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David Felderman

FIRST CIRCUIT UPHOLDS CONVICTIONS OF PHARMA EMPLOYEES

Posted by David Felderman on 11/30/2020

On Friday, the First Circuit Court of Appeals upheld the insider trading convictions of two biotech employees finding that the pieces of evidence at trial "fit neatly together" to show that the insiders profited by trading stock based on nonpublic information. U.S. Circuit Judge Thompson rejected attempts by former Akebia Therapeutics Inc. ...

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Alex Hartzband

The Catastrophic and Cascading Effects of California Proposition 22 on Gig Workers’ Rights

Posted by Alex Hartzband on 11/23/2020

As the dust continues to settle after Joe Biden's election as the next President of the United States, the passing of a controversial ballot measure in California – Proposition 22 – has flown somewhat under the radar, despite its potential to reshape the landscape of wage-and-hour law for gig economy workers not only in California, but ...

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Maxwell Michael

Ninth Circuit Clarifies Loss Causation Pleading Standards

Posted by Maxwell Michael on 11/09/2020

On October 8, 2020, the U.S. Court of Appeals for the Ninth Circuit reversed and remanded a district court's dismissal of a securities fraud class action against Bofl Holding, Inc. ("Bofl"), finding that in the Ninth Circuit, a whistleblower lawsuit filed by a former company insider could be a potential corrective disclosure. Bofl shareholders ...

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Stephen Doherty

Hallmark Suit Claims Rival Didn’t Care Enough To Send The Very Best

Posted by Stephen Doherty on 11/04/2020

Hallmark Cards, Inc. was founded in Kansas City, Missouri in 1910. It is the oldest and largest manufacturer of greeting cards in the United States. Dickens Inc. is a rival greeting card company founded in 1982 which credits itself with the invention of "Musical Cards", the introduction of "LED Lighted Cards" and "Sound Effect Cards." In 2017, ...

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Christopher M. Lash

CALIFORNIA ENACTS LAW MANDATING INCLUSION OF UNDERREPRESENTED COMMUNITIES ON PUBLIC COMPANY BOARDS

Posted by Christopher M. Lash on 11/03/2020

On September 30, 2020, the Governor of California, Gavin Newsom, signed California Assembly Bill No. 979 ("Bill 979"). Bill 979 amends California's General Corporation Law and, inter alia, requires publicly held corporations that maintain principal executive offices in California to have a minimum of one director from an underrepresented community ...

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Megan Sullivan

Congress Seeks Clearer Regulatory Path For Digital Tokens

Posted by Megan Sullivan on 11/02/2020

Regulators have recently introduced two congressional bills intended to provide additional clarity regarding the status of cryptocurrency tokens and their trading platforms. The Securities Clarity Act, sponsored by Rep. Tom Emmer, R-Minn. and the Digital Commodity Exchange Act, sponsored by Rep. Michael Conway, R-Texas, both seek to create ...

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Camilo Burr

Federal Judge Finds NYC in Violation of Americans with Disabilities Act for Lack of Blind Friendly Crosswalks

Posted by Camilo Burr on 10/30/2020

On October 20, 2020, Southern District Judge Paul A. Engelmayer found that New York City was liable for violating the Americans with Disabilities Act ("ADA"), Section 504 of the Rehabilitation Act of 1973, and the New York City Human Rights Law for its failure to provide accessible signals for blind pedestrians. According to Disability Rights ...

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Kristyn Fields

Court Plucks Unjust Enrichment Claims from Turkey Price-Fixing Suit

Posted by Kristyn Fields on 10/29/2020

On October 26, 2020, an Illinois federal judge tossed unjust enrichment claims and some state claims in the proposed class action brought by an indirect purchaser of turkey products against turkey wholesalers, including Perdue, Tyson, and others, accusing them of illegally trading confidential information to limit supply of turkeys and inflate ...

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Dillon Hagius

SEC Charges John McAfee With Securities Fraud

Posted by Dillon Hagius on 10/28/2020

The Securities and Exchange Commission ("SEC") recently charged infamous celebrity businessman John McAfee with the fraudulent promotion of cryptocurrencies in several initial coin offerings. The complaint alleges that McAfee was paid over $23 million to make false and misleading statements that pumped the value of "virtually worthless" cryptocurrencies ...

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Richard W. Gonnello

Andeavor LLC Fined $20 Million For Controls Violations Related To Stock Buyback Plan

Posted by Richard W. Gonnello on 10/27/2020

On October 23, 2020, the Securities and Exchange Commission ("SEC") announced a $20 million settlement with Andeavor LLC for "controls violations relating to a stock buyback plan it implemented while it was in [confidential] discussions to be acquired by Marathon Petroleum Corp. in 2018." By way of background, a stock buyback "occurs when ...

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