Securities

  • December 01, 2023

    Wells Fargo Ex-CEO Says Bank Stiffing Him On $34M In Pay

    Timothy Sloan, the onetime chief executive of Wells Fargo & Co., sued the California banking giant on Friday over roughly $34 million in compensation he alleges was wrongfully withheld from him after his 2019 exit from the scandal-tarnished firm.

  • December 01, 2023

    SIFMA Slams States' Bid To Rewrite Broker Conduct Rules

    The Securities Industry and Financial Markets Association urged a coalition of North American securities regulators Friday to withdraw a proposal to revise a model rule governing broker-dealer conduct, arguing it is largely federally preempted and conflicts with a U.S. Securities and Exchange Commission regulation.

  • December 01, 2023

    Former Clerks Say Justice O'Connor Still Worth Emulating

    BigLaw attorneys mentored by former U.S. Supreme Court Justice Sandra Day O'Connor, who died Friday after a lengthy battle with dementia, say she'll be remembered as an incisive jurist who always put facts and practical considerations above abstract ideological commitments, as well as a deeply gracious and down-to-earth woman who never let her dedication to the law overshadow her zest for life.

  • December 01, 2023

    Beauty Tech Co. Hid Compliance Issues, Shareholder Says

    Beauty technology company Cutera exaggerated its financial sustainability and hid compliance issues, which caused stock prices to plummet from $40 to $14 in a five month period, a shareholder said in a lawsuit filed in Delaware federal court.

  • December 01, 2023

    Therapy Co. SPAC Investors Fight Del. Stock-Drop Suit Toss

    An attorney for a blank-check company that took ATI Physical Therapy Inc. public in a deal valued at $2.5 billion in 2021 told a Delaware chancellor Friday that a shareholder lawsuit seeking damages for the venture's immediate nose-dive in stock price failed to acknowledge the deal architects' shared stake.

  • December 01, 2023

    K&L Gates Adds ETF Firm GC To Asset Management Practice

    K&L Gates LLP has added a partner to its asset management and investment funds practice who was most recently a general counsel and chief compliance officer at exchange-traded fund issuer Innovator ETFs, the firm has announced.

  • December 01, 2023

    UiPath Brass Puffed Up Co. To Enrich Themselves, Suit Says

    Shareholders of automation software company UiPath Inc. have filed a derivative suit against the company's executives and board members for allegedly misrepresenting UiPath's technological advancements, market share and revenue in order to artificially inflate the stock price to maximize their own personal profits.

  • December 01, 2023

    Investors Say Boeing Can't Ditch Retooled 737 Max Fraud Suit

    Investors have told an Illinois federal judge that Boeing cannot escape a revamped securities fraud suit seeking to hold it liable for erasing billions in shareholder value by alleging it repeatedly misrepresented the safety of the 737 Max aircraft even after two deadly crashes.

  • December 01, 2023

    Colo. Accuses Vacation Home Venture Of Duping Investors

    Colorado's securities commissioner is seeking an injunction against a vacation property investment business that "resorted to misleading investors" about deals to buy up properties in New York, Hawaii and other destinations in order to cover up gaps in financing, according to a complaint filed in Denver district court.

  • December 01, 2023

    Judge's Name Botch, Age Not Grounds To Vacate, Says Judge

    A 78-year-old judge's bungling of a defendant's first name is not an adequate basis to vacate a former California attorney's conviction in a $1.5 million "pump and dump" scheme, a Massachusetts federal judge has ruled.

  • December 01, 2023

    Judge Threatens SEC With Sanctions In Crypto Case

    A Utah federal judge has ordered the U.S. Securities and Exchange Commission to explain why it shouldn't face sanctions after he found that the agency may have misrepresented key facts to obtain a temporary restraining order against cryptocurrency project Debt Box.

