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Securities

  • May 20, 2025

    Cancer Drug Co. Beats Investor Suit Over FDA Rejection

    Cancer drug company Checkpoint Therapeutics Inc. has permanently escaped a shareholder suit alleging it understated the likelihood the U.S. Food and Drug Administration would refuse approving Checkpoint's lead product candidate, with a New York federal judge ruling company statements were not shown to be false or made with scienter.

  • May 20, 2025

    Tech Co. AppLovin's Brass Face 'Shadow Downloads' Claims

    Executives and directors of technology company AppLovin face a shareholder derivative suit alleging they breached their fiduciary duties after the company allegedly inflated its download numbers, a key performance metric, by means of manipulative practices.

  • May 20, 2025

    Ill. Judge Won't Toss Cannabis Payment Venture Dispute

    An Illinois federal judge refused on Tuesday to toss out a shareholder's derivative lawsuit alleging his business partner usurped an opportunity to provide payment services to cannabis giant Cresco Labs, rejecting the other 50% shareholder's argument that the court lacked diversity jurisdiction in the case.

  • May 20, 2025

    Crypto Co. Says Uniswap Uses Its Patented DeFi Tech

    The developer of decentralized exchange Bancor on Tuesday accused the entities behind its competitor Uniswap of wrongfully using patented smart contract technology that went on to underpin much of the decentralized finance ecosystem.

  • May 20, 2025

    Chancery Orders EB-5 Co. Head To Pay Ousted Member $6.9M

    A Delaware vice chancellor has ordered the founder and controller of a Philadelphia-based center that oversees an investment incentive program for foreign nationals to pay nearly $6.9 million to a member who was obliged to cash out under what the court found to be unfair, conflicted terms.

  • May 20, 2025

    SEC Chair Says Staff Exits Have Left Holes In Agency

    U.S. Securities and Exchange Commission Chair Paul Atkins told Congress Tuesday that the agency has lost hundreds of employees in recent months due to voluntary buyouts and early retirement incentives, and that some now-missing expertise will need to be replaced. 

  • May 20, 2025

    Elf Beauty Brass Face Investor Suit Over Declining Demand

    Executives and directors of cosmetics company e.l.f. Beauty were hit with a shareholder derivative suit accusing them of concealing declining consumer demand, which led to a 55% decline in stock value as information regarding waning revenues and increasing inventory emerged.

  • May 20, 2025

    Nextdoor Beats Investor Suit Over Post-SPAC Profitability

    A California federal judge has tossed a shareholder class action that alleges hyperlocal social networking service Nextdoor Holdings Inc. misled investors about its projected profitability when combining with a special purpose acquisition company, saying the suit's plaintiff never owned or sold the company's securities before the merger, among other things. 

  • May 20, 2025

    J&J Workers Reassert Drug Costs Resulted In Concrete Harm

    Johnson & Johnson workers are urging a New Jersey federal court to maintain their proposed class claims that the company botched the management of prescription drug costs in its employee healthcare plan by allowing excessive pharmacy costs, asserting that company mismanagement resulted in concrete harm.

  • May 20, 2025

    Investor Seeks Final OK For $41.5M Pilgrim's Pride Settlement

    A proposed class of investors asked a Colorado federal judge for a final sign-off on a $41.5 million settlement with Pilgrim's Pride Corp. to resolve claims they artificially inflated stock prices with a price-fixing scheme targeted at the broiler chicken market, with $13.7 million of the deal going to attorney fees.

  • May 20, 2025

    SafeMoon CEO's Crypto Talk 'Riddled With Lies,' Jury Told

    A Brooklyn federal jury was set to deliberate charges accusing a U.S. Army veteran from Utah of conspiring to loot crypto company SafeMoon, after federal prosecutors on Tuesday walked jurors through what they called powerful evidence of the former CEO's guilt.

