In this issue:
- FTC Announces New Filing Thresholds for Hart-Scott-Rodino Pre-Merger Notifications
- SEC Division of Corporation Finance Issues Three C&DIs Relating to “Unbundling Rule”
- NFA Members Must Provide Suspicious Activity Reports to NFA Upon Request
- CFTC Certifies Available-to-Trade Determinations
- FinCEN Issues MSB Guidance for Bitcoin Miners, Investors and Software Developers
- Second Circuit Upholds Insider Trading Claim for Unregistered Securities
- Shareholder Derivative Suit Dismissed for Failure to Show Demand Futility
- Excerpt from Shareholder Derivative Suit Dismissed for Failure to Show Demand Futility:
The Supreme Court of the State of New York, County of New York recently dismissed a shareholder derivative suit on behalf of Travelzoo, Inc. because plaintiff shareholder failed to plead that demand on the board to sue would be futile. In 2009, Travelzoo, a global internet company, sold its Asia Pacific division to its then-chairman, founder and majority shareholder, Ralph Bartel, for $3.6 million. According to Travelzoo’s public filings, Bartel and Azzurro Capital, Inc.—a company owned 100% by Bartel—controlled the company and elected each of its board members at the time of the sale. Plaintiff’s claim alleged breach of fiduciary duties and unjust enrichment arising out of the sale.
Please see full newsletter below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Topics: Bitcoins, Bundling Rules, CFTC, Derivative Suit, FinCEN, FTC, Hart-Scott-Rodino Act, Insider Trading, NFA, Pre-Merger Filing Requirements, SEC, Shareholder Litigation, Shareholders, The Clayton Act, Virtual Currency
Published In: Antitrust & Trade Regulation Updates, Business Torts Updates, Finance & Banking Updates, Mergers & Acquisitions Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Katten Muchin Rosenman LLP | Attorney Advertising