News & Analysis as of

Securities and Exchange Commission (SEC) Securities Litigation

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – May 2025

Key Points - - The SEC’s Crypto Task Force acknowledges past hostility toward digital assets and aims to create more sensible regulations. - Tokenized securities face complex regulatory challenges, including compliance...more

Troutman Pepper Locke

SEC Briefs Disgorgement and Investor Harm in Navellier v. SEC

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In the recent Supreme Court case, Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC), the petitioners sought a writ of certiorari challenging the decisions of the lower courts regarding the scope of...more

Allen Matkins

Issuer Retreats From Racial Share Allocation Scheme

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In February, I wrote about a proposed offering that involved a racially based share allocation scheme. Last month, it appeared that the offering was stalled at the Securities and Exchange Commission. Recently, the company,...more

Cooley LLP

How to Explain Section 16 to a Newbie

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Given the hubbub over the SEC’s new EDGAR Next, I thought it would be useful to provide a FAQ explaining the rationale for Section 16 to a new director or officer who is unfamiliar with the concept....more

Venable LLP

SEC Must Return $93 Million Penalty, First Circuit Says

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The First Circuit, in a closely watched securities case, reversed a $93 million summary judgment ruling for the Securities and Exchange Commission this April. ...more

Eversheds Sutherland (US) LLP

SEC ends defense of climate disclosure rules

On March 27, 2025, the Securities and Exchange Commission (SEC) voted to end its defense of its Enhancement and Standardization of Climate-Related Disclosures for Investors rules in the ongoing Eighth Circuit case Iowa v....more

Troutman Pepper Locke

First Circuit Questions Materiality in SEC's Case Against Commonwealth Equity Services

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On April 1, the U.S. Court of Appeals for the First Circuit vacated a summary judgment ruling in favor of the Securities and Exchange Commission (SEC) against Commonwealth Equity Services, LLC, also known as Commonwealth...more

A&O Shearman

Fifth Circuit Securities Litigation Quarterly: first quarter 2025

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Welcome to the Q1 2025 edition of A&O Shearman’s Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas, our Texas-based securities litigation team continues...more

Morgan Lewis

First Circuit Vacates $93 Million Judgment for SEC, Including $65 Million Disgorgement Award

Morgan Lewis on

On April 1, the US Circuit Court of Appeals for the First Circuit vacated a $93 million judgment for the SEC against Commonwealth Financial, including a $65 million disgorgement award. The three-judge panel concluded that the...more

Woodruff Sawyer

What You Don’t Disclose Can Hurt You: The Power of Proactive Risk Factor Disclosures

Woodruff Sawyer on

With evolving regulations and emerging risks—including tariffs, DEI-related controversies, and cybersecurity concerns—some public companies are refining their approach to assessing and updating risk factor disclosures. Beyond...more

Jones Day

First Circuit Reverses SEC Win in $93 Million Investment Adviser Disclosure Case

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The court rejects the SEC's per se materiality argument and requires proof of a causal connection between the defendant's allegedly inadequate disclosures and purported unlawful profits....more

Fenwick & West LLP

Crypto Litigation and Enforcement: Q1 2025 - Key Takeaways and Updates

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The cryptocurrency legal and regulatory environment is experiencing significant shifts in 2025, presenting both opportunities and ongoing risks for technology companies in this space....more

Goodwin

Securities Litigation Against Life Sciences Companies 2024 Year in Review

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Welcome to our ninth annual report on US securities class actions filed against publicly traded life sciences companies, which include pharmaceutical, biotechnology, medical device, and healthcare companies....more

Rivkin Radler LLP

March 2025 Insurance Update

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In this month’s update, we discuss cases involving related wrongful acts, wildfires, concealment of a weapon, concealment of climate risks, and road rage. We begin in Delaware, where the state’s high court determines...more

Robinson+Cole Data Privacy + Security Insider

What is AI Washing and Why are Companies Getting Sued?

With the proliferation of artificial intelligence (AI) usage over the last two years, companies are developing AI tools at an astonishing rate. When pitching their AI tools, these companies claim that their products can do...more

A&O Shearman

Ninth Circuit Confirms That Sections 11 And 12(a)(2) Of The Securities Act Require A Plaintiff To Plead And Prove Purchase Of...

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The United States Court of Appeals for the Ninth Circuit, on remand from the United States Supreme Court, unanimously reversed the district court’s denial of a technology company’s (the “Company”) motion to dismiss claims...more

Patterson Belknap Webb & Tyler LLP

DraftKings NFT Settlement Leaves Securities Question in Limbo

A class action lawsuit brought against online gaming company DraftKings Inc. relating to the company’s short-lived marketplace for non-fungible tokens, or NFTs, is likely to settle. Because the case will not proceed to a...more

Skadden, Arps, Slate, Meagher & Flom LLP

Khouri: Is UK-US Extradition on Its Way to Becoming an Ex-Tradition?

On 12 February 2025, the UK Supreme Court handed down its decision in El-Khouri v Government of the United States of America (El-Khouri), declining to extradite Joseph El-Khouri to the US. The ruling marks a pivotal moment in...more

Amundsen Davis LLC

SEC Drops Case Against Coinbase: What Are the Implications for Other Cryptocurrency Cases With the SEC?

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On February 21, 2025, the Securities and Exchange Commission (SEC) announced it was dropping its case against Coinbase. In 2023, the SEC sued Coinbase for operating an unregistered exchange that sold unregistered securities....more

Skadden, Arps, Slate, Meagher & Flom LLP

Proposed 2025 Amendments to the Delaware General Corporation Law

For decades, Delaware has been widely regarded as the leading forum for incorporation in the United States. More than half of all publicly traded U.S. companies, including more than two-thirds of the Fortune 500, have made...more

DLA Piper

Meme Coins Alleged to be Securities in Two New Class Actions

DLA Piper on

On January 16 and January 30, two related class actions were filed in the US District Court for the Southern District of New York against Baton Corporation LTD (Pump.Fun) and its founders. The complaints allege that Pump.Fun...more

Akin Gump Strauss Hauer & Feld LLP

SEC Seeks to Pause Litigation Over Climate Disclosure Rule

Earlier this week, Mark Uyeda, the Acting Chairman of the U.S. Securities and Exchange Commission (SEC), began the process of unwinding that agency’s final climate disclosure rule enacted during the Biden administration. In a...more

Wilson Sonsini Goodrich & Rosati

Acting SEC Chairman Seeks Pause on Climate-Related Disclosure Rule Litigation

On February 11, 2025, Acting Chairman of the U.S. Securities and Exchange Commission (the “Commission”) Mark Uyeda issued a statement directing the Commission staff to request that the U.S. Court of Appeals for the Eighth...more

Cooley LLP

Acting SEC Chair seeks a pause in SEC climate disclosure rule litigation

Cooley LLP on

Yesterday, Acting SEC Chair Mark Uyeda issued a statement advising that he is requesting that the Court presiding over the SEC’s climate disclosure rule litigation not “schedule the case for argument” in order to allow time...more

Proskauer Rose LLP

Question of the Week: How do you expect SEC exams and enforcement to evolve in 2025?

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As we head further into 2025, the landscape of SEC exams and enforcement is poised for significant shifts. How will the SEC adapt to emerging trends and evolving market dynamics? In the first issue of Beyond the Deal in 2025,...more

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