  • May 20, 2025

    NJ Justices Take Up Bond Marketing Suit Against Big Banks

    The New Jersey Supreme Court will review a lower appellate court's ruling in favor of JPMorgan Chase & Co., Citigroup Inc., Wells Fargo and other big banks in a lawsuit accusing them of a scheme to inflate the interest rates of certain bonds, according to an order list the justices released Tuesday.

  • May 20, 2025

    Hogan Lovells Taps White & Case Atty As Derivatives Leader

    Hogan Lovells announced Monday that it has appointed Edward So, a New York lawyer from White & Case LLP, to serve as its head of derivatives for the Americas — touting his 20-plus years of experience in law firms and as in-house counsel. 

  • May 19, 2025

    Senate Advances Stablecoin Bill After Dem Backers Return

    The U.S. Senate's proposal to regulate stablecoins is headed to the floor after lawmakers voted to close debate on the bill Monday evening, clearing a procedural hurdle after first stumbling earlier this month when Democrats pulled support to pursue further negotiations.

  • May 19, 2025

    Vanguard $40M Deal Rejected In Investors' Tax Fight

    A Pennsylvania federal judge on Monday rejected a $40 million proposed settlement between Vanguard and investors, blocking the investors' attorneys from netting $13 million in fees and embracing the objections of one investor who called out the deal — meant to compensate for surprise tax bills — as worthless. 

  • May 19, 2025

    Diamond Dealer Sentenced In $13M Fla. Fraud Case

    A Florida federal judge sentenced a Pennsylvania man to more than six years in prison after he admitted to defrauding more than 100 victims out of $13 million in connection with a diamond investment Ponzi scheme.

  • May 19, 2025

    Carrier's Kidde-Fenwal Ch. 11 Deal Barred By Purdue, AGs Say

    Connecticut and other states Monday objected to Carrier Global Corp.'s proposed $540 million deal releasing it from "forever chemicals" litigation liability through its ownership of bankrupt firefighting foam manufacturer Kidde-Fenwal Inc., saying the U.S. Supreme Court shot down a similar deal in drugmaker Purdue Pharma LP's bankruptcy case.

  • May 19, 2025

    SEC's 'Shadow Trading' Win Should Be Tossed, 9th Circ. Told

    An ex-Medivation Inc. executive found liable in the U.S. Securities and Exchange Commission's first-ever "shadow trading" case has asked the Ninth Circuit to overturn the verdict, arguing that his company's policies should have kept the matter from going to a jury in the first place.

  • May 19, 2025

    Cepton Sued In Del. Over $125M Koito Take-Private Deal

    A Cepton Inc. stockholder has launched a proposed class action challenging the light detection and ranging technology company's $3.17-per-share, $125.4 million take-private acquisition by Japan-based Koito Manufacturing Inc. in Delaware's Court of Chancery, alleging fiduciary breaches by the company's CEO, four directors and the deal's investment banker.

  • May 19, 2025

    Wells Fargo's 9th Circ. Cert. Challenge Gains SIFMA Backing

    A top securities industry group has voiced its support of Wells Fargo's appeal of class certification in an investor dispute alleging the bank conducted "sham" interviews to meet diversity quotas, which harmed the bank's stock price when the truth came to light.

  • May 19, 2025

    Terror Claimants Get OK To Serve Ex-Binance CEO's Counsel

    A group of claimants suing Binance for allegedly abetting terrorist attacks have won permission to serve the cryptocurrency exchange's former CEO through his domestic counsel, after a New York federal judge found Friday that the plaintiffs had tried, unsuccessfully, to find his address in the United Arab Emirates.

  • May 19, 2025

    Real Estate CEO Gets 87 Months For $63M Crowdfund Fraud

    The former CEO of a real estate investment firm who copped to ripping off investors in a crowdfunded $63 million development scheme was hit with a seven-plus-year prison sentence Monday from a Georgia federal judge who said the financier's "addiction to optimism" had been his ruin.

