News
A Company’s Representations Relating to its Cybersecurity Can be the Basis of a Section 10(b) Fraud Action
SolarWinds is a major software company that sells high-end software to governmental and private entities and provides system management tools for network and infrastructure monitoring to hundreds of thousands of organizations around the world. In December 2020,...
Hiding the Ball: The Implications of the Marketing Rule
A recent order by the Commission in In the Matter of Wahed Invest, LLC, No. 3-22283 (Nov. 1, 2024) (the “Order”) issued against Wahed Invest LLP (“Wahed”) illustrates the operation of the Marketing Rule. Wahed, a financial services company based in New York, is subject to federal law and regulations, including the Investment Act, since it has been registered with the Commission as an investment adviser since 2015. On November 1, 2024, the Commission published a cease-and-desist order against Wahed for disseminating ads containing endorsements from professional athletes on its website, through emails, and on social media posts that failed to provide the disclosures required under the Marketing Rule.
Lowey Dannenberg Secures Preliminary Settlement Approval on behalf of Global Payments Investors
In 2022, Global Payments Inc. (“Global Payments”), a premier fintech company that provides payment processing solutions, became entangled in a federal enforcement action brought by the Consumer Financial Protection Bureau (“CFPB”) against Active Network LLC...
$85,000,000 settlement with Indivior for Suboxone Related Fraud and Antitrust Claims
Lowey Dannenberg is pleased to announce that on July 8, 2024, seven days before trial was to commence in HCSC v. Indivior Inc., et al., CL20-1474 (lead case), Plaintiffs Aetna, Inc. Blue Cross Blue Shield of Massachusetts, Inc., Health Care Service Corp., Blue Cross...