Capital Markets

  • February 13, 2024

    Catching Up With Delaware's Chancery Court

    A pizza chain, an energy company, a medical-device maker and a Manila casino were all hit with book-and-record demands last week in Delaware's Court of Chancery. A shoe company also walked away from a shareholder suit, two cryptocurrency companies tallied the costs of a broken merger, and three cigarette giants argued over Florida settlement payments.

  • February 13, 2024

    Elliott Nails 1st Board Seat At Phillips 66 After Prior Demand

    Oil refiner Phillips 66 said Tuesday it has named former Cenovus Energy executive Robert W. Pease to its board, caving to pressure from Elliott Investment Management after the activist investor revealed it bought up a $1 billion stake in the company and was seeking two board seats.

  • February 13, 2024

    Akerman Grows In NY With Real Estate, Corporate Additions

    Akerman LLP recently announced two additions to its New York office: a former Faegre Drinker Biddle & Reath LLP partner and an attorney who helped launch the Washington, D.C., office of an international law firm.

  • February 12, 2024

    Investors Win Class Cert. Against Failed COVID Test Maker

    Investors suing biotech company Talis Biomedical Corp. have received class certification in a suit alleging the company hurt investors when trading prices sank a month after its initial public offering when the company failed to secure U.S. Food and Drug Administration approval for its flagship testing platform.

  • February 12, 2024

    SEC Says Long Islander Aided $2M 'Free Riding' Scam

    A Long Island 25-year-old has agreed to settle U.S. Securities and Exchange Commission allegations that he played a key role in a $2 million "free riding" scheme to take advantage of "instant deposit" credits offered by broker-dealer firms.

  • February 12, 2024

    Alys Pharmaceuticals Launches With $100M In Financing

    A new immuno-dermatology company created as an amalgamation of six separate startups launched on Monday with $100 million in financing to target dermatological indications.

  • February 12, 2024

    TradeStation Fined By FINRA For Supervisory Failures

    Broker-dealer TradeStation Securities agreed to pay $700,000 to the Financial Industry Regulatory Authority to settle claims that it failed to properly use anti-money laundering programs to alert the firm of suspicious trading by its customers, and that it did not implement proper procedures for the sales of certain securities.

  • February 12, 2024

    FTX Says User Agreements Don't Sink $157M Clawback

    A lawsuit to recoup cryptocurrency withdrawn from defunct trading platform FTX Trading Ltd. in the run-up to its Chapter 11 bankruptcy shouldn't be tossed, FTX told a Delaware bankruptcy court, saying the court can't determine who owned the $157.3 million of digital assets held in customer accounts at the motion to dismiss stage.

  • February 12, 2024

    Ga. Attys Claim Fund Managers Organized Illegal Tax Shelter

    Managers of a fund profited by selling units in a "grossly inflated" tax shelter and then hid a federal criminal investigation into the arrangement from investors, partners in an Athens, Georgia, law firm said in a suit recently transferred to federal court.

  • February 12, 2024

    Del. Justices Refuse Deutsche Bank's Vik Case Appeal

    A missed deadline has sunk Deutsche Bank's hopes for Delaware Supreme Court review of a Chancery Court ruling rejecting its midcase appeal in a long-running recovery suit targeting $50 million allegedly controlled by holdings of Norwegian billionaire investor Alexander Vik.

  • February 12, 2024

    Musk Can't Dodge SEC Questions About $44B Twitter Buy

    A California federal judge has told Elon Musk that he must appear before the U.S. Securities and Exchange Commission to testify about his $44 billion purchase of the social media platform formerly known as Twitter, waving off the billionaire's assertions that the agency was harassing him via a series of seemingly endless investigations.

  • February 12, 2024

    Siblings Fail To Escape SEC's $112M Pump-And-Dump Suit

    A brother and sister named in a U.S. Securities and Exchange Commission case concerning an alleged pump-and-dump scheme that defrauded investors of $112 million failed to escape the suit after a Texas federal judge ruled that the SEC successfully showed that the siblings had at least a general awareness of their role in the scheme, among other things.

  • February 12, 2024

    Online Marketplace Wish Sold At Steep Discount To $1.1B IPO

    ContextLogic Inc. announced Monday that it would sell off its operating assets and liabilities, including the e-commerce platform Wish, to Qoo10 for $173 million, in a deal that represents a significant drop-off from Wish's $1.1 billion initial public offering in 2020 and that was driven by respective legal advisers Sidley Austin LLP and Shearman & Sterling LLP.

