News & Analysis as of

Securities and Exchange Commission (SEC) Motion to Dismiss

A&O Shearman

Northern District of California Denies Motion To Dismiss Putative Class Action Based On Financial Services Company’s Alleged...

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On July 29, 2024, Judge Trina L. Thompson of the United States District Court for the Northern District of California denied a motion to dismiss a putative securities class action brought by investors against a financial...more

Quarles & Brady LLP

Prevailing Against FINRA Investor Complaints

Quarles & Brady LLP on

In 2007, the United States Securities and Exchange Commission approved the creation of the Financial Industry Regulatory Authority (FINRA), and the FINRA arbitration forum officially came into being. ...more

A&O Shearman

Southern District Of New York Grants Motion To Dismiss Putative Securities Class Action Against Cannabis Company For Failure To...

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On July 17, 2024, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York granted a motion to dismiss a putative securities class action against a cannabis company and three of its officers....more

Seward & Kissel LLP

SEC v. Binance: BUSD, BNB, and Simple Earn—a Closer Look

Seward & Kissel LLP on

On June 28, 2024, in SEC v. Binance Holdings Limited, et al., the U.S. District Court for the District of Columbia issued a Memorandum Opinion & Order on the defendants’ motions to dismiss the SEC’s charges against them. ...more

Holland & Knight LLP

Court in SolarWinds Case Blows Down SEC's Cyber Enforcement Authority

Holland & Knight LLP on

The U.S. District Court for the Southern District of New York on July 18, 2024, dismissed most of the SEC's landmark cyber enforcement litigation against SolarWinds Corp. (SolarWinds or the Company) and the Company's Chief...more

Jenner & Block

Client Alert: Key Takeaways from the Motion to Dismiss Ruling in SEC v. SolarWinds et al.

Jenner & Block on

The SEC’s high-profile litigation against SolarWinds and its Chief Information Security Officer (CISO), Timothy G. Brown, reached a critical turning point on July 18, 2024, when a district court in the Southern District of...more

Orrick, Herrington & Sutcliffe LLP

SEC ordered to pay $1.8 mil. to defendants for misrepresentations

On May 28, the U.S. District Court for the District of Utah ordered the SEC to cover all attorney fees and related costs as part of sanctions imposed following the court’s earlier emergency ex parte relief it entered into...more

Jenner & Block

Client Alert: Takeaways from SEC v. SolarWinds Motion to Dismiss Hearing

Jenner & Block on

The SEC’s high-profile litigation against SolarWinds and its Chief Information Security Officer (CISO), Timothy Brown, reached a critical juncture on May 15, 2024, when the parties presented oral arguments before Judge Paul...more

A&O Shearman

California District Court Grants Motion To Dismiss Investor Class Action Against Rideshare Company

A&O Shearman on

On May 14, 2024, Judge Rita F. Lin of the United States District Court for the Northern District of California granted a motion to dismiss a putative securities class action against a ridesharing company (the “Company”) and...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Putative Securities Class Action Against Apparel Company For Failing To...

A&O Shearman on

On May 10, 2024, Judge Araceli Martínez-Olguín of the United States District Court for the Northern District of California granted a motion to dismiss a putative class action against a global footwear and apparel company...more

ArentFox Schiff

A Win for the SEC on Shadow Trading. Now What?

ArentFox Schiff on

On April 5, 2014, after an eight-day trial and a few hours of deliberation, a federal jury entered a verdict for the US Securities and Exchange Commission (SEC) and found that Matthew Panuwat had engaged in insider trading...more

Proskauer - Corporate Defense and Disputes

SEC Wins Insider-Trading Suit Alleging “Shadow Trading”

A federal jury in California agreed with the SEC that a corporate official engaged in insider trading when he purchased securities of a company based on material nonpublic information (“MNPI”) about a different company. The...more

Akin Gump Strauss Hauer & Feld LLP

Supreme Court Declines to Review 2nd Circuit Decision That Syndicated Term Loans Are Not Securities

