On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more
In the first Trump Administration, the Securities and Exchange Commission promulgated certain rules that had the effect of erecting barriers to activist investors seeking to have shareholder proposals--often involving topics...more
Is a report by a short seller followed by a stock decline enough to plead securities fraud? This month, the Fourth Circuit considered this issue. In Defeo v. IonQ, Inc., a group of investors sued IonQ, a developer of quantum...more
The SEC staff recently modified guidance indicating when “shareholder engagement” by an investor holding more than 5% of the stock of a public company constitutes “influencing control” that requires reporting on a long-form...more
As part of proceedings brought by activist shareholders of Nano Dimension, an Israeli incorporated Nasdaq traded company, the District Court ruled that ADS (American Depository Share) holders should be treated as shareholders...more
Public companies always have an abundance of priorities to address, and defending against shareholder activism is increasingly at the top of the agenda. Across industries and market caps, today's activists are more aggressive...more
In this issue, we cover regulatory developments impacting the investment management sector, including updates on closed-end fund activism and various new and revised SEC rules....more
Blaming a “U.S. move to impose tariffs on French goods,” luxury brand conglomerate LMVH is pulling out of a proposed $16 billion deal to buy jeweler Tiffany & Co. Tiffany is now suing to enforce the ill-fated agreement....more
Credit Suisse’s CEO Tidjane Thiam is out, to be succeeded next week by longtime company vet Thomas Gottstein. Thaim appeared to have ridden out the corporate spying scandal involving a former employee last year, and he had...more
In this issue, we summarize regulatory, litigation and industry developments from October 2019 to early January 2020 impacting the investment management sector, including SEC action on use of derivatives by registered...more