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Join the Securities Litigation and Enforcement Group on LinkedInSEC Charges Pharmaceutical Co. Chief Information Officer in $8 Million Insider Trading Scheme
The Securities and Exchange Commission today announced insider trading charges against Ramkumar Rayapureddy, Chief Information Officer of pharmaceutical company Viatris Inc., which was formerly known as Mylan N.V. The SEC’s complaint, filed in the United States District Court for the Western District of Pennsylvania, alleges that, from at least September 2017 through July 2019, Rayapureddy, […]
W. Anders Folk and Kristin Berger Parker join Jones Day as partners in Minneapolis | Jones Day
The global law firm Jones Day announced today that W. Anders Folk and Kristin Berger Parker have joined the Firm as partners in the Minneapolis Office. Mr. Folk joins Jones Day’s Investigations & White Collar Defense Practice, and Ms. Parker joins the Firm’s Labor & Employment Practice. Mr. Folk spent the last four years at […]
Citigroup, funds in talks to end lawsuit over errant $500 mln Revlon payment | Reuters
Citigroup Inc is in talks to end litigation against hedge funds and investment firms that it mistakenly paid about $500 million on a loan owed by Revlon Inc (REVRQ.PK), billionaire Ronald Perelman’s now-bankrupt cosmetics company. Both sides had been expected to apprise U.S. District Judge Jesse Furman in Manhattan on their next steps in the […]
Sam Bankman-Fried’s Net Worth Goes From $16 Billion to Zero After FTX Collapse – Bloomberg
The entire $16 billion fortune of FTX co-founder Sam Bankman-Fried has now been wiped out, one of history’s greatest-ever destructions of wealth. The downfall of his crypto exchange and its trading house, Alameda Research, means assets owned by the mogul once likened to John Pierpont Morgan have become worthless. At the peak, the 30-year-old was […]
After Binance deal fails, FTX cryptocurrency investors’ money in limbo – The Washington Post
Since 1990, the Ontario Teachers Pension Plan has managed hundreds of billions of dollars in assets for nearly 200,000 education workers, holding stakes in traditional investments from airports to shopping centers. But on Thursday the Canadian pension fund warned in a statement it had suffered a hit from a more alternative gamble: The fund had […]
PLUS Panelists: New SEC Disclosure Rules May Drive Up D&O Claims
New rules proposed by the US Securities and Exchange Commission on cybersecurity and climate impact disclosures may generate more lawsuits that will generate claims against directors & officers policies, panelists said Wednesday during the Professional Liability Underwriting Society’s conference. “More disclosure, more securities litigation,” said attorney Noelle M. Reed, a partner with the Skadden law […]
SEC Wins Motion for Summary Judgement In SEC v. LBRY
Finally, the court dispensed with LBRY’s argument that it had been deprived of “fair notice” that its offerings were subject to the securities laws. In rejecting LBRY’s contention that the SEC’s suit constituted a “substantial change in its enforcement policy that was not reasonably communicated to the public” because LBRY did not conduct an ICO, […]
Top FTX Lawyer Orders Documents Preserved as Investigations Ramp Up
The top lawyer at FTX US has instructed all FTX employees to preserve their work-related documents, the latest sign of possible legal exposure for Sam Bankman-Fried’s troubled crypto empire. On Wednesday, FTX US General Counsel Ryne Miller ordered all staff to retain their emails, messages, notes and documents stemming from their work at FTX, FTX […]
‘Never Let a Good Crisis Go to Waste’: CFTC Commissioner Calls on Congress to Act After FTX Debacle
“There is a regulatory gap that really limits our ability,” Johnson said, and thus Congress needs to act to clear the fog on crypto regulation. FTX being on the verge of collapse gives Congress plenty of reasons to act, and is a prime example of “never letting a good crisis go to waste,” she said. […]
SEC Announces Additional Charges in Scheme to Trade Ahead of Pharma Tender Offer
According to the SEC’s complaint, filed in federal district court in Manhattan, Brian Wong made approximately $400,000 from illegally trading ahead of a February 2021 announcement of a tender offer by Merck & Co., Inc. to acquire Pandion Therapeutics, Inc. The SEC’s complaint alleges that Brian Wong’s brother, Brandon Wong, unlawfully communicated material nonpublic information […]