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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe Stock Market Hopes Arm’s IPO Is a Hit – The New York Times
Call it Wall Street’s Groundhog Day. When shares of Arm, the British chip designer, begin trading on the Nasdaq stock exchange on Thursday in the year’s biggest initial public offering, investors, tech executives, bankers and start-up founders will be watching closely for how it performs. If Arm’s stock falls, they will know that the market […]
An IPO for a Painting? This $55 Million Masterpiece Is Going Public – WSJ
A company named Artex is launching a roughly $55 million initial public offering of Bacon’s “Three Studies for a Portrait of George Dyer,” painted shortly after the couple met in 1963. Shares in the portrait will be sold for around $100 a piece and will list on a specially created art stock exchange based in […]
IPO Bust Sends Big Law Work Plummeting 95% From Record Year
There’s some good news for capital markets lawyers: 2022 is over. It was a dismal 12 months for US initial public offerings, which raised just more than $18 billion last year, according to data compiled by Bloomberg. That’s down more than 95% from the record $275 billion raised in 2021, propelled by a boom in […]
The IPO Bust Blew a $575 Million Hole in Law Firm Revenue
A total of 724 US companies paid their lawyers $640 million for work on IPO registrations in the first three quarters of last year, according to data compiled by Bloomberg and an analysis by Bloomberg Law. The drop-off this year is eye-watering: A mere 66 companies reported paying their lawyers $64 million. That’s $575 million […]
Coinbase gets all-clear from SEC, setting stage for landmark crypto listing | Reuters
Coinbase Global Inc, the largest U.S. cryptocurrency exchange, has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates. The company, which plans to go public through a so-called direct listing, expects to list its […]
SEC Probes Listings of Slack, Other Unicorns on NYSE – WSJ
The Securities and Exchange Commission is investigating the listings of Slack Technologies Inc. WORK 2.40% and other major companies on the New York Stock Exchange, in a probe looking at how trading was handled on the first day, people familiar with the situation said. SEC enforcement staff have recently sent letters including one seeking information […]
Multiplied and Parallel Litigation: The Mess that Cyan has Wrought | The D&O Diary
As observers have discussed the kinds of problems that the U.S. Supreme Court’s Cyan decision can create, specific concerns have included the possibility of parallel state and federal court litigation, and even the possibility of parallel litigation in multiple states. In the course of the discussion of these issues, these litigation risks might have seemed […]
Well, That Didn’t Take Long: Lyft Hit with IPO-Related Securities Suit | The D&O Diary
On March 28, 2019, amidst much fanfare, the rideshare company Lyft went public at $72 a share, raising more than $2.2 billion. In the first trading day following the offering, the company’s share price rose 8.7 percent. However, despite the initial euphoria, Lyft’s share price then began to slump. Lyft shares closed at $58.36 on […]
SEC Wants to Make It Easier for Companies to Explore IPOs – WSJ
Any company exploring whether to go public would get greater leeway to discuss their plans privately with potential investors before announcing an initial public offering, under a proposal that securities regulators released Tuesday. In a bid to boost the number of public companies, the Securities and Exchange Commission proposed letting all companies “test the waters” […]
Saying So Long to State Court Securities Litigation
Unfortunately, almost a century later, that “happenstance” is contributing to a shrinking IPO market. Given the absence of any apparent original purpose for granting concurrent jurisdiction over adjudication of IPO-related claims and Congress’ more recent intent to prevent plaintiffs from evading the protections of the PSLRA by filing suit in state courts, it is time […]