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Securities

  • June 17, 2025

    Beverage Co.'s Rihanna Rum Claims Were Bunk, SEC Says

    A purported beverage company and its founder face Securities and Exchange Commission claims they defrauded would-be investors out of $3.6 million by misrepresenting how they aimed to use funds they raised and inaccurately suggesting the company was poised to collaborate with pop star Rihanna.

  • June 17, 2025

    ImmunityBio's $10.5M Investor Deal Gets Final OK

    A California federal judge has granted final approval to a $10.5 million settlement between oncology drug company ImmunityBio Inc. and investors who claim they were misled over the likelihood the U.S. Food and Drug Administration would approve the company's bladder cancer drug.

  • June 17, 2025

    Energy Co. Brass Faces Investor Suit Over LNG Project Delays

    Executives and directors of New Fortress Energy Inc. have been hit with a shareholder's derivative suit accusing them of misleading investors about the company's timeline for completing a liquefied natural gas facility off the coast of Mexico.

  • June 17, 2025

    Del. Justices Undo $200M Award In TransCanada Case

    Pointing in part to an earlier appellate ruling, Delaware's highest court on Tuesday reversed a Court of Chancery decision that ordered the former TransCanada Corp. to pay $199 million to former Columbia Pipeline Group Inc. shareholders allegedly shorted in a 2016 merger.

  • June 17, 2025

    Canadian Banks Decry BioPharma's 'Abusive' Spoofing Suit

    The brokerage arms of the Royal Bank of Canada and the Canadian Imperial Bank of Commerce are fighting a lawsuit accusing them of spoofing the stock of a biopharmaceutical company, arguing that the "abusive litigation" does not belong in a U.S. courtroom.

  • June 17, 2025

    Cannabis REIT Reckless To Claim Due Diligence, 3rd Circ. Told

    Investors in a cannabis-focused real estate investment trust urged the Third Circuit on Tuesday to revive their proposed class action alleging it violated securities laws by ignoring information about a tenant, saying it was reckless to have claimed it conducted due diligence when it knew it did not.

  • June 17, 2025

    GOP Lawmaker Praises DOL IG's Law Firm Agreements Audit

    The chair of the Republican-led U.S. House Committee on Education and the Workforce on Tuesday praised a U.S. Department of Labor watchdog for investigating the agency over allegations it shared confidential information with plaintiffs attorneys, which comes after the panel called for an investigation in November.

  • June 17, 2025

    Investors Say Exxon Trial Should Remain On Schedule

    A class of investors has told a Texas federal judge that Exxon Mobil has no basis to ask the court to stall a November trial for a suit accusing the oil giant of misleading investors, saying Exxon didn't point out any factors that would merit a delay.

  • June 17, 2025

    AT&T Beats Investor Suit Over Lead-Lined Cables, For Now

    A Texas federal judge has tossed a securities class action against AT&T and several of its executives alleging they misled investors about removing lead-covered copper cables from the company's network, finding that the plaintiffs have failed to meet the heightened pleading bar for securities fraud.

  • June 17, 2025

    Commodities Scheme Operator Gets 65 Years, Owes $75M

    The operator of a commodities scheme who evaded taxes and stole precious metals from his clients was sentenced to 65 years in prison and ordered to pay more than $75 million in restitution Tuesday by a Delaware federal court that also denied his request for a new trial.

  • June 17, 2025

    FINRA Fines Ex-Canaccord Compliance Head Over Monitoring

    The Financial Industry Regulatory Authority has suspended Canaccord Genuity LLC's former chief compliance officer and the former head of its trading compliance group, and fined them a combined $15,000 for alleged surveillance lapses.

  • June 17, 2025

    Gemini Says CFTC Enforcement Went 'Trophy-Hunting' In Suit

    The crypto exchange Gemini on Tuesday slammed the U.S. Commodity Futures Trading Commission's Enforcement Division and the attorneys who pursued a now-settled case against the firm, calling the division "out of control" and accusing its attorneys of engaging in "trophy-hunting lawfare."

  • June 17, 2025

    Alston & Bird Hires Former EDNY Deputy Section Chief

    Alston & Bird LLP announced Tuesday that it has welcomed the former deputy chief of the Business and Securities Fraud Section in the U.S. Attorney's Office for the Eastern District of New York.

  • June 17, 2025

    Florida Judge Awards $487K In Real Estate Fraud Case

    A Florida federal judge awarded more than $487,000 to two investors who alleged that they were tricked into providing funds for multiple South Florida real estate projects in a multimillion-dollar real estate fraud scheme.

  • June 16, 2025

    DOJ Won't Charge PE Firm That Acquired Sanctions Violator

    The U.S. Department of Justice has decided not to go after private equity firm White Deer Management LLC after it discovered and voluntarily disclosed that Unicat's former leadership had violated economic sanctions and export laws, according to an announcement made Monday.

  • June 16, 2025

    Krispy Kreme Brass Face Investor Suit Over McDonald's Deal

    Officers and directors of doughnut chain Krispy Kreme Inc. are facing shareholder derivative claims that they concealed that a partnership with burger chain McDonald's was yielding disappointing results, hurting investors when the company finally conceded that it was facing financial uncertainty in connection with the deal.

