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Securities
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June 04, 2025
Navios CEO Sued Over 'Disloyal' Share Buyback Scheme
Two investors of shipping and logistics company Navios Maritime Holdings Inc. say the company's CEO and board of directors ran a scheme to devalue preferred shares after taking the company private, supposedly concealing plans to delist the stock and buy it back at fire-sale prices.
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June 04, 2025
Judge Grills Kidde-Fenwal About Missing Info In Disclosures
A Delaware bankruptcy judge Wednesday questioned why firefighting foam maker Kidde-Fenwal did not include in plan disclosures details about the recoveries its creditors can expect under its Chapter 11 proposal, as the debtor prepares to send its reorganization plan out for a vote.
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June 04, 2025
Bowman Confirmed As Trump's Top Banking Regulator At Fed
Senators on Wednesday confirmed Federal Reserve Gov. Michelle Bowman to become the central bank's next vice chair for supervision, elevating the former Kansas community banker to a powerful perch overseeing many of the biggest Wall Street financial institutions.
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June 04, 2025
SEC Gets $1.1M Win Against Alleged Ga. Crypto Scammer
A Georgia man is on the hook for over $1.1 million in penalties after failing to defend himself from U.S. Securities and Exchange Commission allegations he ran an $800,000 affinity fraud scheme involving a purported cryptocurrency he said was backed by gold and stem cell technology.Â
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June 04, 2025
3 Ways DOL Benefits Chief Nominee May Affect ERISA Cases
A key committee will decide Thursday whether to send President Donald Trump’s pick to lead the U.S. Department of Labor’s employee benefits arm ahead for a full Senate vote, setting the stage for what attorneys expect will be an employer-friendly shift in policies. Here are three ways Daniel Aronowitz could change benefits litigation if confirmed.
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June 04, 2025
Heart Device Maker iRhythm Gets Investor Claims Trimmed
A California federal judge has trimmed a class action accusing digital healthcare company iRhythm Technologies of making false and misleading statements about its heart-event monitoring device, finding that the suit does not plausibly plead knowledge of wrongdoing for most individual defendants, among other things.
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June 04, 2025
SEC Seeks Input On Tightening Perks For Foreign Issuers
The U.S. Securities and Exchange Commission agreed Wednesday to seek public input on whether foreign companies should continue to be granted accommodations to list in the U.S., noting that global markets have changed significantly since such rules were adopted.
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June 04, 2025
Davis Polk, Skadden Guide Circle's Upsized $1B IPO
Venture-backed stablecoin issuer Circle Internet Group Inc. on Wednesday priced an upsized $1.05 billion initial public offering above its marketed range amid strong demand, represented by Davis Polk & Wardwell LLP and underwriters counsel Skadden Arps Slate Meagher & Flom LLP.
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June 04, 2025
Last Defendant In 'Shell Factory' Scheme Gets 1½ Yrs
A Florida federal judge Wednesday sentenced the final defendant rounded up in the "Shell Factory Fraud" to 18 months in prison for his role in creating fake shell companies as part of a pump-and-dump scheme.
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June 04, 2025
SEC Says Accountant Errors Don't Doom Crowdfunding Case
The U.S. Securities and Exchange Commission told a Michigan federal judge Wednesday that mistakes in one of its accountant's declarations do not warrant the dismissal of its first crowdfunding enforcement action, arguing the SEC's lawyers acted in good faith when they alerted the court to the errors.
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June 04, 2025
Willkie Farr Hires Financial Services Partner In DC
Willkie Farr & Gallagher LLP has hired a McGuireWoods LLP attorney as a partner in Washington, D.C., to advise corporations on a range of legal issues, the firm announced Tuesday.
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June 04, 2025
Titan Of The Plaintiffs Bar: Bernstein Litowitz's Salvatore Graziano
When Bernstein Litowitz Berger & Grossmann LLP's Salvatore Graziano made the switch from prosecution to securities litigation in the '90s, he realized he had an uphill battle ahead of him.
