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Securities
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June 12, 2025
Redfin Investor Seeks $450K In Fees In Merger Disclosure Suit
A Redfin investor asked a Washington federal judge to award $450,000 in legal fees to Monteverde & Associates PC and Wohl & Fruchter LLP, claiming his lawsuit was beneficial to shareholders despite the court's decision to deny his preliminary injunction request to postpone an investor vote.
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June 12, 2025
Chancery Tags AstraZeneca Unit For $180M 'Expectation' Loss
Rejecting calls for a $755 million award, a Delaware vice chancellor ruled late Wednesday that a biopharmaceutical company's shareholders are due $180.9 million in post-merger "expectation damages" plus interest after an AstraZeneca PLC unit's failure to reasonably pursue an acquired drug prospect.
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June 11, 2025
Senate Dems Probe Meta, Trump Stablecoin Plans And Deals
U.S. Sens. Elizabeth Warren and Richard Blumenthal sent a pair of letters this week asking for more information on Meta's renewed plans to launch its own stablecoin as well as details on MGX's decision to use Donald Trump's World Liberty stablecoin to make a $2 billion investment in the cryptocurrency exchange Binance.
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June 11, 2025
Link Motion Investor's Suit Should Be Trimmed, Judge Says
A New York federal judge should trim some but not all common law fraud claims from an investor's lawsuit against China-based software company Link Motion Inc. over allegations its chairman fleeced the company, a magistrate judge has recommended.Â
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June 11, 2025
Glass Lewis To GOP: No 'Ideological Agenda' In Proxy Advice
The head of the proxy advisory firm Glass Lewis & Co. has pushed back against allegations from the Senate Banking Committee concerning the firm's "expansive, opaque, and ideologically driven influence" on U.S. companies, saying it evaluates all shareholder proposals on a case-by-case basis.
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June 11, 2025
Judge Won't Disqualify Attys In AmeriMark Control Dispute
A Utah magistrate judge declined to disqualify attorneys from Venable LLP and Parsons Behle & Latimer PC from representing Swiss plaintiffs Capana Swiss Advisors and AmeriMark Automotive in a lawsuit over who controls AmeriMark Group, finding there is no clear conflict of interest and that disqualification would unfairly disrupt the case.
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June 11, 2025
9th Circ. Backs Reddit Win In WallStreetBets Creator's TM Suit
The Ninth Circuit on Wednesday refused to revive WallStreetBets subreddit founder Jaime Rogozinski's lawsuit accusing Reddit Inc. of hijacking his creation and infringing his right to trademark the brand, saying in an unpublished opinion that Rogozinski failed to adequately plead ownership over the brand mark.
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June 11, 2025
SEC Asks To Pause CAT Suit As It Weighs Audit Trail Rework
The U.S. Securities and Exchange Commission called Wednesday for the temporary suspension of a class action lawsuit accusing it of illegally collecting the private information of millions of American investors, arguing that potential changes to the way that its market surveillance tool operates could moot the case.
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June 11, 2025
11th Circ. Won't Void $2.2M Order Against Par Funding Adviser
The Eleventh Circuit has affirmed a district court's ruling ordering a South Florida financial adviser accused of funneling investors into the $500 million Par Funding fraud scheme to pay nearly $2.2 million to the U.S. Securites and Exchange Commission, saying that the "ample evidence" of his violations shows his liability and warrants the fine.
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June 11, 2025
DOJ's Focus On Cartels Raises Compliance Risks For US Cos.
U.S. corporations with business interests south of the border are increasingly worried about exposure to terrorism-related criminal charges under the Trump administration for inadvertently working with cartels linked to major business sectors throughout Mexico, from energy and manufacturing to financial services, compliance experts tell Law360.
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June 11, 2025
Regulators Delay Compliance On Private Fund Disclosures
A divided U.S. Securities and Exchange Commission agreed on Wednesday to extend compliance dates for new Form PF rules that require additional disclosure from private funds, overcoming objections from one dissenting commissioner who feared the "11th-hour" extension could lead to abandoning the rules altogether.
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June 11, 2025
Del. Justices Press Atty On Earnout Damage Bid Despite Miss
Delaware Supreme Court justices focused on the basics Wednesday during data management venture STX Business Solutions LLC's bid to revive a suit that was tossed by the Court of Chancery in October and accused a buyer of skipping a profitable deal to avoid paying an "earnout" bonus of up to $5.5 million.