  • December 01, 2023

    4 Decisions For Which Justice O'Connor Will Be Remembered

    Many of the hotly divided cases at the U.S. Supreme Court came down to Justice Sandra Day O’Connor, a central force on the bench whose savviness at striking compromises and taking a pragmatic approach to resolve disputes is on full display in four opinions.

  • December 01, 2023

    Off The Bench: NBA Sales, More Crypto Woes, Favre Appeal

    In this week's Off The Bench, two NBA franchises engineer massive shake-ups in their ownership structures, new lawsuits target the sports world's entanglement with cryptocurrency, and NFL Hall of Famer Brett Favre appeals his loss in a defamation case.

  • December 01, 2023

    Justice O'Connor Shattered Barriers, Built Bridges

    A Southwestern cowgirl who will always be known as the first woman to sit on the U.S. Supreme Court, Justice Sandra Day O’Connor inspired those around her with an indomitable work ethic, a deep affection for public service and an innate ability to drive consensus among her colleagues.

  • December 01, 2023

    Sandra Day O'Connor, First Woman On Supreme Court, Dies

    Retired U.S. Supreme Court Justice Sandra Day O'Connor, the court's first female member, died Friday at 93, according to the court. Justice O'Connor's position at the ideological center of the court gave her outsized influence in controversial cases during her 25-year tenure.

  • November 30, 2023

    SEC Waives $40M Fine For Mallinckrodt In Medicaid Scheme

    The U.S. Securities and Exchange Commission announced Thursday that it has waived a $40 million civil penalty against pharmaceutical company Mallinckrodt for overcharging Medicaid for one of its flagship drugs, saying the agency considered Mallinckrodt's financial condition and settled its claims on the company's commitment to retain a compliance consultant.

  • November 30, 2023

    PCAOB Fines PwC Units In 1st Actions Against Chinese Firms

    The Public Company Accounting Oversight Board said Thursday that PwC's Shanghai and Hong Kong offices, as well as another Chinese public accounting firm, will pay nearly $8 million in fines for violating securities laws, marking the board's first enforcement settlements with firms in that area since securing auditing rights last year.

  • November 30, 2023

    Ukrainian Gets Prison Time For Selling SSNs On The Internet

    A Florida federal judge sentenced a Ukrainian man to eight years in prison for running several websites that generated about $19 million from selling the personal information, including Social Security numbers, of U.S. citizens and using the data to commit fraud, according to prosecutors.

  • November 30, 2023

    SEC Inks Deal In Suit Involving 'Sopranos' Star's Ex-Husband

    The U.S. Securities and Exchange Commission asked a New York federal judge to approve a $3.1 million settlement with a former managing director of an advisory firm over his role in a pump-and-dump scheme with the ex-husband of a star in HBO series "The Sopranos."

  • November 30, 2023

    Expensify Hid Downturn Risks Ahead Of $263M IPO, Suit Says

    Expense management software company Expensify Inc. and some of its executives and directors face an investors' proposed class action alleging they concealed the company's susceptibility to "structural and macroeconomic headwinds" in filings for its nearly $263 million initial public offering in 2021.

  • November 30, 2023

    Judge Grants ArcSoft Investors Partial Win Ahead Of Trial

    A California federal judge gave a partial win on Thursday to investors of photo and video imaging software development company ArcSoft Inc. in their case alleging the company's executives withheld and misrepresented key information when soliciting approval for a buyout at a price far below fair value.

  • November 30, 2023

    Pomerantz To Lead Combined Canopy Growth Investor Suits

    A New York federal judge on Thursday consolidated three investors' actions against cannabis company Canopy Growth and appointed Pomerantz LLP as lead counsel, saying the law firm's client had a greater stake in the litigation than other firms vying for the role.

  • November 30, 2023

    2nd Circ. Won't Revive Nuveen's Shareholder Voting Limits

    The Second Circuit on Thursday upheld a district court ruling that determined trustees for Nuveen's closed-end mutual funds violated activist investor Saba Capital's voting rights by enacting bylaws restricting voting power once an investor's stake exceeds a certain threshold.

  • November 30, 2023

    Chancery Won't Compel Slate For Ocean Data Co. Board Vote

    Citing limited records and conflicting allegations, a Delaware vice chancellor on Thursday refused to issue a preliminary injunction sought by an investment fund that challenged Ocean Power Technologies Inc.'s rejections of the fund's candidate slate and stock purchase plans.

  • November 30, 2023

    Ex-Knicks Star Oakley Says Investment Adviser Stole $1M

    Former New York Knicks basketball player Charles Oakley has sued his financial adviser and two of the adviser's companies for allegedly defrauding him of approximately $1 million that was supposed to fund motion picture and real estate projects.

Expert Analysis

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • Inside The Current State Of International Crypto Compliance

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    A recent Financial Action Task Force report regarding adoption of international virtual asset compliance standards reflects a fairly grim state of affairs, but a broader look at providers' risk mitigation efforts and developments is encouraging, say Leah Moushey and Franco Jofré at Miller & Chevalier, and Meredith Fitzpatrick at Forensic Risk Alliance.

  • Why Public Cos. Should Also Comply With SEC's Names Rule

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    While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.

  • Series

    ESG Around The World: The UK

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    Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.

  • Best Practices For Cos. Navigating US-China Investigations

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    Given recent enforcement trends and the broad jurisdictional reach of U.S. laws, companies with operations in China must enhance their compliance programs in order to balance new corporate enforcement expectations with Chinese data protection and privacy requirements, say attorneys at Paul Hastings.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • What Whistleblowing Trends Mean For Securities Litigation

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    A recent survey on whistleblowing-related topics suggests several valuable lessons for companies to consider regarding securities and shareholder litigation, and underscores the need to implement and advertise robust whistleblowing policies to employees, say attorneys at Freshfields.

  • Planning Compliance For Updated FinCEN Reporting Rules

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    Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.

  • Del. Dispatch: Lessons From Failed ETE-Williams Merger

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    Attorneys at Fried Frank delve into the Delaware Supreme Court's recent decision in Energy Transfer v. Williams to highlight the major monetary consequences of a failed merger, and show why merger agreement drafting and factual context are of utmost importance.

  • New Initiatives Will Advance Corporate Biodiversity Reporting

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    Two important recent developments — the launch of the Taskforce on Nature-related Financial Disclosures' framework on nature and biodiversity reporting, and Nature Action 100's announcement of the 100 companies it plans to engage on biodiversity issues — will help bring biodiversity disclosures into the mainstream, say David Woodcock and Maria Banda at Gibson Dunn.

  • How Justices' Disclosure Ruling May Change Corp. Filings

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    In the upcoming Macquarie Infrastructure v. Moab Partners case, the U.S. Supreme Court will resolve a circuit split over whether a company may be sued for private securities fraud if they fail to disclose certain financial information in public filings, which may change the way management analyzes industry risks and trends for investors, says Paul Kisslinger at Lewis Brisbois.

  • How CRE Loans Would Shift Under New Bank Capital Rules

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    Attorneys at MoFo discuss how commercial real estate loans would fare under federal banking agencies' proposed changes to how large banks risk-weight loans, particularly how CRE loans are weighed based on the current standardized framework versus the proposed expanded approach.

  • Pro Bono Work Is Powerful Self-Help For Attorneys

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    Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.

  • What US Cos. Should Know About ESG Directives In The EU

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    Even if U.S. companies don't fall directly within the scope of the EU's directives requiring corporate reporting on human rights and environmental impacts, which will likely be fully enacted next year, they may still be implicated if they are part of an EU business's value chain, so U.S. companies should undertake proactive steps to gain a competitive advantage, say attorneys at DLA Piper.

  • Series

    Playing In A Rock Cover Band Makes Me A Better Lawyer

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    Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.

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