Capital Markets

  • 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    A lawsuit to recoup cryptocurrency withdrawn from defunct trading platform FTX Trading Ltd.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.

  • February 09, 2024

    Healthcare-Focused SPAC Hits The Market After $160M IPO

    Blank-check company Helix Acquisition Corp. II hit the public markets on Friday following its upsized initial public offering, which raised $160 million by offering 16 million shares at a price of $10 apiece.

  • February 09, 2024

    Simpson Thacher, Cleary Steer Mexican Grocer's $589M IPO

    Mexican grocery chain BBB Foods Inc.'s shares rallied Friday after the company completed a $589 million initial public offering, represented by Simpson Thacher & Bartlett LLP and underwriters counsel Cleary Gottlieb Steen & Hamilton LLP, thanks to strong appetite from investors.

Expert Analysis

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • A Difficult Year For CRE, But Future May Be Brighter

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    2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Volume-Based Transaction Pricing Proposal Raises Questions

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    A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.

  • What WeWork's Ch. 11 Filing Means For Landlords

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    WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

  • Understanding Advance Notice Bylaws Is Key For All Parties

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    Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • ESG Investing Caught In Culture War Crosshairs In 2023

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    As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.

  • 4 Key Ways CFIUS Affected Private Equity In 2023

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    Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • 8 Ways To Negotiate Improved Disgorgement Outcomes

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    The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.

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