From: Delaware Law360 <news-alt@law360.com>
Date: Wed, Oct 12, 2022, 3:35 AM
Subject: Twitter Investor Says Musk Intentionally Tanked Its Stock Price
To: <g@xny.io>
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DELAWARE |
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TOP NEWS Twitter Investor Says Musk Intentionally Tanked Its Stock Price Twitter investors have hit Elon Musk with a putative securities class action over his oscillating approach to the $44 billion purchase of Twitter, an ordeal that one stockholder characterized as a ploy designed to drive down Twitter's stock price.
Musk Says Twitter Whistleblower Told To Burn, Delete Records Elon Musk has accused Twitter Inc. of ordering a former high-level security employee and whistleblower to burn or delete notes and electronic files potentially damaging to Twitter and its Delaware suit to force his closing on a $44 billion go-private deal. Yankees Broadcaster Loses COVID Insurance Coverage Suit A Delaware federal judge on Tuesday threw out a COVID-19 coverage lawsuit from the broadcaster of the New York Yankees and Brooklyn Nets, finding that the court lacks jurisdiction over the matter.
SeeCubic, Stream TV Clash On Chancery Asset Control Rules A high-tech television venture that won a court order for the return of its key assets for at least 10 days after the Delaware Chancery Court invalidated a unilateral creditor takeover on Tuesday disputed creditor demands for a $1 million bond and other restrictions while the fight continues. Justices Asked To Keep Staying Novartis' Gilenya IP Loss Novartis has urged the U.S. Supreme Court to continue blocking a Federal Circuit mandate invalidating its patent on multiple sclerosis drug Gilenya, arguing that the stay petition is not just an effort to postpone invalidation.
Chancery Awards $900K Fee For Biopharma Co. Settlement A shareholder who negotiated a settlement with Sage Therapeutics Inc. after suing in Delaware Chancery Court over alleged "grossly excessive" director pay was awarded $900,000 for his efforts Tuesday, nearly three times what the company wanted but shy of the $1.25 million he sought. Justices Won't Hear HSBC Debtor's Ch. 13 Fight The U.S. Supreme Court on Tuesday declined to hear a case rebutting a bankruptcy court's decision not to allow a Chapter 13 debtor to make up missed payments to HSBC after the expiration of a five-year payment plan. Packable Cleared For Ch. 11 Restructuring Officer Hires E-commerce venture Packable Holdings received permission to hire a chief restructuring officer and associated staff Tuesday after telling a Delaware bankruptcy judge it had reached an agreement on the hire with its unsecured creditors. NewAge To Get OK For $28M Ch. 11 Credit Bid Sale A Delaware bankruptcy judge said on Tuesday that she was prepared to approve the $28 million sale of health and wellness product distributor NewAge Inc., after the company said it received no offers that beat its stalking horse credit bid. Ch. 11 Cheat Sheet: Kabbage Inc. Atlanta-based small business lender Kabbage filed for Chapter 11 protection in Delaware on Oct. 3, saying it's seeking to wind down and liquidate the portions of its business not purchased by American Express in 2020. Justices Undo OK Of Undated Mail-In Ballots The U.S. Supreme Court on Tuesday vacated a Third Circuit decision holding that a Pennsylvania county should tally mail-in ballots lacking a proper date on the outer envelope in an already-decided judicial election, at the same time ordering the lower court to dismiss the case as moot.
3rd Circ. Halts Deportation For Haitian Man, Cites Bad Counsel The Third Circuit on Tuesday reversed a Board of Immigration Appeals order to deport a Haitian national, ruling he had ineffective counsel and that a lower court judge failed to consider evidence showing he would face physical danger upon returning to his home country following a politically motivated attack in 2014.
3rd Circ. Upholds Pa. Theft Statute In Deportation Case The Third Circuit on Tuesday upheld the deportation of a Moroccan man who pled guilty to stealing $1,000 worth of drills from Home Depot, saying the state statute for theft does not unconstitutionally force a defendant to prove that they didn't have intent to steal.
