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Maxwell Michael

SEC Adopts Amendments in Line with Mandate from FAST Act to Modernize and Simplify Regulation S-K

Posted by Maxwell Michael on 06/03/2019

On May 2, 2019, amendments to the disclosure requirements of Regulation S-K went into effect. The amendments were adopted as part of the Securities and Exchange Commission's ("SEC") efforts to comply with modernization and simplification mandates under the 2015 Fixing America's Surface Transportation Act (the "FAST Act"). Under Section 72003 ...

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Lubna M. Faruqi

Demands to Improve Diversity in the Practice of Law

Posted by Lubna M. Faruqi on 05/31/2019

In January of this year, more than 170 general counsel and corporate legal officers signed an open letter demanding that big law firms improve diversity or risk losing their business. The letter noted signatories' disappointment that "many law firms continue to promote partner classes that in no way reflect the demographic composition of entering ...

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David Felderman

Supreme Court of the United States Reaffirms Direct Purchaser Rule

Posted by David Felderman on 05/29/2019

On May 13, 2019, the United States Supreme Court issued a decision in Apple Inc. v. Pepper, No. 17-204, -- S.Ct. --, 2019 WL 2078087 (2019) affirming the Ninth Circuit Court of Appeal's finding that iPhone owners who purchased iPhone applications directly from Apple Inc. ("Apple") were direct purchasers under Illinois Brick Co. v. Illinois, ...

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Alex B. Heller

Judge Preliminarily Approves a $240 Million Wells Fargo Derivative Settlement

Posted by Alex B. Heller on 05/28/2019

On May 14, 2019, U.S. District Judge Jon S. Tigar of the Northern District of California preliminarily approved a proposed $240 million cash settlement that would resolve shareholder derivative litigation over Wells Fargo's illicit account creation scandal. The settlement resolves claims against 20 current and former directors and officers, ...

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Joshua Nassir


Posted by Joshua Nassir on 05/28/2019

On May 28, 2019, the Supreme Court of the United States issued a ruling in Home Depot v. Jackson, prohibiting third-party defendants from removing class actions from state court to federal court. In a 5-4 decision authored by Justice Thomas, the Supreme Court held that the term "defendant" in the context of the removal statutes did not encompass ...

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David Calvello

Congress Seeks to Ban Pay-For-Delay Deals

Posted by David Calvello on 05/23/2019

Both the House of Representatives and the Senate have recently proposed bills that would effectively ban pharmaceutical companies from engaging in "pay-for-delay" deals that block generic drug entry and harm consumers. Pay-for-delay arises during the course of patent litigation settlement, when a brand pharmaceutical company pays off a generic ...

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Faruqi & Faruqi

The SEC’s Recent ICFR Enforcement Actions Remind Companies To Take Timely Remedial Action Upon Finding Internal Control Weakness

Posted by Faruqi & Faruqi on 05/22/2019

On May 22, 2019, the Securities and Exchange Commission (SEC) announced that it had settled internal control over financial reporting ("ICFR") violations with four companies charged with violating Section 13 of the Exchange Act and the rules promulgated thereunder. The SEC's announcement provides an important reminder that companies must not ...

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Nina Varindani

Delaware Supreme Court Affirms Chancery Finding that Board had no Duty to “Repackage and Restate” Information Found in a Simultaneously Provided Public Filing

Posted by Nina Varindani on 05/22/2019

On May 16, 2019, the Delaware Supreme Court affirmed the Court of Chancery's prior decision finding that the Board of Directors (the "Board" or "Defendants") of Equus Total Return, Inc. ("Equus" or the "Company") did not breach its fiduciary duties when seeking shareholder approval of an equity incentive compensation plan (the "Plan"). Plaintiff ...

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Sherief Morsy

Supreme Court Affirms That Dissemination of False and Misleading Statement Can Result In Liability Under Subsections (a) and (c) of SEC Rule 10b-5

Posted by Sherief Morsy on 05/22/2019

On March 27, 2019, the United States Supreme Court issued a decision in Lorenzo v. Securities and Exchange Commission, No. 17-1077, -- S. Ct. --, 2019 WL 1369839 (2019) affirming the D.C. Circuit Court of Appeals' and the Securities and Exchange Commission's ("SEC") finding that "by knowing disseminating false information to prospective investors, ...

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Maxwell Michael

Faruqi & Faruqi Scores Win for Investors Before Supreme Court of the United States

Posted by Maxwell Michael on 05/03/2019

On April 23, 2019, the Supreme Court dismissed as improvidently granted the writ of certiorari granted in Emulex Corp. v. Varjabedian, No. 18-459. The case originated in the Northern District of California where shareholders had asserted claims under Section 14(e) of the Securities Exchange Act of 1934 to challenge the Recommendation Statement ...

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