On June 30, 2021, the SEC posted six Notices of Covered Actions, for which individuals have 90 calendar days to apply for a whistleblower award. As discussed in our prior post, the SEC publishes Notices for cases in which
Corporate Defense and Disputes
Proskauer's perspective on commercial litigation trends and legal developments
The Corporate Defense and Disputes blog, published by Proskauer Rose LLP, focuses on legal issues related to corporate litigation and defense strategies. It covers topics such as securities enforcement actions, insider trading cases, regulatory compliance challenges, and significant court rulings affecting corporate governance and financial services. The blog also addresses developments in labor and employment disputes, white collar defense, and complex commercial litigation. It provides analysis of regulatory enforcement trends, including SEC actions and administrative proceedings, as well as emerging issues like ESG regulations and anti-discrimination legal challenges. The content is aimed at corporate clients, legal professionals, and stakeholders interested in corporate legal risk management and dispute resolution.
Latest from Corporate Defense and Disputes - Page 11
FINRA Lives Up To Its Name, Announces Regulatory Inquiries into SPACs
While 2021 has been exceptionally lucrative for SPAC sponsors – even more so than 2020’s “Year of the SPAC” – U.S. regulators appear emphatic that 2021 be the year of SPAC supervision. In April, the SEC released guidance…
SEC’s Coinschedule Settlement Offers Mere “Clue-By-Enforcement” Into Whether Cryptocurrencies are Securities
On July 14, 2021 the SEC issued a consented-to Cease and Desist Order against U.K.-based cryptocurrency review website owner Blotics Ltd. (formerly doing business as Coinschedule Ltd.) for violating Section 17(a) of the Securities Act. According to two SEC Commissioners,…
A New Strain of COVID-19 Shareholder Suit
While we are growing accustomed to pandemic-based shareholder actions relating to improper health and safety disclosures or misrepresentations relating to COVID-19 treatments and tests, this month brings a novel variant of the COVID-19 lawsuit. A Universal Health Services Inc.…
District Court Takes Judicial Notice of SEC Order in Denying Motion to Dismiss Shareholder Claims
In our previous post, Under Armour Inc. Pulls Sales Forward, SEC and Stockholders Push Back, we discussed Under Armour Inc.’s recent settlement with the SEC, under which Under Armour agreed to pay $9 million for alleged violations of…
Smooth Sailing: Another Securities Class Action Against a Cruise Line Dismissed
On May 27, 2021, the United States District Court for the Southern District of Florida dismissed a securities class action against Carnival Corp. (“Carnival”), which operates the world’s largest cruise company, relating to the company’s health and safety disclosures made…
CytoDyn Faces Continued Shareholder Pressure
The spate of shareholder actions against biotech companies relating to COVID-19 treatments shows no signs of stopping, and now, derivative lawsuits are following the initial wave of securities class actions. For example, late last week, a shareholder of CytoDyn, Inc.,…
All-Seeing Bylaws Help Block Diversity Suit
The rash of shareholder derivative actions alleging violations of fiduciary duties tied to companies’ diversity measures are continuing to take a beating in the Northern District of California. We previously posted about the dismissal on forum selection clause grounds of…
SEC Chair Gensler Testifies on “Unprecedented Surge” in SPACs
SPACs remain on everyone’s mind, especially the country’s chief regulator. On May 26, 2021, SEC Chair Gary Gensler testified before the U.S. House Subcommittee on Financial Services and General Government on “key capital market trends” that will impact SEC resources…
Review of the SEC Whistleblower Program: At the Crossroads of Securities Law and Whistleblower Protection
Fiscal year 2020 marked the ten-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act establishing the Securities and Exchange Commission’s whistleblower program. Since its inception through the end of FY2020, the SEC has awarded approximately $562 million…