DOJ Overhauls Walmart Opioid Suit After High Court Decree Amid the U.S. Supreme Court's new standards for Controlled Substances Act cases, the U.S. Department of Justice is striving to salvage a sweeping suit targeting Walmart's sales of prescription narcotics, insisting that company officials "routinely ignored" their own suspicions about opioid orders.
EU Clears $11B Celanese Deal For DuPont Unit With Fix European enforcers on Tuesday cleared a deal for industrial chemical company Celanese to pick up DuPont's mobility and materials business for $11 billion, conditioned on the sale of a global thermoplastics business over concerns about competition for automotive customers. DLA Piper Adds Ex-Federal Prosecutor In Wilmington Office DLA Piper is growing its litigation practice by hiring the corruption and civil rights section chief in the U.S. Attorney's Office for the Eastern District of Pennsylvania to be a new litigation partner in its Wilmington, Delaware, office, the firm announced. Permitting Reform: Electric Transmission Implications While Sen. Joe Manchin recently withdrew his energy infrastructure permitting reform proposal, it is likely that it will remain high on the congressional agenda — especially given its potential to transform authorizations and reviews for electric transmission projects, say attorneys at Steptoe & Johnson. Risk Mitigation In Face Of Rising Legal Malpractice Claims As the recent rise in frequency and cost of legal malpractice claims is expected to continue amid global high inflation and economic uncertainty, law firms and insurers would be wise to evaluate key risk areas and consider six steps to minimize exposure, say Nicole Shapiro and Cory Stumpf at Atheria Law.
Feds To Pay $125M To End PACER Users' Overcharge Suit The U.S. government has agreed to pay $125 million to end a class action from a group of nonprofits that allege the judiciary charges users excessive fees to run the Public Access to Electronic Court Records system, the class said in D.C. federal court Tuesday. Renowned EDNY Judge Sterling Johnson Dead At 88 Brooklyn federal Judge Sterling Johnson Jr., who served for over 30 years on the bench in the U.S. District Court for the Eastern District of New York, died Monday at the age of 88, following a storied career as a jurist and in law enforcement. DOJ Asks Justices To Skip Trump Classified Doc Appeal The Justice Department asked the U.S. Supreme Court on Tuesday to reject former President Donald Trump's request to reinstate special master review of classified documents seized from his Mar-a-Lago estate, arguing that the Eleventh Circuit clearly had jurisdiction to carve the sensitive documents out of the review. Judicial Security Bill Added To Senate Defense Measure A bill to protect federal judges' personal information online was added to annual defense authorization legislation in the Senate Tuesday, giving the long-stalled judicial security measure a potential path to become law before the end of this year. Ga. State Bar Says It Uncovered A Second Data Breach The State Bar of Georgia says its systems were breached by an "unauthorized person," just over five months after it had to take down its website and shutter its email service upon the discovery of another cybersecurity incident. Dentons Unveils Landmark Combination With Indian Firm Dentons is becoming the first global law firm to combine with a firm based in India. 21 Orrick Attys Leave Firm In Italy For New Venture An Orrick Herrington & Sutcliffe LLP renewable energy partner has left the firm's Milan office along with 20 other attorneys to launch a new entity called Green Horse Advisory. Senior DOJ National Security Official Joins Paul Weiss In DC One of the U.S. Department of Justice's highest ranking national security lawyers has joined Paul Weiss Rifkind Wharton & Garrison LLP as co-head of the firm's cybersecurity and data protection practice and as a partner in the litigation department. Ga. Judge Orders 5 Trump Allies To Testify In Election Probe The judge overseeing an investigation into possible criminal interference in Georgia's 2020 presidential election by former President Donald Trump and others has ordered five Trump allies to testify in the case, including former U.S. House Speaker Newt Gingrich and former National Security Adviser Michael Flynn. Justices Remand US Trustee's Fee Hike Suit To 2nd Circ. The U.S. Supreme Court remanded a suit over an increase in fees charged by the Office of the United States Trustee on Tuesday, saying the case needs to be reconsidered by the Second Circuit Court of Appeals in light of the high court's June ruling finding the hike unconstitutional.
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