Daily Archives: October 20, 2023, 8:23 am

SEC’s Life Sciences Actions Utilize Novel Tools and Theories | Morrison Foerster

The U.S. Securities and Exchange Commission and U.S. Department of Justice have touted a renewed focus on traditional forms of securities fraud, including insider trading, accounting fraud and disclosure fraud involving public companies. Government scrutiny and enforcement efforts have increasingly mounted against the life sciences and health care industry. Recent months have seen a wave of enforcement actions against publicly…

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Ninth Circuit Revives in Part Facebook Privacy-Related Securities Suit | The D&O Diary

I have long thought that privacy-related issues represent one of the important emerging areas of D&O liability exposure. One case that I thought represented an example of this emerging risk was the securities class action lawsuit brought against Facebook related to the Cambridge Analytica user data privacy scandal. However, when the court granted the motion to dismiss in the case,…

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SBF sought ‘justifications’ for missing funds, ex-FTX lawyer testifies

Cryptocurrency exchange FTX’s former top lawyer testified on Thursday that its founder Sam Bankman-Fried asked him to come up with “legal justifications” for why it was missing $7 billion in customer funds four days before the company declared bankruptcy. Can Sun, FTX’s former general counsel, testified at Bankman-Fried’s fraud trial that the company on Nov. 7, 2022, asked investment fund Apollo for emergency capital…

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Crypto Influencers and ‘Degenerates’ Flock to Sam Bankman-Fried’s Trial – The New York Times

Mr. Bankman-Fried’s trial — on fraud charges stemming from the collapse of his FTX crypto exchange — has brought two disparate worlds into a strange collision, unleashing a hyper-online horde of crypto obsessives (or “degenerates,” as some of them call themselves) into the staid and formal environs of federal court. As the trial has unfolded, reporters have competed for seats…

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