Disgraced Theranos CEO Elizabeth Holmes suffered a significant legal setback Thursday after an appeals court rejected her bid to rehear her case. The 9th Circuit US Court of Appeals declined Holmes’ request to have her case reconsidered by the original panel of three judges who previously affirmed her 2022 fraud conviction. The court said that none of the judges from…
Commonwealth Financial Network doesn’t have to pay the SEC over $93 million for purportedly paltry disclosures of its revenue-sharing agreement without a jury review of whether more detailed disclosures would’ve changed investors’ minds, a federal appeals court said Tuesday. The district court shouldn’t have granted the Securities and Exchange Commission’s motion for summary judgment, a three-judge panel for the US…
Elizabeth Holmes lost her last-ditch effort to overturn her 2022 fraud conviction when a federal appeals court Monday upheld the judgment against the disgraced Theranos Inc. founder. A three-judge panel for the US Court of Appeals for the Ninth Circuit in San Francisco also upheld the conviction of her former business and romantic partner Ramesh “Sunny” Balwani, and it upheld…
Coinbase Inc. asked the Second Circuit to say that digital token trades on its platform aren’t transactions governed under federal securities law. “There is no more pressing issue in securities law today than the scope of the Securities and Exchange Commission’s authority to regulate secondary trades of digital assets,” Coinbase said in its petition docketed in the US Court of…
A law firm suing the US Securities and Exchange Commission to obtain a declaration that the firm’s use of the cryptocurrency Ethereum doesn’t violate securities laws faced a doubtful Ninth Circuit panel on Thursday. Hodl Law PLLC, which focuses its practice on digital assets and cryptocurrencies, sought to revive its lawsuit brought under the Declaratory Judgment Act, arguing that it…
Financial trading platform Robinhood Markets Inc. prevailed in a suit alleging it agreed to freeze trades of highly shorted GameStop stock options after the 11th Circuit affirmed a lower court’s dismissal of the case. The US Court of Appeals for the 11th Circuit in a Wednesday opinion held that investor plaintiffs failed to plausibly allege an unreasonable restraint of trade…
Lawyers for Theranos founder Elizabeth Holmes and company President Ramesh “Sunny” Balwani on Tuesday urged a federal appeals court to overturn their convictions for defrauding investors in the failed blood testing startup, which was once valued at $9 billion. Amy Saharia, Holmes’ lawyer, told a three-judge panel of the 9th U.S. Circuit Court of Appeals in San Francisco that Holmes…
For the second time this year, the 11th U.S. Circuit Court of Appeals has accepted the U.S. Securities and Exchange Commission’s expansive view of who must register as a securities dealer, handing a setback to industry groups that had urged the appeals court to clarify the distinction between dealers and investment funds that trade securities on their own behalf. The…
Fifth Circuit Judges Edith Jones, Stephen Higginson and Cory Wilson lifted the hold in an unpublished order. Their order also transfered litigation over the climate regulations to the Eighth Circuit. *** The SEC had told the Fifth Circuit that Liberty Energy’s request to pause the rules was premature ahead of the lottery to pick a court to handle the challenges,…
Litigation over whether the SEC can require public companies to disclose their greenhouse gas emissions and other climate-related information to investors will be consolidated and reviewed by the conservative-leaning Eighth Circuit, as the result of a lottery drawing Thursday. The Judicial Panel on Multidistrict Litigation lottery selected the US Court of Appeals for the Eighth Circuit as the venue for…