Tuesday, March 28, 2017 6:20 PM PT
By MATTHEW RENDA 

     SAN JOSE, Calif. (CN) - A federal judge tossed a shareholder derivative suit against Disney's 11-person board of directors for lack of evidence they knew about a wage-fixing agreement between animation studios. 

By LORRAINE BAILEY 

     (CN) - Calistoga Pharmaceuticals shareholders cannot lay claim to a $50 million payment tied to its merger agreement with Gilead because its drug was approved in Europe for only a subset of leukemia patients. 

By LORRAINE BAILEY 

     (CN) - Vanguard Natural Resources may have misled shareholders by neglecting to disclose a cut to shareholder distributions to pay down debt associated with its acquisition of LRR Energy, a federal judge ruled. 

By RYAN KOCIAN 

     TYLER, Texas (CN) - A federal judge granted class certification in a securities fraud lawsuit accusing J.C. Penney of boosting its stock price through false and misleading statements. 

By LORRAINE BAILEY 

     (CN) - The Securities and Exchange Commission should have considered the public's right to know before refusing to release names of people who submitted comments about the Empire State Building's conversion to an REIT, a federal judge ruled. 

By LORRAINE BAILEY 

     (CN) - A CEO who borrowed $8 million from Merrill Lynch to exercise stock options just before the 2008 financial crisis cannot sue the bank for liquidating a portion of his collateral when the stock market bottomed out, the Sixth Circuit ruled. 

By DAVID LEE 

     SHERMAN, Texas (CN) - A federal judge dismissed the U.S. Securities and Exchange Commission's lawsuit against Texas Attorney General Ken Paxton for the second and final time as he awaits trial on similar state criminal charges. 

By IZZY KAPNICK 

     (CN) - The law firm of Andrews & Springer beat out fellow Delaware firm Rigrodsky & Long in a bid for appointment as lead counsel in litigation over an alleged stock pumping scheme by biopharma firm CytRx. 

By IZZY KAPNICK 

     (CN) - Tackling tangled questions about arbitrability, the Delaware Chancery Court defined the early battlegrounds for a dispute between construction industry giant Tutor Perini Corp. and its subsidiary's former CEO. 

By LORRAINE BAILEY 

     (CN) - The Eleventh Circuit reversed a securities fraud charge against a Florida investor who helped Scott Rothstein defraud investors with his $1.2 billion Ponzi scheme, but upheld a $40 million disgorgement judgment. 

By IZZY KAPNICK 

     ( CN) - The Delaware Chancery Court granted class counsel's request to modify the procedure for distributing $115 million in settlement proceeds from a shareholder class action over Dole Food's 2013 privatization buyout by CEO David Murdock. 

By TIM RYAN 

     WASHINGTON (CN) - A federal judge ruled that an appeals court's decision to rehear a case on the constitutionality of the Consumer Financial Protection Bureau's structure doomed an anonymous company's attempt to prevent the agency from continuing an investigation. 

By GINA CARRANO 

     WILMINGTON, Del. (CN) - Pointing to oil's miraculous market turnaround, shareholders claim in a federal class action that the planned $3.2 billion acquisition of a Texas tycoon's company falls short. 

By LORRAINE BAILEY 

     
     CHICAGO (CN) - In a derivative suit, Urban Outfitters shareholders say the company misrepresented the strength of its core brand in 2013 sales figures, causing shares to fall 10 percent when the gloomy news became known.

By NICKEESHA SWABY 

     
     (CN) - Pharmaceutical firm Scynexis Inc. failed to reveal problems with its flagship drug after raising $62 million in the company's initial public offering, investors claim in a class action.

By MONICA PAIS 

     (CN) - The Federal Trade Commission sued a Miami-based firm it says stole millions from inventors by selling them bogus patent and marketing services. 

By NICKEESHA SWABY 

     (CN) - A class of shareholders claims in court that they were left in the dark about the $1.6 billion acquisition of data technology company Ixia by Keysight Technologies Inc.

