It’s the Most Flummoxing Time of the Year
Thanksgiving is now in the rear-view, leaves have all-but-dropped, and temperatures are following suit. And like clockwork, businesses large and small are advertising their own drops: lower prices on goods and gifts, just in time for the winter holiday season. As consumer purchasing heats up, Americans are also opening their wallets—and ...
Court Goes All In: District of Massachusetts Decision Declining to Dismiss DraftKings NFT Lawsuit Lays The Groundwork For Potential Impactful Trial
The U.S. District Court for the District of Massachusetts denied defendants' DraftKings Inc. ("DraftKings") and its officers Jason D. Robins, Jason K. Park and Matthew Kalish's (collectively "Defendants") motion to dismiss a securities class action lawsuit arising out of their alleged failure to properly register its non-fungible tokens ("NFTs").[1] ...
The SEC Adopts New Rules On Penny Stocks
For cinema lovers, the Securities and Exchange Commission ("SEC") appears to have addressed financial issues reminiscent of those touched in the 1999 satirical comedy, Office Space—i.e., impact of fractional pennies—and 2013 black comedy, The Wolf of Wall Street—i.e., volatile penny stocks. On September 18, 2024, the SEC adopted amendments ...
FARUQI & FARUQI LLP NOTCH IMPORTANT WIN FOR PLAINTIFFS AT THIRD CIRCUIT
On November 7, the Third Circuit Court of Appeals issued an Order in Huertas v. Bayer US LLC, No. 23-2178, reversing the District of New Jersey's prior ruling dismissing the plaintiffs' claims related to Bayer's Lotrimin and Tinactin antifungal spray products "contaminated with benzene," which "has been labeled a human carcinogen and linked ...
New York City Bill Would Allow Time Off Work for Pet Care
On Wednesday, October 23, 2024, New York City councilmembers Shaun Abreu and Tiffany Cabán introduced a bill, Int. 1089-2024, that would guarantee paid time off to care for pets or service animals. If approved, the bill would take effect 120 days after it becomes law. If enacted, the legislation would make New York City one of few U.S. cities ...
Investor Surveys: Key to Accurate Materiality Assessments in Securities Class Actions
A material misstatement in connection with a securities transaction is illegal under federal securities laws. Information is deemed to be material for purposes of Rule 10b-5 if a reasonable investor would have considered a statement or omission significant in making investment decisions. Thus, the concept of a "reasonable investor" is central ...
Six States Put Increases to Minimum Wage and Paid Sick Leave to a Vote
On November 5, 2024, six states will put more than the next presidential nominee to a vote. Specifically, voters in Alaska, Arizona, California, Massachusetts, Missouri, and Nebraska will decide whether to increase their States' minimum wages and provide more paid sick days, or a combination of both. The various proposals that will appear ...
SEC Goes After “Pig Butchering Scams” In First Of Its Kind Lawsuits
On September 17, 2024, the U.S. Securities and Exchange Commission ("SEC") filed two first-of-their-kind securities fraud lawsuits against those behind a pair of "pig butchering schemes" that allegedly solicited investments in fake cryptocurrency platforms NanoBit Limited ("NanoBit") and CoinW6 to scam victims out of nearly $3 million. According ...
New York City EMS Workers and Unions Granted Class Status in Race and Sex Bias Lawsuit
On Tuesday, September 24, 2024, U.S. District Judge Analisa Torres granted a motion to certify a group of emergency medical services ("EMS") workers of the EMS Bureau of the Fire Department of the City of New York ("FDNY") as a class in their lawsuit against the city alleging discriminatory pay practices, suppression of wages, and denial of ...
New Court Ruling on FMLA Interference Clarifies Employers Can Violate Law Without Actually Denying Employee Requests
In a significant development, the Second Circuit Court of Appeals has expanded the interpretation of the Family and Medical Leave Act (FMLA), ruling that employers can violate the law simply by discouraging employees from exercising their rights, even if the employee's request for leave is ultimately granted. This ruling, outlined in the case ...
