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2015 IPO Study

In this Issue: - Executive Summary - 2014 Overview - Year-Over-Year Analysis - Health Care - Technology, Media & Telecommunications - Energy & Power - Financial Services - Industrials -...more

Alabama Supreme Court Affirms Dismissal in Walter Energy

On February 20, 2015, the Alabama Supreme Court affirmed the order of the Circuit Court of Jefferson County, Alabama dismissing claims asserted by Walter Energy, Inc. against investor Julian A. Treger, his firm Audley Capital...more

Exploration Development Incentive Passes Australian Senate

On 3 March 2015, legislation introducing the Exploration Development Incentive (EDI) officially passed the Australian Senate. The legislation is expected to receive Royal Assent in the coming days. The EDI has been introduced...more

CFTC Advisory Committee Reviews Position Limits Proposal, Reopens Public Comments until March 28, 2015

On February 25, 2015, the Commodity Futures Trading Commission (CFTC or Commission) published a notice that it would reopen the comment period for its previously proposed rule to establish speculative position limits for 28...more

Blog: Will Congress Revisit The Conflict Minerals Rule?

According to a Bloomberg BNA report, a representative of the Chamber of Commerce, one of the plaintiffs in National Association of Manufacturers, Inc. v. SEC, the conflict minerals case currently pending in the DC Circuit,...more

CFTC Reopens Comment Period for Position Limits Proposals

The Commodity Futures Trading Commission has re-opened the comment period on (1) its proposed rules establishing position limits on certain exempt and agricultural commodities and (2) its proposed amendments to its...more

Welcome Tax Measures Announced at the PDAC 2015 Convention

On Sunday March 1, 2015, the Honourable Joe Oliver, Federal Minister of Finance addressed the Prospectors & Developers Association of Canada (“PDAC”) at the annual PDAC Convention in Toronto and announced certain proposals...more

Red Notice Newsletter - February 2015

Introduction - Welcome to the February 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. - This month on the anticorruption front, several companies face the consequences of...more

CFTC Reopens Comment Periods

On February 24, the CFTC submitted for publication in the Federal Register a notice reopening the comment periods for the two Position Limit rulemakings, in anticipation of questions and comments that may arise from the...more

MD&A Lessons Learned from Broadwind Energy

On February 5, 2015, the Securities and Exchange Commission charged Broadwind Energy, Inc. (Broadwind), its former Chief Executive Officer and its Chief Financial Officer for accounting and disclosure violations that, as the...more

Court Finds CFTC RTO/ISO Exemptive Order Bars CEA § 22 Private Right of Action, but More to Come from the CFTC

Can private litigants bring claims under the Commodity Exchange Act alleging manipulation in ERCOT’s energy markets? On February 3, the U.S. District Court for the Southern District of Texas answered “no,” granting...more

Asset Manager Hedging Results Fined for Failing to Register as a Commodity Trading Advisor

On January 16, 2015, the Commodity Futures Trading Commission (CFTC) fined an asset manager, using financial instruments to hedge its clients’ risk, for failing to register as a Commodity Trading Advisor (CTA). See Summit...more

Unregistered CTA Summit Energy Services: Choose Your Words Wisely

A recent case highlights the importance of periodically reviewing an energy company's marketing materials and related activities (including statements made on websites) to ensure that the company is not holding itself out --...more

Quarterly Investment Update – 4th Quarter 2014

Welcome 2015! We are coming off a solid economic performance in 2014 marked by improvements in hiring, wages and corporate investments. It has been a magnificent year for both the stock and bond markets, even with a...more

Inside M&A - Winter 2015

Recent U.S. Cases Highlight Liability Risks to Executives in Mining, Heavy Industrial Transactions - Historically, corporate executives rarely faced personal or criminal liability resulting from mining or environmental...more

Sol-Wind’s IPO Compared to YieldCos & Structures of Other MLPs

Yesterday, Sol-Wind filed its S-1 with the Securities & Exchange Commission for its listing on the NYSE. Its ticker symbol will be SLWD. Here is a link to my structure diagrams for Sol-Wind and comparisons of it to a...more

SEC Continues To Focus On Microcap Fraud

The Commission continues to focus on microcap fraud actions with two new manipulation cases involving penny stocks. In one a former registered representative acted as an unregistered broker and then engaged in a series of...more

Corporate Governance Update: The Corporations Amendment (Publish What You Pay) Bill 2014 (CTH)

The Corporations Amendment (Publish What You Pay) Bill 2014 (Cth) (Bill) is currently before the Senate. If passed, it will amend the Corporations Act 2001 (Cth) to require: - Australian companies involved in...more

NextEra Acquires Hawaiian Utility for $4.3 Billion

NextEra recently acquired Hawaiian Electric Industries (“HEI”) in a transaction valued at $4.3 billion, subject to Hawaii Public Utilities Commission approval and approval by HEI shareholders. HEI shareholders will receive a...more

Some Welcomed Recognition for Exploration Mining Companies

As market sentiment and investor confidence in Australia's extractive industries remains subdued, recent initiatives from governments and regulators demonstrate, at least, an acknowledgment of the issues faced by mineral...more

Green Sukuk: Financing the Gulf Region’s Renewable Energy Infrastructure

In this lw.com interview Latham & Watkins partner Harj Rai and associate Lee Irvine discuss how an issuance of green sukuk would allow Islamic investors, for the first time, access to ethical and socially responsible...more

Rating Agency Developments

On November 6, Fitch released its updated criteria for rating securitizations in emerging markets. On November 5, DBRS released its methodology for rating companies in the automotive manufacturing industry. On November 5,...more

FERC Revokes MBR Authorization of 26 Suppliers for Delinquent EQRs

On October 30, 2014, the Federal Energy Commission issued an order revoking the market-based rate (“MBR”) authorization of twenty-six (26) retail suppliers for failure to timely file Electric Quarterly Reports (“EQRs”)....more

SEC Settlement with Layne Christensen Raises New Questions on the Government’s Understanding of the Business Nexus Element of the...

Last week the SEC settled charges against Layne Christensen for various violations of the FCPA. While a relatively unremarkable case at first glance, the SEC’s charges against Layne Christensen reflect a troubling approach by...more

Layne Christensen Settles SEC FCPA Probe

-- Negligible Evidence of Business Nexus Element May Explain DOJ Declination - Consenting to a October 27, 2014, Cease and Desist Order, the global water management, construction and drilling company Layne Christensen...more

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