Patterns of merger litigation have changed significantly in response to developments in Delaware law, four scholars find in a recent paper . Lawyers for stockholder plaintiffs have filed fewer fiduciary duty cases in Delaware since Chancellor Andre Bouchard essentially barred disclosure-only settlements last year in in a case arising from the sale of Trulia to Zillow , instead opting to file such matters in the courts or other states or bring securities law cases in federal court.
Category: US Securities and Exchange Commission
SEC Advisory Committee to Question Snap’s Transparency
An investor committee that advises the U.S. Securities and Exchange Commission will examine if the Snap Inc.’s decision to deny shareholders voting rights will reduce Snap’s public revelations regarding executive pay and governance affairs, the head of the committee told Reuters Wednesday evening. The review is expected sometime next week.
Brazil Airline Azul Files for U.S. Initial Public Offering
Azul SA, the Brazilian airline led by JetBlue Airways Corp. founder David Neeleman, filed for an initial public offering in the U.S., following at least two previous delays because of slumping Brazilian stocks. The Sao Paulo-based airline filed Monday for a $100 million IPO, a placeholder amount used to calculate fees that may change.
Rpt: Snapchat to Reveal Financials Within a Week
Snap, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering , sources familiar with the situation said on Friday. The Venice, California-based company will publish the registration document it secretly filed with U.S regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company.
Pershing Square Pays $75,000 To Settle Pay-to-play Probe
Pershing Square Capital Management reached a $75,000 settlement with the U.S. Securities and Exchange Commission Tuesday regarding a campaign contribution made by a former employee that violated the government’s donation rules. The former employee contributed $500 to a personal friend of a sibling, who tried, unsuccessfully, to enter one of the gubernatorial primaries in Massachusetts.
Cooperman Case Poses Question of When Inside Tips Become Illicit
Regulators pursuing an insider-trading case against billionaire Leon Cooperman say he is using an “astounding theory” to justify trading on non-public information he obtained from a company insider. The U.S. Securities and Exchange Commission said Cooperman is seeking to use a “loophole” in insider-trading law that would “reward deception.”
Vermont ski resort owner denies SEC civil fraud charges
The owner of a Vermont ski resort is denying fraud allegations filed against him by the U.S. Securities and Exchange Commission. In documents filed last week in federal court in Miami, Ariel Quiros denies that he was behind a $200 million fraud at Jay Peak ski resort.
Deutsche Bank Admits Misleading Clients in Dark Pool Trades
Deutsche Bank AG agreed to pay $37 million and admit to misleading customers about its dark pool stock-trading platforms to settle a joint state and federal probe, bringing the bank a step closer to resolving several potentially costly legal challenges in the U.S. The bank will admit to violating state and federal securities laws over a two-year period by failing to address known technical problems with its proprietary dark-pool ranking model, the U.S. Securities and Exchange Commission and New York Attorney General Eric Schneiderman said Friday. “Misleading and self-serving statements that defraud investors will not be tolerated,” Schneiderman said.