Maryland Becomes First State on the East Coast to Implement Heat Protections for Workers
On September 30, 2024, Maryland will implement a new extreme heat standard, which affords employees more workplace protections when the heat index exceeds 80, 90, and 100 degrees. When temperatures exceed 80 degrees Fahrenheit, Maryland workers must be provided with at least 32 oz of water in an accessible area and shaded breaks. When temperatures ...
CHIPMAKER NVIDIA UNDER INVESTIGATION OVER ANTITRUST CONCERNS
Over the past several years, the California-based company Nvidia has grown to become one of the largest companies on the planet. Nvidia is known for making computer chips called "graphics processing units" or "GPUs" that power many computer programs—from video games to cryptocurrency mining and advanced AI models. As of this writing, the ...
No Such Thing as a Free Lunch: The Concealed Risks of “Risk-Free” Trials
It seems every product these days comes with an offer of a "risk-free" trial. These enticing offers, often for pricey products or subscription services, are sometimes called "free trials," or "risk-free guarantees." In our modern economy, our email inboxes and social media feeds runneth over with these ads. But the devil, in the form of recurring ...
Shaquille O’Neal Must Defend Some Allegations In Suit Over Astrals Project NFTs
On August 16, 2024, Judge Moreno of the Southern District of Florida ruled that legendary basketball player Shaquille O'Neal must face some allegations in a proposed securities class action regarding his promotion of Astrals Project nonfungible tokens ("NFTs"). Astrals was a project involving a collection of 10,000 NFT 3D avatars. The court ...
Customs and Border Protection Reaches $45 Million Pregnancy Discrimination Settlement
On August 13, 2024, Customs and Border Protection (CBP), the largest federal law enforcement agency within the United States Department of Homeland Security, agreed to pay $45 million to a class of over 1,000 CBP Officers and Agricultural Specialists to settle their claims alleging sex and pregnancy discrimination in violation of the Pregnancy ...
DOJ Sues Property Management Software Company for Price Fixing
The DOJ, joined by eight states, filed suit against property management software company, RealPage, for using its price setting algorithm to maintain and increase the cost of rent nationwide. Landlords holding more than 16 million rental units pay RealPage to use its software. RealPage is alleged to collect granular data from these landlord-licensees ...
Circuit Split Leads to SCOTUS Review of Falsity Pleading Standard
On June 17, 2024, the U.S. Supreme Court granted Defendants' writ of certiorari in Nvidia Corp. v. Ohman J, No. 23-970, 2024 WL 3014476, (U.S. June 17, 2024). In Nvidia, Plaintiffs alleged that Nvidia, a company which makes graphic process units ("GPU") intended for gaming applications, and its CEO knowingly misled its investors about the ...
The Fall of Chevron and its Impact on ESG Factors
Chevron, U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837, 104 S. Ct. 2778 (1984) gave the executive branch a seat at the bench when courts were ruling on administrative law. However, after decades of deference, last month in June, the Supreme Court overturned Chevron in the recent cases Loper Bright Enterprises v. Raimondo ...
New Jersey Passes Law Penalizing Employers for Threatening to Report or Reporting Workers’ Immigration Status
On August 8, 2024, acting Governor of New Jersey, Tahesha Way, signed a bill into law which goes into effect immediately, providing additional protections to New Jersey's immigrant workers who expose or threaten to expose violations in the workplace. Specifically, employers who threaten to report or report a worker's immigration status to ...
Canadian Bread Price-Fixing Settlement: A Slice of Justice?
The bread industry in Canada has been kneading controversy for years, but the recent settlement over price-fixing accusations is the yeast we all needed to rise against corporate greed. The scandal, which left a sour taste in the mouths of many, involved some of the biggest bakers in the Land of Maple who were caught buttering their own bread ...