Players On the Move
A look at moves among attorneys, law firms, companies and other players in entertainment law.
Read More › Features
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
Michael Mora
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Features
SEC Whistleblower Short Sellers
David R. Chase
&
Scott Silver
The position that short sellers should be denied the benefits of their critically important whistleblowing efforts is short-sighted and contrary to the notions of our capitalistic markets. Moreover, it will serve only to disincentive a vital constituency of the SEC Whistleblower Program, which, in turn, will degrade the effectiveness of the SEC's enforcement program.
Features
SCOTUS Curbs 'Pure Omissions' Lawsuits
Jimmy Hoover
In a unanimous victory to the securities industry, the U.S. Supreme Court curbed investor lawsuits based on a company's mere failure to disclose known trends likely to affect their revenues.
Features
Seventh Circuit Applies Safe Harbor to Private Securities Transaction
Michael L. Cook
"… [T]he term 'securities contract' as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities," The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
Features
SEC Revises Beneficial Ownership Reporting Rules
Sarah Heaton Concannon
&
Alexander Schwartz
This article identifies certain information asymmetries in the SEC's beneficial ownership reporting rules, discusses the extent to which those information asymmetries are addressed (or not) under the SEC's recent rule amendments, and considers whether additional rule amendments or SEC guidance continue to be necessary.
Features
SCOTUS Seeks to Provide Clarity Over Investor Suits
Jimmy Hoover
In a case that could either stem or unleash a tide of investor lawsuits, the Supreme Court searched for a narrow way to rule that might still be of some value to the securities bar.
Features
SPAC Transaction Challengers Face Uphill Battle
Jay A. Dubow, Joanna J. Cline
&
Erica H. Dressler
Recent decisions by the Delaware Court of Chancery demonstrate that when a special purpose acquisition company (SPAC) transaction and the disclosures surrounding it are challenged, defendants may face an uphill battle to prevail on a motion to dismiss, especially where breach of fiduciary duty claims have been asserted.
Features
SEC Sued Over Private Fund Adviser Rule
Maydeen Merino
The Managed Funds Association and five other industry groups have sued the SEC over its new private fund advisers rule, saying the agency has overreached its statutory authority and interferes with contracts.
Features
The Message Is Clear: Assess Your Information Governance Practices In Light of DOJ and SEC Crackdown on Use of Personal Devices and Messaging Apps
Jonathan B. New, Patrick T. Campbell, James A. Sherer
&
Luke E. Record
Regulators increasingly are scrutinizing employee use of personal devices and third-party messaging apps. This article summarizes the DOJ's recent guidance and the SEC's enforcement trends and priorities in this area, and it provides information governance best practices companies can implement now to ensure they are meeting regulators' expectations and recordkeeping rules.
Features
SEC Selective Enforcement Throws Doubt On Whether Securities Rules Apply to Crypto
Cassandre Coyer
Digital assets have created a jurisdictional tug of war between the SEC and the CFTC over whether cryptocurrencies should be regulated as commodities or securities. Also tugging on that rope sit those who say cryptocurrencies are neither, and need new bespoke rules.
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