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Adam Steinfeld

Relief for New York City’s Restaurants Offers Little Comfort for the Future

Posted by Adam Steinfeld on 05/27/2020

On March 22, New York State's PAUSE order went into effect, shuttering non-essential businesses statewide, cancelling "non-essential gatherings," and urging individuals to limit travel and recreational activities. This order will remain in effect until at least May 28 (and likely extend further) for regions that have not yet met the initial ...

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Raymond N. Barto

Mylan and Pfizer’s Class Certification Appeal in EpiPen Action Fails

Posted by Raymond N. Barto on 05/27/2020

The Tenth Circuit rejected Pfizer and Mylan's request to seek an immediate reversal of United States District Court Judge Daniel D. Crabtree's order certifying two classes of consumers and third-party payors in the EpiPen multidistrict litigation centralized in the District of Kansas. Finding that the district court had conducted a rigorous ...

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Robert W. Killorin

Federal Courts and SEC Lean on Technology to Carry On in Face of Covid-19 Crisis

Posted by Robert W. Killorin on 05/27/2020

Following suit with many businesses in America, the SEC has announced that a sponsored conference will not be cancelled, but instead will be rescheduled as a virtual and interactive conference that is open to the public. The conference, titled "Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices," ...

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Joshua Nassir

Zoom’s Lack of Security Leads to Consumer and Shareholder Class Actions

Posted by Joshua Nassir on 05/27/2020

COVID-19 has restructured the way people conduct their daily activities, and perhaps most notably, the way people communicate with each other. Zoom Communications Inc. ("Zoom"), a communications company offering video-telephonic services, has been at the forefront of providing a means for society to stay connected during these hard times. ...

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David Calvello

Indicted Generic Drug Price-Fixer Wants to Move Criminal Case to the Southern District of New York

Posted by David Calvello on 05/27/2020

Ara Aprahamian, a former executive of Taro Pharmaceuticals who is accused of engaging in a conspiracy to fix prices for generic prescription drugs, recently petitioned to move his criminal case from the Eastern District of Pennsylvania to the Southern District of New York. See Mot. to Transfer, U.S. v. Aprahamian, 20-cr-00064-RBS (E.D. Pa.), ...

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Sherief Morsy

SEC Takes Action Against Company For False And Misleading COVID-19 Statements

Posted by Sherief Morsy on 05/27/2020

On May 14, 2020, the United States Securities and Exchange Commission ("SEC") announced it was charging Turbo Global Partners, Inc. ("Turbo") and its chief executive officer, Robert W. Singerman ("Singerman") with fraud based on statements made in its press releases and suspended trading in Turbo. See SEC Litigation Release No. 24820, SEC ...

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David Felderman

HARVARD UNIVERSITY FACES COVID-19 REFUND SUIT

Posted by David Felderman on 05/27/2020

A class action lawsuit was filed in Massachusetts federal court last week against Harvard University. The suit, brought on behalf of a proposed class of students, alleges that the university improperly retained tuition funds for services it is no longer providing as a result of the Covid-19 pandemic. Specifically, the complaint alleges that ...

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Maxwell Michael

Democratic Lawmakers Renew Calls For A Merger Ban During the COVID-19 Pandemic

Posted by Maxwell Michael on 05/26/2020

On May 13, 2020, Senators Elizabeth Warren (D-MA) and Amy Klobuchar (D-MN) and Representative David Cicilline (D-RI) signed a letter to the Federal Reserve and the Treasury Department asking the Fed and the Treasury to restrict large corporations that received coronavirus pandemic funds from engaging in mergers. The letter did not contain ...

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Alex B. Heller

The SEC Reduces Disclosure Requirements for Acquisitions

Posted by Alex B. Heller on 05/26/2020

The SEC voted 3-1 to amend disclosure rules for companies acquiring or disposing of a business. According to the amended rules, companies will only have to submit the financial statements for the two most recent fiscal years for an acquired business that is considered "significant" instead of the three years that used to be required under ...

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Richard W. Gonnello

SEC Issues Investor Alert Concerning “Approved Offerings”

Posted by Richard W. Gonnello on 05/22/2020

The Securities and Exchange Commission's ("SEC") Office of Investor Education and Advocacy recently issued an alert warning investors about the recent uptick in promoter misrepresentations concerning SEC "approval" of securities offerings—particularly those made by promoters advertising initial coin offerings ("ICOs"). In its alert, the ...

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