  • June 16, 2025

    Maryland, Kalshi Clash Over Sports Contract Oversight

    Maryland regulators and KalshiEx are dueling over whether the trading platform's past battle with the U.S. Commodity Futures Trading Commission to list its election contracts complicates its current bid to block Maryland regulators from taking action over contracts that allow traders to wager on the outcome of sporting events.

  • June 16, 2025

    Consolidated SVB Class Action Survives 3 Dismissal Bids

    A California federal judge has rejected three bids to dismiss a proposed shareholder class action against Silicon Valley Bank's brass, underwriters and auditor stemming from the bank's 2023 failure, finding the plaintiffs' "well-pleaded" allegations can continue.

  • June 16, 2025

    Fla. Investor Exploited Puerto Rico Law To Avoid $7M Tax Bill

    A Miami-Dade County investor has pled guilty to filing a false tax return with the Interanl Revenue Service in an attempt to shield $30 million in trading proceeds from capital gains taxes by moving to Puerto Rico and retroactively changing the status of his company to an S corporation.

  • June 16, 2025

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery this past week sought answers in the high-stakes battle over the constitutionality of newly enacted Delaware corporation law amendments, which will hitch a ride to the state's Supreme Court via a suit contesting a $117 million acquisition of Clearway Energy Inc. by its majority shareholder.

  • June 16, 2025

    CFTC Founding Chair Bagley Dies At 96

    The U.S. Commodity Futures Trading Commission's first chair, William T. Bagley, has died at the age of 96.

  • June 16, 2025

    Canadian Atty Must Pay SEC $323K Over Stock Promotion

    A Canadian securities attorney will pay over $323,000 to resolve U.S. Securities and Exchange Commission allegations that he drafted and executed sham consulting agreements at the heart of a scheme to conceal pay-for-play promotion of two so-called Regulation A offerings.

  • June 16, 2025

    Chancery Taps Lead Counsel For Chemours Disclosures Suit

    Schubert Jonckheer & Kolbe and The Brown Law Firm PC got the nod in Delaware's Court of Chancery on Monday to lead a consolidated stockholder derivative suit seeking damages on behalf of Chemours Inc. arising from an alleged $575 million manipulation of company reports over two years.

  • June 16, 2025

    SEC Calls For Trial In SolarWinds Data Breach Suit

    The U.S. Securities and Exchange Commission is urging a New York federal judge to send its novel case against software developer SolarWinds Corp. to trial, arguing that the company hid its "pervasively poor cybersecurity practices" from investors ahead of a massive data breach that affected government and corporate clients.

  • June 16, 2025

    Trump Media Seeks To Launch Bitcoin And Ethereum ETF

    Trump Media and Technology Group Corp., the owner of President Donald Trump's platform Truth Social, on Monday said it filed paperwork to launch an exchange-traded fund that will invest in bitcoin and ethereum, marking its latest push into digital assets.

Expert Analysis

  • Opinion

    Lawsuits Shouldn't Be Shadow Assets For Foreign Capital

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    Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.

  • 2 Del. Rulings Reinforce Proof Needed For Records Demands

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    Two recent Delaware Court of Chancery decisions involving Amazon and Paramount Global illustrate the significance of the credible basis standard on books and records requests, underscoring that stockholders seeking to investigate wrongdoing must come forward with actual evidence of misconduct — not mere allegations, say attorneys at Cleary.

  • How To Accelerate Your Post-Attorney Career Transition

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    Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.

  • 3 Action Items For Innovators Amid Fintech Regulatory Pivot

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    As the federal banking agencies seek to smooth the way for banks to engage in crypto-related activities, banks and technology companies should take note of this new chapter in payments services, especially as leadership in digital financial technology becomes a national priority, says Jess Cheng at Wilson Sonsini.

  • How Tariffs May Affect Proxy Contests This Season

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    While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.

  • A Closer Look At New NYSE, Nasdaq Listing Rule Changes

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    The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.

  • Opinion

    GENIUS Act Can Bring Harmony To Crypto-Banking Discord

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    ​​​​​​​By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.

  • Series

    Law School's Missed Lessons: Be An Indispensable Associate

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    While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.

  • SEC Confidential Review Process Provides Issuers Flexibility

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    The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.

  • Series

    Birding Makes Me A Better Lawyer

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    Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.

  • How Del. Law Rework Limits Corporate Records Requests

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    Newly enacted amendments to a section of the Delaware General Corporation Law that allows stockholders and beneficial owners to demand inspection of Delaware corporations' books and records likely curtails the scope of such inspections and aids defendants in framing motions to dismiss at the pleading stage, says Jonathan Richman at Brown Rudnick.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q1

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    Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.

  • How The ESG Investing Rule Survived Loper Bright, For Now

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    A Texas federal court's recent decision in Utah v. Micone upholding the U.S. Department of Labor's 2022 ESG investing rule highlights how regulations can withstand the post-Loper Bright landscape when an agency's interpretation of its statutorily determined boundaries is not granted deference, say attorneys at Miller & Chevalier.

  • Series

    Adapting To Private Practice: From DOJ Leadership To BigLaw

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    The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.

  • SEC Crypto Mining Statement Delivers Regulatory Clarity

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    The U.S. Securities and Exchange Commission's March 20 statement clarifying that certain crypto mining activities do not constitute the offer and sale of securities marks the end of the SEC's enforcement-first approach and ushers in a more predictable environment for blockchain innovation and investment, says Jeonghoon Ha at Ha Law.

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