All posts by Cooley

Cooley Secures Complete Dismissal of Securities Enforcement Action for Accelerated Assets

Cooley litigators secured a win on behalf of Accelerated Assets, an investment firm that is focused on the acquisition, development, sale and financing of timeshare assets, and two other entities, SS Purchco and Pahrump Valley Real Estate, obtaining a complete dismissal of all claims against the companies in the San […]

SEC Enforcement Director Sets Aggressive Tone

Gurbir Grewal, the recently-appointed Director of the Securities and Exchange Commission’s Division of Enforcement, comes from a law enforcement background.  Before joining the SEC, he served as New Jersey Attorney General, where he presided over cases against prominent companies alleging violations of state environmental law.  Before that, he served as […]

Ninth Circuit Rejects ‘Direct Listing’ Carve-Out from Securities Act Liability

On September 20, 2021, the United States Court of Appeals for the Ninth Circuit issued its much anticipated decision in Pirani v. Slack Technologies, Inc., which raised the novel question (a question of first impression, according to the panel) of whether shareholders lack standing to sue under Sections 11 and […]

Cooley Secures Dismissal of Securities Class Action for Overstock

Cooley litigators locked in a win on behalf Overstock, a company that provides online retail, securing a dismissal on behalf of the company and two of its executives in a securities class action in the US District Court for the District of Utah. Cooley lawyers Christopher Vail, Heather Speers, Jeff […]

Cooley Secures Complete Dismissal of Securities Class Action for Stitch Fix

Cooley litigators scored a win on behalf of Stitch Fix, a company that provides online personal styling services, obtaining a complete dismissal of a putative class action alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Cooley lawyers Patrick Gibbs, Jessica Valenzuela Santamaria, Claire A. […]

SEC Charges Alternative Data Provider With Misrepresenting Data Sources

What happened Last week the SEC brought securities fraud charges against App Annie and its co-founder and former CEO and Chairman Bertrand Schmitt for engaging in deceptive practices and making material misrepresentations about how App Annie’s alternative data was derived. App Annie and Schmitt agreed to pay $10 million and […]

Plumbers & Steamfitters Local v. Danske Bank: Second Circuit Affirms Dismissal of Securities Class Action Arising from Money Laundering at Estonian Branch of Denmark Bank

Summary On August 25, 2021, the Second Circuit unanimously affirmed the lower court’s dismissal of a securities class action accusing Danske Bank and several of its former executives of downplaying a money-laundering scandal at Danske’s Estonian Branch. The court held that while the Estonian Branch’s failure to follow anti-money laundering […]

Cooley Obtains Complete Dismissal of Securities Class Action for Biopharmaceutical Company

Earlier this month, a team of Cooley litigators achieved a significant victory on behalf of French biopharmaceutical company GENFIT, S.A., obtaining complete dismissal of a putative class action alleging violations of Sections 11 and 15 of the Securities Act of 1933.  On August 10, 2021, Justice Jennifer G. Schecter of […]

SEC Enforcement Targets Cybersecurity Disclosures Again

Securities and Exchange Commission Chairman Gary Gensler has pledged to bring a renewed focus to robust enforcement of the federal securities laws. As we observed in a recent blog post, under Chairman Gensler and Director Gurbir Grewal, the SEC’s Division of Enforcement will be more aggressive in several arenas—including public […]

Cooley Team Wins Appellate Ruling That Beneficial Shareholders Cannot Seek Inspection of Company Records Under California Law

On July 2, 2021, the California Court of Appeal for the First Appellate District unanimously affirmed the superior court’s denial of a shareholder-inspection demand brought under California law. In Ramirez v. Gilead Sciences, Inc., the court ruled that a shareholder who holds shares as a beneficial owner lacks standing to bring […]