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June 11, 2025
CarLotz's $13M Investor Settlement Headed To Final Approval
A New York federal judge said Wednesday that he intends to grant final approval to a $13 million settlement between CarLotz and its investors who accused it and a special purpose acquisition company of misleading statements about CarLotz's profitability before it went public via merger.
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June 11, 2025
Senate Advances Stablecoin Bill As Dems Decry Swift Pace
The Senate's proposal to regulate stablecoins cleared another procedural hurdle on Wednesday with bipartisan support despite some Democratic outcry over an allegedly limited opportunity to amend the bill.
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June 11, 2025
AGs Press Meta To Do More To Stop Pump-And-Dump Scams
Attorneys general from states and territories around the country, as well as the District of Columbia, sent an open letter to Meta Platforms Inc. Wednesday urging the social media giant to help stem the tide of widespread investment scams across Facebook and WhatsApp that they said have caused people to lose "life-changing" amounts of money.
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June 11, 2025
BofA, FDIC Seek More Time To Finalize $540M Premiums Deal
Bank of America has confirmed it won't be appealing an order directing it to pay $540 million to the Federal Deposit Insurance Corp., asking a Washington, D.C., federal judge for more time to confirm their agreement on calculations related to the payment.
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June 11, 2025
PepGen Faces Investor Suit Over Muscular Dystrophy Drug
Clinical-stage biotech company PepGen Inc. has been hit with a proposed shareholder class action alleging it misled investors about the efficacy and commercial prospects of its muscular dystrophy drug, causing share price declines as investors learned of the drug's clinical trials' shortcomings.
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June 11, 2025
Stripe Buying Crypto Wallet Co. Privy Amid Expansion
Privy, a startup offering crypto wallet technology for developers, said Wednesday that it will be acquired by payments company Stripe and expects to close the transaction "in the coming weeks."
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June 11, 2025
1st Circ. Won't Rethink Split Ruling On Atty's Stock Scheme
A First Circuit panel won't rethink its 2-1 decision that the U.S. Securities and Exchange Commission could keep its pretrial win against a Connecticut attorney who sold unregistered penny stocks, according to an order from the appellate court.
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June 11, 2025
Del. Justices OK Early Review Of New Corp. Liability Shield
Delaware's justices agreed to a fast-tracked state constitutional review Wednesday for questions in a Court of Chancery case affected by state legislation approved in March that expanded and made retroactive "safe harbor" liability shields for conflicted corporate directors or controllers.
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June 10, 2025
House Ag Committee Advances Crypto Market Structure Bill
The House Committee on Agriculture on Tuesday advanced a bill to regulate digital asset markets with broad bipartisan support despite concerns from Democrats that the U.S. Commodity Futures Trading Commission will need more funding to accomplish the broad crypto mandate contemplated by the bill.
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June 10, 2025
Chancery Sends Protein Co. Suit Toward Trial With Caution
A suit accusing company insiders and investors of exploiting their position to sell plant protein venture Nutriati Inc. to a major investor for an unfair price easily survived a Delaware Court of Chancery dismissal bid Tuesday, but with a court caution that litigation costs could outweigh the stakes.
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June 10, 2025
Chamber Calls On Justices To Hear Auditor Fraud Case
The U.S. Chamber of Commerce is among the parties calling on the U.S. Supreme Court to take up a case accusing BDO USA LLP of securities fraud, telling the justices that allowing a Second Circuit ruling to stand could lead to more lawsuits against accountants, lawyers and underwriters.
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June 10, 2025
9th Circ. Revives Real Estate Investor Securities Suit, Again
The Ninth Circuit on Tuesday once again revived a proposed securities class action accusing investment guru Grant Cardone of making misleading social media statements to sell interests in his companies' real estate investment funds, holding, among other findings, that the complaint sufficiently alleged Cardone "subjectively disbelieved" certain stated projections.
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June 10, 2025
Feds Reboot FCPA Agenda With Narrower Enforcement Focus
The U.S. Department of Justice on Tuesday released new and tightened guidelines for enforcement of the Foreign Corrupt Practices Act after a four-month pause on such prosecutions, centering prospective investigations on situations that affect U.S. competitiveness and national security as well as transnational cartels.
Expert Analysis
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Operating Via Bank Charter Offers Perks Amid Industry Shift
As bank regulators become more receptive to streamlining barriers that have historically stood in the way of de novo bank formation, and as fintechs show more interest in chartering, attorneys at Goodwin outline the types of charters available and their benefits.
