Corporate and Financial Weekly Digest - Volume IX, Issue 5

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 publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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. Attorney Advertising.

© Katten Muchin Rosenman LLP

Written by:

Katten Muchin Rosenman LLP
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Katten Muchin Rosenman LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide