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Lowenstein Sandler LLP

High Court Should Maintain Insurer Neutrality In Bankruptcy

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A recent Expert Analysis article penned by Frank Perch, "High Court Should Endorse Insurer Standing In Bankruptcy," advocates for the U.S. Supreme Court, in Truck Insurance Exchange v. Kaiser Gypsum Company Inc., to adopt a...more

Akin Gump Strauss Hauer & Feld LLP

SEC Adopts Final Rules on SPACs, Shell Companies and Projections

The Securities and Exchange Commission (SEC) recently adopted final rules (available here; also see the fact sheet and press release) representing significant changes to  special purpose acquisition companies (SPACs), shell...more

Jackson Lewis P.C.

Pennsylvania Appellate Court Affirms Summary Judgment in Whistleblower Case

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Whistleblower claims of all types generally require proof of three elements; a complaint of conduct believed to be unlawful (protected activity), some form of discipline (an adverse action), and proof that the adverse action...more

Robinson Bradshaw

The Dangers of Watering Down Class-Certification Standards in Fraud Cases

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Class actions have long been difficult to certify in fraud cases.  But a recent district court decision in California takes a new approach that would make class certification in fraud cases the norm.  That decision is now on...more

Vinson & Elkins LLP

The SEC Closes the Cookie Jar - Recent SEC Enforcement Activity Reaffirms Focus on Improper Earnings Management

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On April 18, 2021, the Securities and Exchange Commission (“SEC”) announced the fourth enforcement action arising from its EPS Initiative, charging Rollins Inc. (“Rollins”) and its former chief financial officer (“CFO”) with...more

Holland & Knight LLP

President Biden Unveils FY 2022 Budget Request

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The White House on May 28, 2021, released President Joe Biden's $6 trillion proposed budget for federal spending in fiscal year (FY) 2022. The president's budget proposal serves as a fiscal blueprint for the administration's...more

Winstead PC

SPACs in the Spotlight: Skyrocketing Deal Volume Invites Regulatory Scrutiny

Winstead PC on

Capital raising through Special-Purpose Acquisition Companies (“SPACs”) has gone through the roof in the last two years. Last year was by far the single highest deal value for SPACs, and the first quarter of 2021 has already...more

ArentFox Schiff

Investigations Newsletter: HHS Announces Final Rules Amending Stark Law Regulations and Anti-Kickback Statute

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HHS Announces Final Rules Amending Stark Law Regulations and Anti-Kickback Statute - On November 20, 2020, the Centers for Medicare and Medicaid Services and the Department of Health and Human Services (HHS) published...more

Mayer Brown Free Writings + Perspectives

Ninth Circuit Affirms Dismissal in Stock-Drop Lawsuit, Citing Shareholder’s “Implausible” Scienter Theory

On June 10, 2020, the US Court of Appeals for the Ninth Circuit affirmed the dismissal of a putative securities fraud class action against Endologix, Inc., a medical device company, on the grounds that the shareholder’s core...more

Robins Kaplan LLP

Financial Daily Dose 6.18.2020 | Top Story: SEC Intervenes to Halt Bankrupt Hertz’s Planned Stock Sales

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Some rare last-minute SEC intervention forced Hertz to suspend its planned sale of up to $500 million in shares of the bankrupt car-rental company while the agency undertakes a closer review of the offering....more

Orrick, Herrington & Sutcliffe LLP

COVID19 Investment Scams Become Focal Point of Securities Regulators

The Massachusetts Securities Division (the Division) warns that the average investor is overwhelmed by the COVID-19 pandemic. The Division points to several COVID-19-related items such as physical isolation, job uncertainty...more

Skadden, Arps, Slate, Meagher & Flom LLP

Ninth Circuit Holds That Courts Should Scrutinize Economic Plausibility of Securities Fraud Complaints in Evaluating Scienter

On June 10, 2020, the Ninth Circuit affirmed the dismissal of a putative securities fraud class action in a potentially significant decision for securities defendants, particularly those in the pharmaceutical, biotech and...more

Seyfarth Shaw LLP

Over 50 M&A Deals Have Been Challenged This Year by a Single Group of Lawyers

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The Delaware Court of Chancery’s 2016 decision in In re Trulia Stockholder Litigation sought to address the trend of meritless merger lawsuits flooding the Chancery Court.  Following the decision, however, the battleground of...more

Burr & Forman

If Your Retirement Plan Holds Employer Securities, Keep an Eye on the Jander Case

Burr & Forman on

“Employer securities” in retirement plans have been the source of a significant amount of litigation under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In general, “employer securities” are...more

Locke Lord LLP

U.S. Supreme Court Remands “Stock Drop” Case Back to Second Circuit

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The United States Supreme Court, in a per curiam decision, declined to address whether plan participants sufficiently alleged breach of fiduciary duty claims under the Employee Retirement Income Security Act of 1974, as...more

Groom Law Group, Chartered

Supreme Court Vacates & Remands Plaintiff-Friendly Ruling in IBM “Stock Drop” Litigation

Brief Takeaway:  Plan sponsors that offer employer stock in their benefit plans can breathe a sigh of relief, as the Supreme Court vacated one of the only plaintiff-friendly rulings in ERISA “stock drop” litigation.  ...more

Seyfarth Shaw LLP

Supreme Court Remands Case Back Seeking Clarification of the Dudenhoeffer Pleading Standard

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In Retirement Plans Committee of IBM v. Jander, the Supreme Court, in a unanimous opinion, clarified the its opinion in Fifth Third Bancorp v. Dudenhoeffer, 573 U.S. 409 (2014), which set forth the duties that administrators...more

Holland & Hart - The Benefits Dial

E is for ERISA, That’s Good Enough for Me: Supreme Court remands IBM v. Jander back to Second Circuit

The United States Supreme Court issued a per curiam opinion on Tuesday in Retirement Plans Committee of IBM v Jander, punting back to the court of appeals the determination of whether plan fiduciaries can be liable under...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Retirement Plans Committee of IBM v. Jander

On January 14, 2020, the Supreme Court of the United States decided Retirement Plans Committee of IBM v. Jander, No. 18-1165, remanding the case to the Second Circuit Court of Appeals to decide whether to address the views of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Declines To Rule on ERISA Breach of Fiduciary Duty Pleading Standard for ESOP Cases

The U.S. Supreme Court today in Retirement Plans Committee of IBM v. Jander, No. 18-1165 (2020) (per curiam), declined to resolve questions about the pleading standard for a breach of fiduciary duty claim against fiduciaries...more

Foley Hoag LLP - White Collar Law &...

Biotech CEO Convicted of Securities Fraud and Obstructing SEC Investigation

The chief executive of a Boston-based biotech company, Frank Reynolds, was convicted of defrauding investors and obstructing an SEC investigation. Reynolds founded the biopharma startup PixarBio Corp. in 2013 and took the...more

A&O Shearman

Southern District Of New York Dismisses Putative Class Action Against Digital Services Company For Failure To Adequately Allege...

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On August 28, 2019, Judge Lorna G. Schofield of the United States District Court for the Southern District of New York dismissed a putative class action against the digital services and development company Synacor, Inc. and...more

Hogan Lovells

Up, up, and...not away - English High Court faults SPA target in the aerospace industry for inadequate financial projections

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The English High Court, in Triumph Controls UK Ltd v Primus International Holding Co [2019] EWHC 565 (TCC), has found that proper, accurate financial projections by the sellers would have resulted in a lower purchase price...more

Dechert LLP

Dechert's Global Private Equity Newsletter - Summer 2017 Edition: Recent Developments in Acquisition Finance

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Basic to any acquisition and its financing are the projections of the target’s future performance. These play a key role in setting the price for the target as well as on the availability of acquisition financing. Projections...more

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