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How Attorneys Can Become Change Agents For Racial Equity
As the administration targets diversity, equity and inclusion efforts and law firms consider pulling back from their programs, lawyers who care about racial equity and justice can employ four strategies to create microspaces of justice, which can then be parlayed into drivers of transformational change, says Susan Sturm at Columbia Law School.
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Unicoin Case Reveals SEC's Evolving Enforcement Posture
The U.S. Securities and Exchange Commission's recent fraud allegations against cryptocurrency company Unicoin send a clear message that while the Trump administration supports digital asset development, it will act decisively against deception, inflated valuations and false assurances, says David Zaslowsky at Baker McKenzie.
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Public Cos. Must Heed Disclosure Risks Amid Trade Chaos
Ongoing uncertainties caused by President Donald Trump's shifting stances on tariffs and trade restrictions have exponentially escalated financial reporting pressures on public companies, so businesses must ensure that their operations and accounting practices align with the U.S. Securities and Exchange Commission's standards, say Jennifer Lee at Jenner & Block and Edward Westerman at Secretariat Advisors.
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GAO Report Reveals How Banks And Regulators Are Using AI
A U.S. Government Accountability Office report published last month makes clear that while both federal regulators and regulated entities like banks and credit unions are employing artificial intelligence to improve efficiency, they're maintaining some skepticism, say attorneys at Orrick.
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Series
Running Marathons Makes Me A Better Lawyer
After almost five years of running marathons, I’ve learned that both the race itself and the training process sharpen skills that directly translate to the practice of law, including discipline, dedication, endurance, problem-solving and mental toughness, says Lauren Meadows at Swift Currie.
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Parsing The SEC's No-Action Letter On Rule 192 Compliance
Brandon Figg at Morgan Lewis discusses the U.S. Securities and Exchange Commission's recent no-action letter, which greenlights information barriers as an alternative approach to Rule 192 compliance and includes likely relief for existing policies and procedures.
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High Court Order On Board Firings Is Cold Comfort For Fed
The U.S. Supreme Court’s recent Trump v. Wilcox order, upholding the firings of two independent agency board members during appeal, raises concerns about the future of removal protections for Federal Reserve System members, and thus the broader politicization of U.S. monetary policy, say attorneys at Squire Patton.
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Series
Law School's Missed Lessons: Supporting A Trial Team
While students often practice as lead trial attorneys in law school, such an opportunity likely won’t arise until a few years into practice, so junior associates should focus on honing skills that are essential to supporting a trial team, including organization, adaptability and humility, says Lucy Zelina at Tucker Ellis.
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SEC Staff Input Eases Path For Broker-Dealer Crypto Activities
Recent guidance from U.S. Securities and Exchange Commission staff on broker-dealer and transfer agent crypto-asset activities suggests a more constructive regulatory posture on permissibility and application of financial responsibility rules, bringing welcome clarity for blockchain market participants and traditional financial institutions alike, say attorneys at Sidley.
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Compliance Essentials To Mitigate AI Crime Enforcement Risk
As artificial intelligence systems move closer to accurately mimicking human decision-making, companies must understand how the U.S. Department of Justice might prosecute them for crimes committed by AI tools — and how to mitigate enforcement risks, say attorneys at Paul Hastings.
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Series
Adapting To Private Practice: From US Attorney To BigLaw
When I transitioned to private practice after government service — most recently as the U.S. attorney for the Eastern District of Virginia — I learned there are more similarities between the two jobs than many realize, with both disciplines requiring resourcefulness, zealous advocacy and foresight, says Zach Terwilliger at V&E.
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How The DOJ Is Redesigning Its Approach To Digital Assets
Two key digital asset enforcement policy pronouncements narrow the Justice Department's focus on threats like fraud, terrorism, trafficking and sanctions evasion and dial back so-called regulation by prosecution, but institutions prioritizing compliance must remember that the underlying statutory framework hasn't changed, say attorneys at Blank Rome.
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At 'SEC Speaks,' Leaders Frame New Views
At the Practising Law Institute's recent SEC Speaks conference, U.S. Securities and Exchange Commission leadership highlighted the agency's significant priority changes, including in enforcement, crypto and artificial intelligence, say attorneys at Perkins Coie.
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The Ins And Outs Of Consensual Judicial References
As parties consider the possibility of judicial reference to resolve complex disputes, it is critical to understand how the process works, why it's gaining traction, and why carefully crafted agreements make all the difference, say attorneys at Pillsbury.