted pre-deal contacts with key HomeFed Corp. minority investors failed to "put the nail in the coffin" of claims that its $189 million take-private merger in mid-2019 deserved business judgment deference.

  • April 03, 2020

    SEC Accuses Entertainment Tech Co. Of $45M Offering Fraud

    The U.S. Securities and Exchange Commission has filed a complaint in California federal court claiming a Beverly Hills-based entertainment technology company deceived its backers to secure $45 million in a nearly decadelong unregistered securities offering.

  • April 03, 2020

    Taxation With Representation: Sidley, Kirkland, Gibson

    In this week’s Taxation With Representation, Palo Alto Networks buys network services provider CloudGenix for $420 million, Ares inks a $384 million deal with Japanese financial institution SMBC, and News Corp sells a marketing business for $235 million.

  • April 03, 2020

    Auto Parts Co. Adient Beats Suit Over Execs' Profit Forecasts

    Adient PLC permanently slipped a proposed class action after a New York federal judge found that investors in the auto parts maker hadn't shown the company's alleged misstatements about reaching one of its financial targets were false at the time they were made.

  • April 03, 2020

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

    The past week in London has seen Hilton lodge competition claims against Visa and Mastercard, a hedge fund slap a family-run investment company with a trademark case, and two oil explorers working in Africa square off in court. Here, Law360 looks at those and other new claims in the U.K.

  • April 02, 2020

    IEX To Pay Nothing In Settling Nasdaq's Trading IP Suit

    Nasdaq has agreed to settle a patent dispute against the IEX stock exchange over electronic trading platform technologies, the companies said Thursday, which will see neither party pay for the trouble.

  • April 02, 2020

    Trump Admin Escapes States' Suit Over '2-For-1' Order

    The Trump administration on Thursday won a bid to nix a suit in D.C. federal court brought by three state attorneys general over a 2017 executive order requiring federal agencies to repeal at least two existing regulations for every new regulation that agency issues.

  • April 02, 2020

    Coffee Chain Takes Heat In Investors' New Stock-Drop Suit

    Chinese coffeehouse chain Luckin Coffee Inc. was slapped with a stockholder suit in New York federal court Thursday alleging the company's negligence and misinformation caused the stock to nosedive amid reports that a senior executive and employees fabricated transactions.

  • April 02, 2020

    2nd Circ. Snubs Ship Co. Shareholders' 'Death Spiral' Claims

    The Second Circuit on Thursday affirmed the dismissal of a proposed shareholder class action accusing a holding company that owns tanker vessels of deploying a "death spiral financing scheme" to manipulate the market.

  • April 02, 2020

    SEC Chief Says Coronavirus Won't Stop Reg BI Plans

    U.S. Securities and Exchange Chairman Jay Clayton said Thursday that the June 30 compliance deadline remains in effect for Regulation Best Interest despite the continued impacts of the coronavirus on financial markets.

  • April 02, 2020

    SEC Urged To Ease Private Funding Rules Amid Pandemic

    Small-business advocates on Thursday urged regulators to ease rules on online capital raising methods such as crowdfunding and other private markets tools amid the coronavirus pandemic, concerned that federal loans could take too long to arrive to satisfy urgent funding needs.

Expert Analysis

  • An Asset Manager's Guide To Recent Fintech Developments

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    In this brief video, Jamie Cain and Ben Marzouk at Eversheds Sutherland discuss the essential fintech issues affecting asset managers' business models, including developments related to digital asset securities, cryptocurrency-based exchange-traded funds and blockchain.

  • Opinion

    Judicial Shaming Of Attys Is Troubling Even During Pandemic

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    Judges have recently rebuked attorneys for wasting judicial resources to resolve minor issues during the COVID-19 crisis, including in a trademark lawsuit over unicorn drawings. But it is unfair to publicly flog lawyers for doing what they are trained to do, says Ronald Minkoff, chairman of Frankfurt Kurnit's professional responsibility group.

  • Don't Be Social Media Distancing: LinkedIn Tips For Lawyers

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    While we need to be physically apart at this time, lawyers and firms should be leaning into social media to reinforce and build relationships, and help guide clients through the coronavirus crisis, says marketing consultant Stefanie Marrone.

  • CFPB Whistleblower Program Could Plug Enforcement Gaps

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    Recently proposed legislation to establish a Consumer Financial Protection Bureau whistleblower reward program could help fill an enforcement void left by forced arbitration agreements and class action waivers included in most contracts between consumers and financial services companies, say Zac Arbitman at Youman & Caputo and Jason Zuckerman at Zuckerman Law.

  • Remote Depositions: Coming To A Home Office Near You

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    Recent Texas state court orders indicate judges are increasingly requiring parties and nonparties to submit to remote depositions amid the pandemic. However, there are inherent drawbacks to such depositions, including limitations on attorneys’ ability to assess witness credibility, says Edward Duffy at Reed Smith.

  • Ways Lawyers Can Support The Most Vulnerable Right Now

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    In this global health and economic crisis, it is essential that lawyers recommit to inclusion, and fight for colleagues, clients, community members and friends who are most at risk, says Dru Levasseur, head of the National LGBT Bar Association's inclusion coaching and consulting program.

  • NY Order May Limit Foreclosures, But Could Hurt Local Banks

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    A recent executive order from the New York governor facilitates mortgage forbearances to help stave off a statewide foreclosure crisis, but shifting too much of the burden to the banking industry could force small and local institutions to sell their residential loan portfolios to generate liquidity and avoid risk, say Adam Swanson and Jessie Bonaros at McCarter & English.

  • Confronting The Challenges Of Virtual Mediation

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    Conducting mediation via videoconference amid the ongoing pandemic poses significant challenges, including the difficulty of reading people when you are not with them in person. Daniel Garrie at JAMS shares six tips to overcome the limitations.

  • SEC Investigation Shows Maturation Of Cannabis Scrutiny

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    The U.S. Securities and Exchange Commission’s investigation into accounting irregularities at cannabis giant Cronos Group shows a shift from rooting out fraud and manipulation in marijuana penny stocks, to applying more traditional enforcement scrutiny to marijuana-related businesses, say attorneys at Jenner & Block.

  • 3 Steps To Building Effective Teams While On Lockdown

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    When your team is working from different locations due to the COVID-19 outbreak, don’t default to just sending emails. Collaboration is much easier when team members are also communicating in real time over the phone or through videoconferences, say William Oxley and Meghan Rohling Kelly at BakerHostetler.

  • NY Fraud Ruling Shows High Bar To Prove Director Liability

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    Although the New York Supreme Court Commercial Division's decision in Acacia Investments v. West End Equity I leaves the door open for recovery against entities that receive fraudulent transfers of assets, the ruling demonstrates the high bar for proving individual directors were at fault in fraudulent conveyance claims, say Robert Quirk and Muhammad Faridi at Patterson Belknap.

  • Adapting Executive Pay Decisions To COVID-19 Impact

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    As the coronavirus pandemic perpetuates market uncertainty, compensation committees must address key questions, such as whether to delay approvals, adjust performance targets for bonus and equity awards, or reprice underwater stock options, say attorneys at Skadden.

  • Client Advocacy Tips For Remote Hearings During COVID-19

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    As the judiciary implements telephone and video hearings in response to the coronavirus pandemic, attorneys can deliver effective advocacy by following certain best practices, such as using backup materials and specially preparing witnesses and exhibits, say attorneys at Fish & Richardson.

  • How To Conduct Depositions Remotely

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    Remote depositions are a useful tool for meeting discovery deadlines while allowing all parties to stay at home amid the COVID-19 outbreak. But they come with a unique set of challenges, say Eliot Williams and Daniel Rabinowitz at Baker Botts. 

  • COVID-19 Crisis Exposes Libor Replacement's Weaknesses

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    Fundamental differences in the way Libor and its pending replacement, the Secured Overnight Financing Rate, have tracked financial risk amid the COVID-19 crisis suggest the transition between the two benchmarks will be challenging, says Jeffrey Armstrong at the Berkeley Research Group.

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