By ROBERT KAHN 

     MANHATTAN (CN) - A Ukrainian stock-trading firm manipulated U.S. markets "hundreds of thousands of times" and made $28 million from it, with help from the CEO of a brokerage firm in New York City, the SEC claims in Federal Court. 

By KEVIN KOENINGER 

     CHICAGO (CN) - A class of Caterpillar shareholders claims the machinery manufacturer used foreign subsidiaries to avoid paying billions in taxes and then lied about its conduct to prevent a drop in stock price. 

By NICKEESHA SWABY 

     (CN) - Biopharmaceutical company Galena Biopharma Inc. allegedly violated a litany of federal laws in connection with sales of its fentanyl drug Abstral causing investors substantial losses when the company revealed it was under civil and criminal investigations.

By NICKEESHA SWABY 

     
     (CN) - Western Union is being sued by investors after admitting to fraud and agreeing to pay $586 million to settle investigations by the U.S. Department of Justice and the Federal Trade Commission.

By NICK RUMMELL 

     NEWARK, N.J. (CN) - In the lead-up a Japanese buyer's $3.3 billion acquisition of Fortress Investment Group, various foreign traders used insider information to make millions on the buyout, the Securities and Exchange Commission claims in a federal complaint. 

By NICKEESHA SWABY 

     
     (CN) - Sports apparel company Under Armour Inc. faces an investor class action after suffering a roughly $2.7 billion loss of market capitalization after announcing lower than expected fourth quarter revenues and the replacement of its recently appointed chief financial officer.

By LORRAINE BAILEY 

     
     (CN) - A court ruling nuking the Aetna-Humana proposed $37 billion merger revealed that Aetna lied about its reason for withdrawing from 11 state health insurance exchanges, an investor class action claims.

By IZZY KAPNICK 

     (CN) - The Securities and Exchange Commission would "benefit enormously" if at least one commissioner is required to have experience as a state regulator, according to North American Securities Administrators' Association policy director Michael Canning.

By IZZY KAPNICK 

     (CN) - The North American Securities Administrators Association wants Congress to fund regional investor-protection programs and require at least one member of the Securities and Exchange Commission to have experience as a state securities regulator.

By TISH KRAFT 

           (CN) - With a fast-growing trend of financial investment advisers providing services online, potentially while using computer algorithms, the United States Securities and Exchange Commission wants investors to know that the so-called "robo-advisers" can be researched as regular financial advisers can, including registration or license status and disciplinary history.

By IZZY KAPNICK 

     (CN) - The Securities and Exchange Commission and the North Amercian Securities Administrators Association signed an information-sharing agreement that they claim will help protect the public against fraud in the wake of new rules for intrastate capital-raising.

By TISH KRAFT 

     (CN) - Claiming businesses are having trouble borrowing money due to regulations, President Donald Trump signed an order for a review of Obama era rules meant to reign in activity blamed for crashing the United States economy in 2008.

By IZZY KAPNICK 

     (CN) - In a long-anticipated confirmation hearing, the nominee for Chair of the Securities and Exchange Commission was grilled by Democratic senators over his career as an attorney representing Wall Street financial firms, and the prospect of having to recuse himself from regulatory matters due to ties to the institutions he will be charged with policing.

By JOSH RUSSELL 

     MANHATTAN (CN) - Opening the inside-trading trial of a legendary sports gambler, federal prosecutors told jurors Wednesday that Billy Walters is "a cheater trying to look like a genius."

By DAVID LEE 

     McKINNEY, Texas (CN) - Texas Attorney General Ken Paxton dared special prosecutors to drop their criminal case against him, saying their request to delay his May 1 trial until they are paid violates his right to a speedy trial.

By MATTHEW RENDA 

     SAN JOSE, Calif. (CN) - Blood-testing company Theranos attempted to skirt a federal lawsuit by arguing people who claim to have invested in the company aren't actually investors and have no standing to sue.

By IZZY KAPNICK 

     (CN) - Deutsche Bank and Credit Suisse will have roughly five years to dish out billions of dollars in consumer-relief funds for settlements with the Department of Justice over mishandling of mortgage-backed securities leading into the 2008 financial crisis.

Privacy Policy       Terms of Use