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Your Daily Dose of Financial News

by Robins Kaplan LLP on

John Flannery’s been working hard to right the ship at GE, but the seas have turned choppy again this week on news that the company’s taking a $6.2 billion Q4 write-off “after conducting a review of the insurance portfolio...more

SeaWorld Shareholders See Red After World Sees Blackfish

by Carlton Fields on

A California District Court granted certification to a group of SeaWorld investors in a shareholder securities fraud case following the release of the documentary “Blackfish.” ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Bitcoin futures started trading yesterday for the first time prompting concerns about the volatility of the cryptocurrency that prompted several exchange outages due to 10%+ swings in its price as well as heavy website...more

The 9th Circuit Rejects Securities Class Action Premised on Businesses’ Complaints About Yelp’s Practices

• The U.S. Court of Appeals for the 9th Circuit affirmed the dismissal of a securities fraud claim alleging that Yelp fraudulently inflated its stock price by misleading investors about its practices concerning the business...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

AT&T’s chief is weighing in the DOJ’s call to sell CNN in order to make its deal with Time Warner go through, and, as Randall sees it, “selling CNN makes no sense”....more

SEC Enforcement Division Priorities Pertaining to Retail Investors and Cybersecurity

by Dechert LLP on

In a keynote speech to the Securities Enforcement Forum on October 26, 2017, U.S. SEC Division of Enforcement (Division) Co-Director Stephanie Avakian emphasized the protection of retail investors and cybersecurity as...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Most insiders are chalking up last week’s CVS/Aetna news to a recent Amazon push into the pharma world. The Journal breaks down exactly what that means—both for the industry and for Amazon, which faces a series of challenges...more

Another Bumpy Week for Equifax: Virus Hits Website, IRS Suspends Contract and Hacked UK Residents Notified

It was another chaotic week for Equifax Inc., still scrambling to stem the torrent of bad news after its massive data breach last month that has potentially affected more than half of the U.S.’s adult population....more

NYSE Proposes to Amend Material News Policy Again

In 2015 the NYSE amended its policy with respect to material news releases. One of the amendments was to include advisory text in Section 202.06 of the Listed Companies Manual requesting that listed companies intending to...more

Eighth Circuit Finds Standing in Data Breach Case for Privacy Policy Violation, Dismisses for Lack of Specificity

by Fenwick & West LLP on

The U.S. Court of Appeals for the Eighth Circuit has held that allegations that the security provisions of a privacy policy were violated are sufficient for standing in a data breach case, but that plaintiffs’ contractual...more

Technology and Life Sciences IPO Survey - 2017 First Half

by Fenwick & West LLP on

This report analyzes key aspects of initial public offerings (IPOs) for technology and life sciences companies that went public in the first half of 2017. Downloading the full report will provide you access to a number of...more

Second Circuit Rejects First Circuit’s “Extreme Departure” Test for Assessing Materiality of an Alleged Omission of Interim...

In Stadnick v. Vivint Solar, Inc., 2017 WL 2661597 (2d Cir. June 21, 2017), the United States Court of Appeals for the Second Circuit affirmed the dismissal of claims for violations of Section 11 of the Securities Act of...more

Next Stop the Supreme Court?: Circuit Court Extends American Pipe Tolling to Preserve Class Claims

by Carlton Fields on

The Ninth Circuit recently held that plaintiffs whose claims were tolled during the pendency of two class actions were not time-barred from bringing a third related putative class action when the first two classes were not...more

Ninth Circuit Expands American Pipe Tolling to Subsequent Securities Class Action by Unnamed Class Members, but Leaves Related...

by Carlton Fields on

The Ninth Circuit in Resh v. China Agritech, Inc., No. 15-55432, 2017 WL 2261024 (9th Cir. May 24, 2017), revived the third successive putative shareholder class action against a fertilizer manufacturer after the district...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

You’ll remember Snap’s highly anticipated March IPO as a splashy affair, with a valuation in the $30+ billion range and a relatively consistent stock price. Well, reality hit hard yesterday, as Snap announced a $2.2 billion...more

Stockholder Vote Fails Corwin Test

In Re Saba Software, Inc. Stockholder Litigation considered whether the stockholder vote satisfied the Corwin test for a full informed, uncoerced vote to determine if the shift to the business judgement rule was warranted. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Shareholders have accused Under Armour of “concealing the impact” of Sports Authority’s bankruptcy from investors in order to artificially inflate its stock price. The suit comes on the heels of a disastrous Q4 for UA, in...more

Hail to . . . The Contracting Officer in Chief? - Donald Trump, Lockheed Martin and the Art of the Government Deal

by Pepper Hamilton LLP on

The art of the deal in government contracts is much more complex than in the private sector because public policies and principles attach to the use of public funds. President Donald Trump has made his federal...more

Delaware Law Updates - 2016 Year in Review

by McCarter & English, LLP on

Our Delaware Corporate and Alternative Entity Law attorneys closely followed the opinions coming from Delaware’s Supreme Court and Court of Chancery. Our 2016 Year in Review is a collection of brief summaries of selected...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Process Is Paramount: The Delaware Court of Chancery Gives “100% Weight” to Merger Price in Determining Company’s Fair Value in...

On December 16, 2016, the Delaware Court of Chancery issued a post-trial opinion in an appraisal proceeding arising from the acquisition of Lender Processing Services, Inc. (“LPS” or the “Company”) by Fidelity National...more

Stockholders Petition the Supreme Court to Liberalize Eleventh Circuit Rules for Pleading Securities Fraud

A recent petition for certiorari filed in the United States Supreme Court asks the Court to clarify what an aggrieved investor must plead to state a claim for securities fraud under the Securities and Exchange Act of 1934...more

Employee Benefits Developments - November 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

Second Circuit Accepts Controversial “Inflation-Maintenance” Theory of Securities Fraud Liability

by Shearman & Sterling LLP on

In so-called “price maintenance” securities fraud cases, plaintiffs argue that a misrepresentation that does not cause a stock’s price to rise can nevertheless be actionable under Section 10(b) of the Securities Exchange of...more

Your daily dose of financial news - The Brief – 10.3.16

by Robins Kaplan LLP on

Deutsche Bank’s penchant for dealing in risk—in the form of currency swaps, bond sales, or derivatives, among others—has left it (and its highly leveraged balance sheet) particularly vulnerable amidst last week’s news of...more

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