  • February 12, 2024

    Genesis Hit With Objections To $1.6B In Grayscale Trust Sales

    Cryptocurrency lender Genesis Global is facing opposition to its effort to sell about $1.6 billion worth of shares in Grayscale Investments trusts to raise money for its Chapter 11 estate, with Grayscale and Genesis' parent company lodging objections to the proposed transactions in New York bankruptcy court.

  • February 12, 2024

    Amer Sports Follows IPO With Upsized $800M Debt Offering

    Sports apparel and equipment company Amer Sports Inc. has priced an $800 million private bond offering, represented by Davis Polk & Wardwell LLP, an upsized debt sale that comes nearly two weeks after the company completed the year's largest initial public offering at $1.4 billion.

  • February 12, 2024

    Hogan Lovells Builds Out Corp. Group With 2 Partners

    Hogan Lovells announced Monday it has bolstered its corporate and finance group with the hiring of new partners in New York and Boston.

  • February 09, 2024

    Merrill Customer Sues Over Lax WhatsApp Supervision

    A Merrill customer has filed suit against two of the broker-dealer's branch managers for allegedly failing to supervise advisers who used WhatsApp to communicate about risky options strategies that ultimately wiped out his account.

  • February 09, 2024

    SafeMoon CEO Finally Gets Bail In $300M Crypto Fraud Case

    A New York federal judge on Friday agreed to let the CEO of bankrupt cryptocurrency asset company SafeMoon out on bail, after a monthslong, multijurisdictional tug of war over fears he would flee rather than face trial over accusations that he bilked investors out of $300 million.

  • February 09, 2024

    New SEC Dealer Rule Leaves Crypto Pros Feeling In The Dark

    A newly finalized rule from the U.S. Securities and Exchange Commission requiring certain traders to register with the agency as dealers will set near-unworkable compliance hurdles for some crypto firms — chief among them determining who will have to register, attorneys say.

  • February 09, 2024

    Robinhood Inks $9M Deal To End Promotional Text Suit

    Stock-trading app Robinhood has agreed to pay $9 million to resolve proposed class claims that its "Refer a Friend" program caused non-users to receive unsolicited promotional texts, in violation of Washington state law, consumers told a Seattle federal judge Thursday.

  • February 09, 2024

    2nd Circ. Won't Revive Credit Suisse Delisted Trade Note Suit

    The Second Circuit declined on Friday to revive a proposed class action accusing Credit Suisse of causing retail investors substantial losses by delisting a popular exchange-traded note, saying the bank gave adequate warnings of the risks investors faced and cautioned them against holding the note for more than a day, among other things.

  • February 09, 2024

    SEC's 'Orwellian' Trade Database Is Unlawful, 11th Circ. Told

    Citadel Securities LLC and the American Securities Association have laid out their objections to a U.S. Securities and Exchange Commission directive that requires brokerage firms to fund the buildup of a database known as the consolidated audit trail, telling the Eleventh Circuit that the tool created an "Orwellian surveillance regime" that puts American investors at risk of being hacked.

  • February 09, 2024

    2nd Circ. Revives Investors' Mexican Bond-Rigging Claims

    The Second Circuit on Friday reinstated U.S. investor claims accusing major banks of a yearslong collusion to rig Mexican government bond prices, saying a New York district court wrongly found it didn't have jurisdiction over the matter.

  • February 09, 2024

    Apache Investors Get Class Cert. In Suit Over Natural Gas Play

    A group of Apache Corp. investors received class certification in their suit against the Houston oil and gas company on Friday, with a Texas magistrate judge saying there's enough evidence the company misrepresented a specific natural gas play to go forward with a lawsuit.

  • February 09, 2024

    Labaton, Rolnick Clash Over Legal Fees In Materials Co. Deal

    Law-firm battling has sharpened over multimillion-dollar legal fee claims linked to a proposed $19 million Delaware Court of Chancery settlement for a stockholder suit challenging a $3.1 billion materials company sale in 2019, court records show.

Expert Analysis

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • Securities Class Actions Show No Signs of Slowing In 2024

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    Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.

  • How Corp. Transparency Act Can Unmask Crypto Owners

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    With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.

  • Adjusting Deals To Reflect Shifts In The CRE Market

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    As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.

  • ESG Concerns Can No Longer Be Ignored In 2024

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    While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • SEC Case May Expand Scope Of Insider Trading Liability

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    The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

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