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Katherine M. Lenahan

Lost Cryptocurrency Value Reportedly Surpassed $4.26B Globally in 2019

Posted by Katherine M. Lenahan on 08/15/2019

On Tuesday, August 13, 2019, the cryptocurrency intelligence firm CipherTrace released its Q2 2019 Cryptocurrency Anti-Money Laundering Report, which analyzes cryptocurrency-related crime and countries' efforts to regulate the cryptocurrency economy. The firm reported that over $4.26 billion in cryptocurrency holdings were lost worldwide in ...

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Joshua Nassir

Capital One Data Breach Exposes Sensitive Data of Over 100m Americans

Posted by Joshua Nassir on 08/05/2019

On July 29, 2019, Capital One announced the theft of over 100 million of its customers' private information, including social security and bank account numbers, resulting from a cybersecurity attack against its data systems. The hacker exploited vulnerabilities in Capital One's infrastructure located on its Amazon Web Server. Faruqi & Faruqi ...

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Maxwell Michael

SEC Proposes Amendments to Financial Disclosure Rules for Acquired and Disposed Businesses

Posted by Maxwell Michael on 07/30/2019

On May 3, 2019, the Securities and Exchange Commission ("SEC") released newly proposed amendments to the financial disclosure requirements for acquired and disposed businesses and other related rules. The proposals stem from the SEC's Disclosure Effectiveness Initiative whereby the SEC has been reviewing Regulation S-X and Regulation S-K in ...

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Kristyn Fields

Connecticut Denies Violating Protective Order in Generic Drug Price-Fixing Case

Posted by Kristyn Fields on 07/29/2019

Connecticut's Attorney General recently opposed a motion from Heritage Pharmaceuticals that claims that it violated the protective order in a price-fixing case against generic drug manufacturers by referring to an email in its complaint suggesting that Heritage and two other generic companies, Mylan Inc. and Teva Pharmaceuticals, tried to ...

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Dillon Hagius

Equifax Settles Data Breach Lawsuit

Posted by Dillon Hagius on 07/24/2019

On July 22, 2019, Equifax, one of the nation's three large credit reporting agencies, settled a lawsuit brought by the Federal Trade Commission ("FTC"), the Consumer Financial Protection Bureau ("CFPB"), and 50 U.S. states and territories. The lawsuit alleged that Equifax's failure to take reasonable steps to secure its network—which contained ...

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Alex B. Heller

Jury Finds Platinum Partners Executives Guilty of Securities Fraud

Posted by Alex B. Heller on 07/11/2019

A federal jury in the Eastern District of New York convicted two executives of the defunct hedge fund Platinum Partners L.P. ("Platinum") of securities fraud, securities fraud conspiracy and wire fraud conspiracy. Mark Nordlicht ("Nordlicht"), the founder and Chief Investment Officer of Platinum, and David Levy ("Levy"), the co-Chief Investment ...

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Adam Steinfeld

Pharma Company Effort to Shield Weak Patents Draws Congressional Attention

Posted by Adam Steinfeld on 07/03/2019

Pharmaceutical company abuse of an overtaxed U.S. Patent and Trademark Office has been credited for the meteoric rise in U.S. drug prices. Seeking to "evergreen" blockbuster products with additional patent protection, manufacturers push hard for patents that may be unmerited, or may be based on outright fraud. It is then up to potential generic ...

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Lubna M. Faruqi

Facebook Gathers Diversity Data On Outside Law Firms And Names A “Diversity Champion”

Posted by Lubna M. Faruqi on 06/26/2019

Facebook recently named Kilpatrick Townsend & Stockton LLP ("Kilpatrick"), one of the social media giant's outside law firms, as the recipient of its first "Law Firm Diversity Champion Award." According to Law360, Facebook has been collecting diversity data on the 40 outside law firms that receive the largest portion of the company's legal ...

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Alex B. Heller

KPMG Agrees to Pay $50 Million and Admits “Astonishing” Misconduct

Posted by Alex B. Heller on 06/26/2019

On June 17, 2019, the Securities and Exchange Commission ("SEC") reached a settlement with KPMG LLP ("KPMG") that requires the big four accounting firm to pay a $50 million penalty and comply with a detailed set of undertakings. The $50 million penalty is one of the largest monetary penalties ever imposed on an auditor in an SEC action. KPMG ...

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Dillon Hagius

U.S. Supreme Court Denies Cert in Orexigen Suit

Posted by Dillon Hagius on 06/26/2019

The Ninth Circuit recently held in Khoja v. Orexigen Therapeutics, Inc., 899 F.3d 988 (9th Cir. 2018) that the plaintiff sufficiently pleaded the defendants made misleading statements concerning the clinical trial results of their obesity treatment drug. Specifically, the Ninth Circuit found that it was misleading for the defendants to fail ...

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