News & Analysis as of

Coordinated Hackers Infiltrate 200 Targeted Employees’ LinkedIn Networks

Cybersecurity researchers at the Dell SecureWorks Counter Threat Unit (“Dell CTU”) uncovered a network of approximately 25 fake LinkedIn profiles that Dell CTU believes were used by an Iran-linked hacker group to establish at...more

Landmark insider trading ruling may temper government's actions, but holders of confidential, non-public information should still...

On October 5, 2015, the Supreme Court declined to hear the federal government’s appeal in U.S. v. Newman, 773 F.3d 438 (2nd Cir. 2014), an insider trading case in which the US Court of Appeals for the Second Circuit reversed...more

In re Appraisal of Dell Inc., C.A. No. 9322-VCL (Del. Ch. July 13, 2015) (rev'd July 30, 2015) (Laster, V.C.)

In this memorandum opinion, the Delaware Court of Chancery granted a defendant’s motion for summary judgment, holding that the continuous holder requirement set forth in Section 262 of the General Corporation Law of the State...more

Supreme Court Called Upon to Review the Newman Case and Address Insider Trading Liability

The Supreme Court is very likely to enter into the fray over the Second Circuit’s controversial Newman decision concerning insider-trading liability. The government has filed a petition for certiorari, and the stakes are...more

Dirks, Newman, Tippees And The Government’s Cert Petition

The Government filed its long awaited Petition for a Writ of Certiorari with the Supreme Court in the Newman insider trading case. The Petition presents three key issues which were generally presaged in the request for...more

With Reservations, Delaware Chancery Court Grants Summary Judgment to Dell in Appraisal Action Sparked by Going-Private Merger

In a cash-out merger or consolidation, qualifying shareholders of a constituent Delaware corporation who do not vote in favor of the transaction may seek a judicial determination of the “fair value of [their] shares” under...more

Backup Anticipation with Obviousness - Dell Inc. v. Elecs. & Telecomms. Research Inst.

Addressing the issue of estoppel and joinder, the U.S. Patent and Trademark Office Patent Trial and Appeal Board (PTAB) denied a petitioner’s challenge, finding the petitioner was estopped from requesting the additional...more

The PTAB Explores Estoppel in New Representative Decision

The Patent Trial and Appeal Board (PTAB) recently announced the addition of its March 26, 2015 decision in Dell, Inc. et al. v. Electronics and Telecomms. Res. Inst., IPR2015-00549 (“the ‘549 IPR”) to its online list of...more

PTAB Estops Follow-On Petition for Inter Partes Review Based New Combinations of Prior Art Raised in Earlier Petition

Dell, Inc. v. Electronics & Telecommunications Research Institute, IPR2015-00549, Paper 10 (P.T.A.B. Mar. 26, 2015) - The Board recently added a decision denying inter partes review in Dell, Inc. v. Electronics &...more

Insider Trading After United States v. Newman, the Second Circuit’s Landmark Decision Limiting Liability of Downstream Recipients...

The Second Circuit recently dealt a major setback to federal prosecutors’ recent crackdown on insider trading, overturning two high-profile convictions and simultaneously placing the most significant new limits on insider...more

Use Belt and Suspenders; Backup Anticipation with Obviousness - Dell Inc. v. Elecs. & Telecomms. Research Inst.

Addressing the issue of anticipation in the context of an inter partes review (IPR), the U.S. Patent and Trademark Office’s (USPTO’s) Patent Trial and Appeal Board (Board) rejected a petitioner’s anticipation challenge,...more

Tangible Claim Elements Failed to Save Abstract Business-Method Patent - Dell Inc. v. Disposition Servs. LLC

Further clarifying its views on subject-matter eligibility, the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board (PTAB or Board) determined that a patent describing the disposal of obsolete assets—for example,...more

IP Newsflash - January 2015 #2

DISTRICT COURT CASES - District Court Opinion Underscores Importance of Careful Drafting of Settlement Agreements - A recent opinion penned by Chief Judge James C. Dever of the Eastern District of North Carolina...more

Institution Decisions and Dispositions for December 22, 2014

Institution Decisions (1) - In Jiawei Technology (USA) Ltd. v. Simon Richmond, IPR2014-00935, Paper 11 (December 22, 2014), the Board instituted inter partes review of claims 1–7, 9, 10, 14, 17–20, 23, 28, 43, 45 and...more

Hello Newman! (and Chiasson): Second Circuit Decision Raises the Bar for Government to Prove Liability of “Remote Tippees” in...

In a groundbreaking decision, the United States Court of Appeals for the Second Circuit has reversed the 2013 insider trading convictions of Todd Newman and Anthony Chiasson. The decision in United States v. Newman, No....more

Securities Litigation Alert: In Major Ruling, Appeals Court Sharply Narrows Reach of Insider Trading Law

On December 10, 2014, the U.S. Court of Appeals for the Second Circuit reversed insider trading convictions against two former hedge fund managers, and in the process sharply limited two key doctrines underpinning many recent...more

Knowledge of Benefit Required to Convict Insider Trading Tippees

In its important ruling on what the government must prove in a criminal insider trading prosecution, the Second Circuit reversed the convictions of two portfolio managers — throwing out their cases completely, with no new...more

Second Circuit Redefines “Personal Benefit” in Insider Trading Case

Breaking from precedent, the Second Circuit sets a new standard for the personal benefit element of insider trader liability. On December 10, 2014, the United States Court of Appeals for the Second Circuit reversed...more

2nd Circuit Narrows Scope of Tippee Liability for Insider Trading

The US Second Circuit this Wednesday narrowed the scope of “tippee” liability for insider trading, rejecting the “doctrinal novelty” of recent government prosecution theories. In United State v. Newman, Nos. 13-1837-cr c/w...more

Second Circuit Limits Insider Trading Law for Remote Tippees

Matt Levine is a big jerk. He just sits there at Bloomberg following events in finance and securities enforcement, and then writes interesting things about those events really quickly and with insight that no one else has...more

Second Circuit Court of Appeals Issues Significant Insider Trading Ruling in U.S. v. Newman

Earlier today, the Second Circuit Court of Appeals issued its most significant ruling in an insider trading case in more than a decade. That opinion is available here. The Second Circuit vacated the criminal convictions of...more

Major Reversal of Insider Trading Convictions After Trial: Second Circuit Sets High Bar for Tippee Liability

The United States Court of Appeals today reversed the convictions for insider trading of Todd Newman and Anthony Chiasson. The Court held that the government was required to prove, but did not, that the defendants knew that...more

The Second Circuit Defines Tippee Liability and The Personal Benefit Test

Todd Newman and Anthony Chiassons, remote tippees, three to four steps removed from the source of the inside information about pending earnings announcements for Dell, Inc. and NVIDIA, were convicted of insider trading. In...more

District Court Grants Motion to Compel Internal Counsel Communications of Plaintiff That Did Not Pertain to Litigation

Dell moved to compel the production of certain internal counsel communications at the plaintiff, MLR. MLR had refused to produce the documents, claiming work product protection. As explained by the district court,...more

Long v. Dell and its Decoding of Rhode Island Consumer Protection Law

By erroneously taxing its Rhode Island customers for computer-related maintenance services, Dell, Inc. has triggered a decade of litigation and breathed life into what otherwise has been Rhode Island’s mostly underdeveloped...more

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