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June 04, 2025
Compliance Chiefs Eye New Jobs Amid Pay Growth Slowdown
More than half of chief compliance officers are considering seeking new job opportunities in the coming year, according to a Wednesday report from in-house legal and compliance advisory firm BarkerGilmore LLC, which also found CCO pay growth generally slowed down compared to last year.
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June 04, 2025
Chancery Strips Amazon, Others From $1.3B Zoox Merger Suit
Delaware's chancellor has kept alive breach of fiduciary duty claims against most directors and two officers of self-driving taxi venture Zoox Inc. over its $1.3 billion acquisition by Amazon, while dismissing Amazon itself and rejecting stockholder fee-shifting claims.
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June 04, 2025
Trump's CFTC Pick Set For Senate Confirmation Hearing
President Donald Trump's nominee to lead the U.S. Commodity Futures Trading Commission has been scheduled to appear before the Senate agriculture committee for a confirmation hearing next Tuesday, advancing his nomination at a time when the agency is facing a leadership void.
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June 04, 2025
Ex-Paul Weiss Corporate Partner Joins Cooley's NY Practice
Cooley LLP has hired a former Paul Weiss Rifkind Wharton & Garrison LLP finance partner, who told Law360 Pulse in an interview Wednesday that he followed his father and uncle's footsteps when deciding to pursue a career in law.
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June 03, 2025
5th Circ. Weighs Constitutionality Of Banking In-House Courts
A Fifth Circuit panel Tuesday heard a trio of cases contesting federal banking regulators' use of in-house proceedings to impose penalties, signaling interest in potential jurisdictional bars to such challenges but offering few clear clues about how it might rule.
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June 03, 2025
Capital One Must Face Some Claims It Stole From Influencers
Capital One Financial Corp. cannot ditch all of a proposed class action alleging its coupon-search browser extension steals commissions from social media creators who drive customers to affiliated merchants, a Virginia federal judge ruled, saying the plaintiffs plausibly alleged Capital One knew it was diverting their "rightfully earned" commissions.
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June 03, 2025
SEC Sues New Mexico Adviser Over Improper Excessive Fees
A Santa Fe, New Mexico, investment adviser and its principal face U.S. Securities and Exchange Commission allegations they fleeced customers over a nearly five-year period, overbilling them annually and hitting them with unexpected hourly bills out of the blue.
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June 03, 2025
BlackRock, Vanguard Want Red States' Coal Suit Extinguished
Asset managers BlackRock Inc. and The Vanguard Group Inc. have urged a Texas federal judge to toss a suit brought by a coalition of Republican-led states alleging the firms ran a scheme to drive up coal prices as part of an "investment cartel," arguing the case rests on "implausible premises."
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June 03, 2025
Fortrea Faces Investor Suit Over Post-Labcorp Financial Woes
Clinical research company Fortrea Holdings Inc. was hit with a proposed shareholder class action alleging that it overstated the strength of its business model after being spun off from Labcorp Holdings Inc., causing investors harm as the truth about Fortrea's financial struggles emerged.
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June 03, 2025
SEC Chair Says Next Steps On Crypto Regs Coming Soon
U.S. Securities and Exchange Commission Chair Paul Atkins indicated Tuesday that the agency is working toward proposing regulations for the cryptocurrency industry and that a key aspect of the work being done by a recently established crypto task force could be complete within a matter of months.
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June 03, 2025
9th Circ. Gives Crypto Victims Chance At Greater Recovery
A Ninth Circuit panel found that a California federal court can reopen the restitution phase of a criminal crypto extortion case post-sentencing after the victims said they lost out on millions of dollars in recovery due to a miscommunication among government offices.
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June 03, 2025
Chancery Tosses 'Generic' Advance Notice Bylaw Suit
Citing the absence of any specific damage claims, a Delaware vice chancellor on Monday dismissed an Owens Corning Inc. shareholder suit challenging company bylaws obliging advance notice of board seat proxy contests.
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June 03, 2025
2 Texans, Firm Owe $5.3M In SEC House-Flipping Fraud Suit
A pair of Texas men and their investment company must give the U.S. Securities and Exchange Commission nearly $5.3 million to resolve claims they defrauded investors in a house-flipping scheme, misappropriating $2.9 million and misrepresenting that certain property interests would secure certain investor funds.
