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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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Stephen Doherty

On High Drug Prices, Bipartisanship Is Still Alive . . . Maybe?

Posted by Stephen Doherty on 06/18/2019

Despite the deluge of blogs, tweets and magazine articles caterwauling about the alleged death of civility and bipartisanship that pervade Washington in recent years, last week's introduction of a bipartisan bill aimed at lowering drug costs proves that there are still issues on which Democrats and Republicans can agree. The bipartisan bill ...

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Joshua Nassir

NINTH CIRCUIT REVERSES MAJOR LIMITATION ON NATIONWIDE CLASS ACTIONS

Posted by Joshua Nassir on 06/14/2019

On June 6, 2019, the United States Court of Appeals for the Ninth Circuit issued an en banc decision in In re Hyundai and Kia Fuel Economy Litigation, reversing its previous, stringent ruling that district courts must engage in a rigorous choice-of-law analysis when certifying a class action settlement. The 8-3 decision, authored by Circuit ...

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Alex B. Heller

Longfin and Former CEO Charged In Alleged Fraud Scheme

Posted by Alex B. Heller on 06/11/2019

On June 5, 2019, the Securities and Exchange Commission ("SEC") filed a complaint in the United States District Court for the Southern District of New York against Longfin Corp. ("Longfin") and the company's former CEO Venkata Meenavalli ("Meenavalli"). In a statement on the same day, Anita B. Bandy, associate director of the SEC's Division ...

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Megan Sullivan

The SEC Warns Brokers And Investment Advisors To Implement Effective Cybersecurity Measures

Posted by Megan Sullivan on 06/06/2019

The SEC's Office of Compliance Inspections and Examinations ("OCIE") has announced that cybersecurity is a priority for 2019. The division said in December that its examinations will place an emphasis on the configuration of storage systems and information security governance. Pursuant to this goal, the OCIE recently conducted examinations ...

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Patrick J. Collopy

$101 Million Judgment to Walmart Employees for Pay Stub Violations

Posted by Patrick J. Collopy on 06/05/2019

On May 31, 2019, the U.S. District Court for the Northern District of California awarded more than $101 million to a class of California Walmart employees who were provided with improper wage statements. The Court found that Walmart issued wage statements that failed to inform its employees of all applicable hourly rates in effect during a ...

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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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