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The SEC’s Cyber Unit Files Its First Complaint Against an “Initial Coin Offering”

by Burr & Forman on

Implemented in September, the Securities Exchange Commission’s (“SEC”) Cyber Unit has brought its first enforcement action against an “Initial Coin Offering” (“ICO”) called PlexCoin. ICOs, which are listed on digital...more

Commercial Division Dismisses Derivative Lawsuit After Board Rejects Shareholder Demand

The decision to bring a lawsuit on behalf of a corporation is entrusted to the corporation’s board of directors. A shareholder may not maintain a derivative lawsuit on behalf of a corporation without first making a demand on...more

Day 10 of One Month to 360 Degrees of Communication in Compliance- Limit Your Self-Reliance, Learn to Ask for Help

by Thomas Fox on

Many compliance professionals in the corporate world work long and hard to rise to the senior management level in their organizations. It takes subject matter expertise, hard work and sometime propitious good fortune to get...more

FCPA Compliance Report-Episode 353-Vin DiCianni

by Thomas Fox on

In this episode, I visit with Vin DiCianni, President and Founder of Affiliated Monitors, Inc. on pro-active monitoring. We discuss the recently announced strategic alliance between Affiliated Monitors, the US’s premier...more

First Circuit Affirms Dismissal of Claim That “Simply Point[ed] . . . to Omitted Details” of FDA Communications Without Pleading...

The First Circuit recently affirmed dismissal of claims under Section 10(b) and Rule 10b-5 as failing to meet the Private Securities Litigation Reform Act’s standard for pleading scienter. Corban v. Sarepta Thereapeutics,...more

Third Circuit Affirms Dismissal of Plaintiffs’ Challenge to Risk Factors and Earnings Projections, in Williams v. Globus Medical,...

A recent Third Circuit opinion demonstrates the high bar that plaintiffs face when attempting to plead the falsity of two categories of statements: (1) risk factors alleged to be misleading because the warned-of risk had...more

SEC Gets Tough on ICOs, Files First Fraud Case

The SEC has filed charges against multiple ICO sponsors alleging securities law violations. The Securities and Exchange Commission (the Commission) has put its digital money where its mouth is. After concluding in a July...more

FAQs about Liability of Public Companies and Companies in Registration for Website and Social Media Content

Understanding a Company’s Potential Liability under the Securities Laws for Website Content - These FAQs address the ways in which company websites and social media platforms can give rise to securities law liability,...more

First Circuit Affirms Dismissal of Securities Class Action Against Biogen Inc.

On May 12, 2017, the U.S. Court of Appeals for the First Circuit affirmed dismissal of the putative securities class action In re Biogen Inc. Securities Litigation, No. 16-1976. The action was filed in the U.S. District Court...more

Compliance into the Weeds-Episode 34

by Thomas Fox on

In this episode Matt Kelly and I take a deep dive into the recent kerfuffle involving United Airlines and its policy which prevented to teenaged girls from boarding a flight wearing leggings. Was United within its rights to...more

FCPA Compliance Report-Episode 318-Erica Byrne on Ethisphere's 2017 World's Most Ethical Companies

by Thomas Fox on

In this episode, I visit with Erica Salmon Byrne, EVP at Ethisphere on the 2017 World’s Most Ethical Companies honorees. Erica goes into how the corporate compliance programs are evaluated, what the companies disclose to...more

Day 14 of One Month to a Better Board-Boards and Doing Business in China

by Thomas Fox on

The bribery and corruption case of GlaxoSmithKline PLC (GSK) resonated across the corporate globe. While many questions are still unanswered, one that seems to be at the forefront of the inquiry was where was the GSK Board of...more

Yahoo! Data Breach Results in Another Lawsuit Against Corporate Directors and Officers

by Snell & Wilmer on

A number of claims have been made against companies’ directors and officers alleging a breach of fiduciary duty for failing to adequately oversee data security programs. To date, the defendants’ oversight of the programs and...more

Chris Lazarini Provides Insight on Application of Scienter in Securities Exchange Act Claim - Thought Leadership - Bass Berry

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on case in which class plaintiffs allege certain company officers knowingly made misleading statements about a drug's potential adverse effects which, when later...more

SEC and Drugmaker Allergan Reach Settlement over M&A Disclosure Violations

by Dechert LLP on

The U.S. Securities and Exchange Commission and drugmaker Allergan settled claims that Allergan failed to disclose negotiations with third parties following the announcement of a hostile tender offer by Valeant and co-bidder...more

Day 14 of 30 Days to a Better Compliance Program-Design of Your Compliance Training Program

by Thomas Fox on

For compliance training to be effective its needs to risk-based in its focus. This means employees with highest risk of exposure to bribery and corruption need to receive the highest levels of training and refreshers. From...more

Home Depot Data Breach Derivative Suit Sent Home

Judge Thomas W. Thrash Jr. of the U.S. District Court of Georgia permanently shelved a derivative suit brought by shareholders of Home Depot. Home Depot is a multinational home improvement retailer. In September, 2014,...more

Be Careful What You Say – Or Rather What You Don’t Say – AVEO Pays $4 Million to SEC to Settle Fraud Charges

by Sullivan & Worcester on

In March 2016, the Securities and Exchange Commission announced that AVEO Pharmaceuticals, Inc., a Massachusetts-based biopharmaceutical company, agreed, without admitting or denying the allegations, to pay $4 million to...more

SEC Charges Biotech Company and Its Officers with Misleading Investors by Failing to Disclose FDA Concerns and Recommendations

by Arnall Golden Gregory LLP on

On March 29, 2016, the Securities and Exchange Commission (SEC) announced charges against a biotech company and three of its officers for securities fraud. The company has agreed to pay $4 million to resolve the charges...more

Business Litigation Report - March 2016

How Major Changes to the Federal Rules of Civil Procedure Will Impact Business Litigation - The Federal Rules of Civil Procedure govern all civil litigation in the federal courts. Recent major amendments to these...more

Second Circuit Narrowly Applies Supreme Court’s Decision in Omnicare

In In re Sanofi Securities Litigation, No. 15-588-cv, 2016 U.S. App. LEXIS 4107 (2d Cir. Mar. 4, 2016), the United States Court of Appeals for the Second Circuit affirmed the dismissal of class action complaints alleging that...more

Update from Wilson Elser’s D&O Insurance Digest

by Wilson Elser on

Litigation Developments and Mega Settlements - Dole Food, Inc. Derivative Action – Delaware Chancery Court Finds D&Os Engaged in Fraud - Dole Food, Inc. shareholders sued Dole Chairman and CEO David Murdock and Dole...more

Theratechnologies Inc. V. 12185 Canada Inc: Supreme Court Of Canada Raises The Bar For Obtaining Leave To Bring Secondary Market...

by Dentons on

In Theratechnologies inc. v. 12185 Canada inc., the Supreme Court of Canada has ruled that requirements that plaintiffs demonstrate that their claims have been brought in good faith and have a reasonable chance of succeeding...more

First Secondary Market Class Action to Reach SCC Denied Leave

In a decision released on April 17, 2015, the Supreme Court of Canada (SCC) overturned the Québec Court of Appeal’s judgment in Theratechnologies Inc. v. 121851 Canada Inc. (See our July 2013 Blakes Bulletin: Statutory...more

Dechert Survey of Securities Fraud Class Actions Brought Against U.S. Life Sciences Companies

by Dechert LLP on

Publicly Traded Life Sciences Companies in the United States Are an Increasingly Popular Target of Securities Fraud Class Action Lawsuits - The past year was particularly noteworthy with respect to the relative number...more

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