Expert Analysis
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Using Federal Forum Provisions To Nix State Securities Cases
A California appeals court's recent decision in Bullock v. Rivian clarifies that underwriters may enforce federal forum provisions to escape state court Securities Act claims, marking progress in restoring such lawsuits to federal court and reducing the litigation costs arising from duplicative state court litigation, say attorneys at Paul Weiss.
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Series
Playing Poker Makes Me A Better Lawyer
Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyLaw.
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Does R-Squared Have A Role In Event Study Analysis?
With 2024 marking the second consecutive year to experience an increase in securities class action filings, determining the reliability of event study models is of utmost importance, but it's time to reconsider the traditional method of doing so, say analysts at StoneTurn Group.
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Opinion
Why It's Time To Retire The Efficient Market Hypothesis
As agentic artificial intelligence systems increasingly affect financial markets, the efficient market hypothesis no longer offers a viable foundation for legal and regulatory engagement, and a new theoretical foundation is needed, say Zachary Brenner, a student at California Western School of Law, and attorney Gary Brenner.
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Avoiding The Risk Of Continued AI-Washing Enforcement
A recent action brought by the U.S. Securities and Exchange Commission and Department of Justice, alleging a software developer defrauded investors by lying about his app’s artificial intelligence capabilities, suggests this administration will continue to target AI washing, so companies should adopt practices to mitigate enforcement risk, say attorneys at Debevoise.
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Cos. Should Review Pay Strategies In Light Of 2025 Tariffs
Companies should think about what they can or should do to ensure the ongoing effectiveness of their compensation plans in light of rising material costs, reduced profit margins, market volatility and other impacts of the Trump administration’s evolving tariff regime, say attorneys at Cooley.
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Key Aspects Of FDIC's Resolution Planning FAQ
The Federal Deposit Insurance Corp.'s recent FAQ on changes to its resolution plan rule ease burdensome requirements for some large institutions and exempt others from discussion of franchise components, making it easier for banks to finalize submissions before the July 1 deadline, say attorneys at Moore & Van Allen.
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Chancery Ruling Raises Bar For Advance Notice Bylaws Suits
The Delaware Court of Chancery's recent ruling in Siegel v. Morse will make it more difficult for plaintiffs to successfully challenge advance notice bylaws before the emergence of an actual or threatened proxy contest, presumably reducing the occurrence of such challenges, say attorneys at Venable.
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DOJ Memo Raises Bar For Imposition Of Corporate Monitors
A recently released U.S. Department of Justice memo, outlining guidance on the imposition of compliance monitors in corporate criminal cases, reflects DOJ leadership’s concerns about scope creep and business costs, but the strategies for companies to avoid a monitorship haven't changed much compared to the Biden era, says James Koukios at MoFo.
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Series
Law School's Missed Lessons: Becoming A Firmwide MVP
Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.
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9th Circ. Ruling Clarifies Derivative Suit Representation Test
The Ninth Circuit's recent ruling in Bigfoot Ventures v. Knighton clarifies the test used to assess the adequacy of a plaintiff's representation in a shareholder derivative action, and will likely prove useful to litigants by ensuring that courts can fully examine all relevant circumstances, say attorneys at Simpson Thacher.
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What We Lost After SEC Eliminated Regional Director Role
Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness.
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4th Circ. Latest To Curb Short-Seller Usage In Securities Suits
The Fourth Circuit's recent decision in Defeo v. IonQ will serve as a powerful and persuasive new precedent for corporate defendants as courts continue curtailing securities class action plaintiffs' use of short-seller reports to plead federal securities law claims, say attorneys at Alston & Bird.
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$38M Law Firm Settlement Highlights 'Unworthy Client' Perils
A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.
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Series
Teaching Business Law Makes Me A Better Lawyer
Teaching business law to college students has rekindled my sense of purpose as a lawyer — I am more mindful of the importance of the rule of law and the benefits of our common law system, which helps me maintain a clearer perspective on work, says David Feldman at Feldman Legal Advisors.