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Securities

  • September 09, 2025

    SEC Sued To Lift Private Market Investment Cap

    A U.S. Securities and Exchange Commission regulation that prohibits individuals making less than $200,000 a year from investing in the private markets is unconstitutionally discriminatory, according to a lawsuit launched against the agency in Texas federal court.

  • September 09, 2025

    CFTC Fines Colo. Trader Over Futures Market Spoofing Claim

    The U.S. Commodity Futures Trading Commission announced Tuesday that a Colorado man has agreed to pay $200,000 to settle allegations that he spoofed a pair of futures markets on the Chicago Mercantile Exchange.

  • September 09, 2025

    Coinbase Vendor Called 'Major' Cog In 'Insider Bribery' MDL

    A Manhattan federal judge said Tuesday that a Texas-based Coinbase vendor called TaskUs will be a "major participant" in multidistrict litigation centralized in New York over allegations that thousands of Coinbase customers were victimized in a bribery-fueled data compromise.

  • September 09, 2025

    Fund Managers, Firms Owe SEC $27.6M After Jury Trial Loss

    Two men and their companies owe the U.S. Securities and Exchange Commission $27.6 million in disgorgement, interest and fines after a Wisconsin jury found they violated federal securities law with an offering that raised $53 million through "largely fictitious" gains in a fund valued in part on a gem and mineral collection.

  • September 09, 2025

    Azure Power Investors Get Final OK Of $23M Settlement

    A New York federal judge granted final approval to a $23 million settlement between India-based solar energy company Azure Power and investors accusing it of misrepresenting its compliance with anti-corruption and anti-bribery laws, and the methods through which it won bids for projects.

  • September 09, 2025

    Why SEC, CFTC Crypto Rules 'Sprint' Could Be A Marathon

    The White House-backed push to entice the crypto industry's return to the U.S. with clearer rules is off to a quick start, but experts say the process could drag on longer than anticipated as regulators navigate competing interests of embracing the evolving digital assets market and protecting consumers.

  • September 09, 2025

    Execs Hit With 'Drastic' Sanctions In RE Platform Dispute

    A New York state court has sanctioned two directors of Fang Holdings Ltd. and their affiliates for "flagrant and blatant disregard" of discovery orders amid a shareholder derivative suit accusing them of manipulating the Chinese real estate portal to enrich themselves.

  • September 09, 2025

    1st Circ. Urged To Nix $42M Disgorgement In Stock Scheme

    Five alleged participants in a $144 million multinational pump-and-dump scheme asked the First Circuit on Tuesday to vacate a disgorgement order holding them jointly and severally liable for nearly a third of the alleged ill-gotten gains, saying the order is based on "gibberish" records generated by the scheme's mastermind.

  • September 09, 2025

    Ex-CFTC Atty Presses Religious Bias Claim At 2nd Circ.

    A former Commodity Futures Trading Commission lawyer urged an inquisitive panel of the Second Circuit Tuesday to revive the religious discrimination claims he brought alleging a "gag order" effectively banned him from praying with a friend who was serving as the agency watchdog at the time.

  • September 09, 2025

    Career SEC Attorney Joins Latham's DC Finance Practice

    Latham & Watkins LLP has hired the former chief of the U.S. Securities and Exchange Commission's Office of Structured Finance, who is joining the firm after more than 20 years at the agency, to work with those structured finance clients.

  • September 08, 2025

    DC Circ. Mulls Whether To Leave Whistleblower Rewardless

    The D.C. Circuit didn't seem to think it was fair that the SEC refused a million dollar reward to a whistleblower who went to the media first, even though the judges hinted Monday they thought the agency might have been within its rights to do so.

  • September 08, 2025

    Lolli & Pops Sued For Docs Over Alleged Structure Changes

    The former CEO of Hammond's Candies, who sold the business to candy maker Lolli & Pops last year, sued the company Friday in Delaware seeking to inspect its books and records alleging he has "credible basis to believe" Lolli & Pops modified its ownership structure in a way that could have potentially diluted his shares. 

  • September 08, 2025

    Nasdaq Seeks SEC Nod To Trade Tokenized Securities

    Nasdaq said on Monday that it has submitted to the U.S. Securities and Exchange Commission its proposal to facilitate tokenized securities trading on the Nasdaq Stock Market, in an effort to "support the evolution of the markets."