On February 20, 2024, the U.S. Supreme Court declined to hear an appeal brought by the trustee of the Millennium Lender Claim Trust challenging the U.S. Court of Appeals for the 2nd Circuit’s August 2023 decision, in which...more

Gray Reed

Oil Fraud Defendant Tries to Evade SEC Complaint

Gray Reed on

We haven’t presented 2023’s Bad Guys in Energy, but we have SEC v. Bowen, Baker, Cannon Operating and others as an example of garden variety securities fraud. The opinion addresses a defendant’s effort to defeat the SEC’s...more

Foley & Lardner LLP

A Review of Recent Whistleblower Developments - October 2023

Foley & Lardner LLP on

Eleventh Circuit Adopts “Totality of the Circumstances” Test for Showing Protected Activity Under SOX and Denies Whistleblower Petition for Review - In Ronnie v. Office Depot, LLC, --- F.4th ----, 2023 WL 6210623 (11th Cir....more

Katten Muchin Rosenman LLP

A Disagreement among Judges in the Same Courthouse Arises in Ruling Denying Motion to Dismiss SEC Enforcement Action against...

One US federal district court judge affirmatively challenged the analysis of another district court judge sitting in the same courthouse in denying defendants’ motion to dismiss in the Securities and Exchange Commission’s...more

Proskauer - The Capital Commitment

Ripples Following the SPAC Wave: Litigation and Regulatory Risks

It’s a pattern we often see in boom-and-bust cycles—disputes rising in the period after a wave crests. SPAC deal volume hit an unprecedented high in 2021, but then slowed down in 2022 alongside IPOs. However, the fallout from...more

ArentFox Schiff

DraftKings NFTs Class Action – An Attempted Dapper Labs Sequel?

ArentFox Schiff on

On March 9, 2023, a putative class action was filed against DraftKings Inc. for alleged violations of federal securities laws in the US District Court for the District of Massachusetts. The class, if certified, will include...more

Skadden, Arps, Slate, Meagher & Flom LLP

Suit Alleging NBA ‘Top Shot’ NFTs Were Securities Survives Motion To Dismiss

On February 22, 2023, Judge Victor Marrero of the U.S. District Court for the Southern District of New York issued an order in Friel v. Dapper Labs, Inc., denying Dapper Labs and its CEO’s motion to dismiss a putative...more

Perkins Coie

New York Cannabis Co. Investor Suit Survives Motion To Dismiss

Perkins Coie on

The District Court for the Western District of New York denied a motion on January 6, 2023, to dismiss claims alleging that a publicly traded company misled investors regarding an investigation by the U.S. Securities and...more

AEON Law

Patent Poetry: Patent Wars Come to Crypto

AEON Law on

One of the first patent disputes involving cryptocurrencies is being litigated in federal court in Texas. Cryptocurrency firm Veritaseum Capital sued Circle Internet Financial Ltd for alleged infringement of its...more

Proskauer - Corporate Defense and Disputes

Fifth Circuit Revives Securities Class Action Against Six Flags

Last week, the Fifth Circuit reversed a decision from the United States District Court for the Northern District of Texas that had dismissed a class action against Six Flags Entertainment Corporation. The complaint in...more

Mintz - Securities & Capital Markets...

Caremark Liability Following the SEC’s New ESG Reporting Requirements

Recent developments in the Court of Chancery concerning a corporate board’s duty to monitor and provide oversight over a corporation’s operations, so-called Caremark claims, are likely to intersect with the Securities and...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Are Courts Still the Best Place to Litigate a Qui Tam Action?

In a typical qui tam case, the sequence and life cycle follow a similar trajectory. The relator files a sealed qui tam complaint in a federal courthouse in the United States. While COVID has disrupted litigation, particularly...more

Jones Day

SDNY Issues Two Rulings in Closely Watched Enforcement Action Against Ripple Labs

Jones Day on

The SEC's Enforcement Action Against Ripple - In December 2020, the SEC commenced an enforcement action against Ripple and two of its senior executives alleging that the defendants violated Section 5 of the Securities Act of...more

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