  • May 19, 2025

    Binance Calls FTX Ch. 11 Clawback Suit 'Legally Deficient'

    Binance has asked a Delaware bankruptcy judge to dismiss FTX's lawsuit seeking to recover $1.76 billion that was transferred to Binance, accusing the estate of FTX of trying to "shift the blame" for that company's November 2022 collapse.

  • May 19, 2025

    SEC's 'New Day' Could Cause Financial Crisis, Member Warns

    U.S. Securities and Exchange Commission Chair Paul Atkins on Monday promised a "new day" for the agency that could bring a host of changes around private fund investments, cryptocurrency and the collection of market data, but the commission's sole Democrat warned that new leadership was playing a "dangerous game" that could lead to a 2008-style financial crisis.

  • May 19, 2025

    Insurer Drops Fight Over $9M OpenText Merger Settlement

    Allied World National Assurance Company on Monday ended its lawsuit seeking a declaration that it wasn't obligated to contribute to a $9 million settlement in a shareholder class action stemming from Covisint Corp.'s merger with OpenText.

Expert Analysis

  • Opinion

    SEC Defense Bar Should Pursue Sanctions Flexibility Now

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    The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.

  • 7 Tips For Associates To Thrive In Hybrid Work Environments

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    As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.

  • White Collar Archetypes: Wrangling The Shape-Shifter

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    In white collar criminal trials, certain pieces of evidence can shape-shift in the jury’s eyes, presenting both challenges and opportunities for defense counsel, says Jack Sharman at Lightfoot Franklin.

  • Series

    Playing Beach Volleyball Makes Me A Better Lawyer

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    My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.

  • 30 Years Later: How PSLRA Has Improved Securities Litigation

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    In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.

  • Terraform Case May Be Bellwether For Crypto Enforcement

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    The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.

  • Texas Banking Dept. Memo Demystifies Crypto Classifications

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    A recent memorandum from the Texas Department of Banking provides clarity with respect to the classification of both stablecoins and nonstablecoin virtual currencies under the state's Money Services Modernization Act, flagging for firms that stablecoins may be scrutinized more closely as money transmission, say attorneys at Lowenstein Sandler.

  • How Law Firms Can Counteract The Loneliness Epidemic

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    The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.

  • What Remedies Under New Admin's SEC Could Look Like

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    The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.

  • Texas Fraud Case Shows Dangers Of Faulty Crypto Reporting

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    The recent sentencing of a man who failed to properly report capital gains from bitcoin sales is a reminder that special attention must be given to the IRS' reporting requirements in order to stay out of the government's crosshairs, says Saverio Romeo at Fox Rothschild.

  • 5 Keys To Building Stronger Attorney-Client Relationships

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    Attorneys are often focused on being seen as the expert, but bonding with clients and prospects by sharing a few key personal details provides the basis for a caring, trusted and profoundly deeper business relationship, says Deb Feder at Feder Development.

  • BlackRock Suit Highlights Antitrust Risks Of ESG

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    In Texas v. BlackRock, pending in Texas federal court, 13 state attorneys general are suing large institutional investors in the coal business, underscoring key reasons companies may want to alter their approach to developing and implementing policies related to environmental, social, and governance factors, especially if coordination with competitors is involved, say attorneys at Manatt.

  • Suggestions For CFTC Enforcement's New Leadership

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    The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.

  • Chancery Ruling Holds Authorized Share Takeaways For Cos.

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    The Delaware Chancery Court’s recent ruling in Salama v. Simon resolved statutory ambiguity in favor of boards seeking authorized share increases, and has important implications for litigators presenting extrinsic evidence in support of contract or statutory interpretation arguments, says Robin Wechkin at Sidley.

  • Opinion

    NFT Bill Needs Refining To Effectively Regulate Digital Assets

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    A recent bill in the U.S. House proposing to regulate nonfungible tokens as digital assets would leave key concepts undefined until the U.S. comptroller general completes an after-the-fact study of NFTs, showing it needs more work before it is comprehensive enough to meaningfully protect the market, say attorneys at Duane Morris.

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