  • September 08, 2025

    Super Micro Hit With Stockholder Derivative Suit In Del.

    A Super Micro Computer Inc. stockholder has launched a lawsuit seeking recoveries from top officers and directors for hundreds of millions in damages allegedly arising from false and misleading statements tied to financial reports and internal controls.

  • September 08, 2025

    Securities Class Actions Had A Late Summer Appellate Bloom

    While the later summer months are often a quiet time for the nation's courts, the federal appellate courts were hard at work this past July and August issuing important rulings on class certification standards for shareholder lawsuits and handing down split-panel decisions over the future of disclosure litigation.

  • September 08, 2025

    Swedish Video Game Co. Beats Suit Over Compliance Issues

    A Pennsylvania federal judge dismissed claims against Evolution AB in a suit claiming the Swedish gaming company misled investors about its growth and that its subsidiaries routinely conducted business with unlicensed customers, finding that the court does not have jurisdiction over Evolution, since it is not "at home" in Pennsylvania.

  • September 08, 2025

    Ex-Trader Barred By SEC In Insider Trading Plea Deal

    A former Irving Investors LLC trader has agreed to disgorge insider trading gains, to be banned from buying or selling securities based on nonpublic information and to stop communicating nonpublic information to others, all under an SEC enforcement action that parallels a recent criminal plea agreement.

  • September 08, 2025

    Bank Group Urges Supervision Reform Amid Regulatory Shift

    A banking think tank announced Monday a new campaign to persuade federal policymakers to reform bank supervision frameworks the institute described as "subjective, duplicative, tangential to material risks and extralegal," the news following on the heels of a similar proposal issued by federal regulators.

  • September 08, 2025

    Del. Gov. Defends Corp. Law Overhaul In Pending Appeal

    Delaware's governor has weighed in strongly against a state Supreme Court challenge to legislation approved earlier this year barring damages or "equitable" relief for some controlling stockholder or going-private deals, arguing that nothing in the measure unconstitutionally limits court powers.

  • September 08, 2025

    FibroGen To Pay SEC $1.25M Over Drug Mistatements

    Biopharmaceutical company FibroGen Inc. has agreed to pay a $1.25 million penalty to the U.S. Securities and Exchange Commission to resolve claims that its former chief medical officer fudged results for its primary drug, Roxadustat, which treats anemia in kidney disease patients.

  • September 08, 2025

    New $25M Vanguard Investor Tax Case Deal Gets Initial OK

    A $25 million settlement of a class action accusing Vanguard of improperly triggering an asset sell-off that saddled investors with steep tax bills received preliminary approval Monday, according to an order in Pennsylvania federal court, after a $40 million deal was rejected in May.

  • September 08, 2025

    E-Bike Co. Hid Battery Issues, Investor Says In Stock Suit

    An investor sued Fly-E Group Inc. on Monday in New York federal court, alleging that the company and its officers ignored slumping sales because of problems with its lithium-ion batteries, inflating stocks until they dropped by 87% in a single day when the truth came out.

  • September 08, 2025

    Penny Stock Trader Denies SEC Claims At Trial Despite Plea

    An Ohio salesman who in 2022 copped to fraudulently pumping a lone penny stock on Twitter told a Manhattan federal jury Monday that a U.S. Securities and Exchange Commission suit alleging he pilfered $2.5 million via dozens of such schemes seeks to punish him for everyday, lawful behavior.

  • September 08, 2025

    Catching Up With Delaware's Chancery Court

    Last week at the Delaware Court of Chancery, a bankruptcy administrator for a generic drugmaker formerly known as Teligent was told he can proceed with duty of oversight claims against most former officers and directors of the company, who the administrator said was complicit in the company's collapse. In an opinion, the Court of Chancery cites its 1996 decision In re Caremark International Inc. Derivative Litigation, which refined director duties of care and oversight.

  • September 08, 2025

    Court Says Claim For Coverage Declaration Is Untimely

    A wiring manufacturer demanding coverage from a Nationwide unit for nearly $32 million in outstanding defense costs over claims it violated federal bribery and accounting laws filed its claim for declaratory judgment too late, a Delaware federal court ruled, pointing to the state's three-year statute of limitations for contract-related actions.

Expert Analysis

  • Nev. Steps Up Efforts To Attract Incorporations With New Law

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    Recent amendments to Nevada corporate law, which will narrow controlling stockholders’ liability, streamline mergers and allow companies to opt out of jury trials, show the interstate competition to attract new and reincorporating companies is still heating up, say attorneys at Simpson Thacher.

  • ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'

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    The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so sending a closeout letter is always a best practice, say attorneys at Thompson Hine.

  • 3rd-Party Audit Tactics To Improve Export Control Compliance

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    Companies should take a strategic approach to third-party audits in response to the Trump administration's ramp-up of export control enforcement with steps that strengthen their ability to identify the control weaknesses of distributors, dealers and resellers, say Michael Huneke at Hughes Hubbard, and John Rademacher and Abby Williams at Secretariat Advisors.

  • Can Companies Add Tariffs Back To Earnings Calculations?

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    With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings before interest, taxes, depreciation and amortization — an important question that may greatly affect a company's compliance with its financial covenants.

  • Series

    My Opera And Baseball Careers Make Me A Better Lawyer

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    Though participating in opera and the world of professional baseball often pulls me away from the office, my avocations improve my legal career by helping me perform under scrutiny, prioritize team success, and maintain joy and perspective at work, says Adam Unger at Herrick Feinstein.

  • A Look At DOJ's Dropped Case Against Early Crypto Operator

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    The prosecution of an early crypto exchange operator over alleged unlicensed money transmission was recently dropped in Indiana federal court, showcasing that the U.S. Justice Department may be limiting the types of enforcement cases it will bring against digital asset firms, say attorneys at Greenberg Traurig.

  • Policy Shifts Bring New Anti-Money Laundering Challenges

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    In the second half of 2025, the U.S. anti-money laundering regulatory landscape is poised for decisive shifts in enforcement priorities, compliance expectations and legislative developments — so investment advisers and other financial institutions should take steps to prepare for potential new obligations and areas of risk, say attorneys at Linklaters.

  • 8 Ways Lawyers Can Protect The Rule Of Law In Their Work

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    Whether they are concerned with judicial independence, regulatory predictability or client confidence, lawyers can take specific meaningful actions on their own when traditional structures are too slow or too compromised to respond, says Angeli Patel at the Berkeley Center of Law and Business.

  • Assessing New Changes To Texas Officer Exculpation Law

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    Consistent with Texas' recent modernization of its corporate law, the recently passed S.B. 2411 allows officer exculpation, streamlines certificate of formation amendments, authorizes representatives to act on shareholders' behalf in mergers and makes other changes aimed toward companies seeking a more codified, statutory model of corporate governance, say attorneys at Bracewell.

  • Is SEC Moving Away From Parallel Insider Trading Cases?

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    The U.S. Securities and Exchange Commission's apparent lack of follow-up in four recent criminal cases of insider trading brought by the Justice Department suggests the SEC may be reconsidering the expense and effort of bringing parallel civil charges for insider trading, say attorneys at Dentons.

  • Series

    Law School's Missed Lessons: Communicating With Clients

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    Law school curricula often overlook client communication procedures, and those who actively teach this crucial facet of the practice can create exceptional client satisfaction and success, says Patrick Hanson at Wiggam Law.

  • Prepping For SEC's Changing Life Sciences Enforcement

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    By proactively addressing several risk areas, companies in the life sciences sector can position themselves to minimize potential exposure under the U.S. Securities and Exchange Commission's return to back-to-basics enforcement focused on insider trading and fraud, say attorneys at Morgan Lewis.

  • Series

    Adapting To Private Practice: From US Rep. To Boutique Firm

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    My transition from serving as a member of Congress to becoming a partner at a boutique firm has been remarkably smooth, in part because I never stopped exercising my legal muscles, maintained relationships with my former colleagues and set the right tone at the outset, says Mondaire Jones at Friedman Kaplan.

  • Opinion

    FCPA Shift Is A Good Start, But There's More DOJ Should Do

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    The U.S. Department of Justice’s new Foreign Corrupt Practices Act guidelines bring a needed course correction amid overexpansive enforcement, but there’s more the DOJ can do to provide additional clarity and predictability for global companies, say attorneys at Norton Rose.

  • Del. Ruling May Redefine Consideration In Noncompetes

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    The Delaware Court of Chancery's conclusion in North American Fire v. Doorly, that restrictive covenants tied to a forfeited equity award were unenforceable for lack of consideration, will surprise many employment practitioners, who should consider this new development when structuring equity-based agreements, say attorneys at Morrison Foerster.

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