Capital Markets

  • March 27, 2024

    Smith Gambrell Sued For Keeping $4.6M In Real Estate Row

    Several business entities involved in the failed purchase of a Brooklyn development property contend that Smith Gambrell & Russell LLP is unlawfully refusing to release more than $4.6 million that the firm is holding in escrow, according to a complaint filed in New York state court.

  • March 27, 2024

    Everbridge Investor Seeks To Block $1.8B Thoma Bravo Deal

    A shareholder in Massachusetts-based emergency management platform Everbridge Inc. is asking a state court to intervene in a pending $1.8 billion acquisition by private equity firm Thoma Bravo LP, alleging in a Wednesday lawsuit that investors are being misled about the true value of shares and the motives of those promoting the deal.

  • March 27, 2024

    Terraform Loses Mistrial Bid After Rakoff Query About 'Lying'

    Manhattan U.S. District Judge Jed S. Rakoff on Wednesday rejected a mistrial bid by counsel for Terraform Labs and creator Do Kwon centering on the judge's move to ask an investor if the bankrupt crypto startup had disclosed potential risks about "lying" to the public.

  • March 26, 2024

    Apple Escapes Antitrust Suit Over Crypto On Payment Apps

    A California federal judge on Tuesday tossed with leave to amend a proposed antitrust class action claiming Apple's agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, saying the consumers failed to adequately allege standing, among other "problematic" reasons.

  • March 26, 2024

    Wells Fargo Unit Can Send $500M Fund Plunge Suit To NY

    An Illinois federal judge said Wells Fargo Securities LLC can transfer to New York federal court a suit accusing it of losing at least $500 million of a hedge fund's value in a wrong-way bet on the markets, since an identical class action is currently pending there.

  • March 26, 2024

    SPAC 'Frenzy' Led To $1.6B Deal For Dog Treat Co., Suit Says

    Shareholders of a special-purpose acquisition company that merged with dog-treat box company BarkBox in a $1.6 billion deal have sued the executives and directors of both entities, alleging they breached their fiduciary duties in connection with what the complaint calls "an extreme example of the 'churn-and-burn' SPAC frenzy."

  • March 26, 2024

    Trailblazing SEC Commissioner Roberta Karmel Dies At 86

    Roberta Karmel, a well-regarded legal scholar who pushed back against early-career sexism to become the U.S. Securities and Exchange Commission's first female commissioner, died over the weekend at the age of 86, according to the law school where she taught for decades.

  • March 26, 2024

    Indicted Exec Wants Suit Tossed For Prosecutors' Misconduct

    A former healthcare CEO indicted on novel insider trading charges is trying once again to have the case tossed from California federal court, this time accusing prosecutors of improperly contacting a represented party in a separate but related civil case, weeks after a previous attempt to duck the charges failed.

  • March 26, 2024

    FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed

    Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.

  • March 26, 2024

    AI Weapons Detector Faces Investor Suit After Gov't Probes

    Evolv Technologies, which makes metal detectors that purportedly use artificial intelligence to detect weapons, is facing a proposed shareholder class action in Massachusetts federal court alleging that false claims about its products' abilities to screen for types of tactical knives and guns led to federal investigations and share declines.

  • March 26, 2024

    Terraform Backer Tells Jury His Firm Lost Big On $36M Stake

    A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.

  • March 26, 2024

    GOP Lawmakers Push Gensler To Clarify SEC Stance On Ether

    Nearly 50 House Republicans called on U.S. Securities and Exchange Commission Chair Gary Gensler to explain his agency's views on the ethereum network's token after a firm apparently only cleared to safeguard digital asset securities announced its intention to support ETH.

  • March 26, 2024

    SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction

    The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions.

  • March 26, 2024

    Alibaba Offers $3.75B Logistics Biz Takeover Instead Of IPO

    Chinese e-commerce giant Alibaba Group Holding Ltd. on Tuesday went back on its plans to spin off Cainiao Smart Logistics Network Ltd. through an initial public offering and instead announced plans to buy the remaining stake in the business that it does not already own for up to $3.75 billion.

  • March 26, 2024

    Clyde & Co. Eyes Case Against Switzerland Over Credit Suisse

    Clyde & Co. LLP said it is currently soliciting claimants for a possible mass claim to be filed against Switzerland a year after the country forced a distressed sale of Credit Suisse to UBS along with a write-down of $17.5 billion of the bank's bonds to zero.

  • March 26, 2024

    6 Firms Build $340M SPAC Merger For AI-Driven Medicine Biz

    Precision medicine company OmnigenicsAI Corp. on Tuesday announced it and artificial intelligence-enabled preventative medicine company MultiplAI Health Ltd., which it recently agreed to acquire, will go public through a merger with blank-check company APx Acquisition Corp. I in a deal built by six firms, valuing the two businesses at a combined $340 million.

  • March 26, 2024

    Crypto Co. KuCoin, Execs Charged With Enabling Laundering

    Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.

  • March 25, 2024

    SEC Kicks Off 'Shadow Trading' Case Against Drug Exec

    The U.S. Securities and Exchange Commission said at the start of a California federal "shadow trading" trial that a former Medivation executive made $120,000 by buying stock in a rival after learning his company would be acquired by Pfizer, while the defense said he didn't believe the trades violated securities law.

  • March 25, 2024

    Crypto Group, Apparel Co. Sue Over SEC Crypto Policy

    A Texas-based apparel company on Monday teamed up with a crypto industry group to sue the U.S. Securities and Exchange Commission over an alleged pattern of enforcement against crypto firms, which the brand said threatens its business since it distributed its own digital token.

  • March 25, 2024

    SolarWinds Makes Renewed Bid To Toss SEC Cyber Suit

    SolarWinds Corp. has asked a New York federal court to dismiss an amended suit it is facing from the U.S. Securities and Exchange Commission, saying the agency cites documents that contradict its claims against the government contractor.

  • March 25, 2024

    Truth Social To Start Trading With Performance Tied To Trump

    Shares of former President Donald Trump's nascent social media platform Truth Social are set to begin trading Tuesday, setting up a potentially volatile ride for an unprofitable company with scant revenue.

  • March 25, 2024

    Ex-Lordstown CEO Settles SEC's 'Pre-Sale' Fraud Claims

    The former CEO of the electric pickup truck company once known as Lordstown Motors Corp. has agreed to pay $175,000 to settle the U.S. Securities and Exchange Commission's fraud claims over the alleged misrepresentation of its pre-sale demand for vehicles.

  • March 25, 2024

    SEC Says Justices Should Skip Musk's Gag-Order Grievance

    The U.S. Securities and Exchange Commission is asking the U.S. Supreme Court to pass on Elon Musk's complaint that an agency-imposed gag order violates his free speech rights, arguing the Tesla CEO entered the agreement willingly and has presented no legal justification for backing out.

  • March 25, 2024

    FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales

    Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.

  • March 25, 2024

    Atty Can Drop Alleged Schemer Who Didn't Pay For 2 Years

    A man accused of being the mastermind behind a $2 million cannabis crowdfunding scheme must find a new lawyer after stiffing his previous counsel for nearly two years, a Michigan federal judge said Monday.

Expert Analysis

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • 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.

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