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SEC Charges Silicon Valley “Unicorn” with Investor Fraud

March 15th, 2018

The United States Securities and Exchange Commission (“SEC”) announced today, Wednesday, March 14, 2018, that it charged private company Theranos, Inc., its CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with massive investor fraud.  Theranos, once a Silicon Valley “unicorn” valued at $9 billion, promised to make blood-testing easy and near-painless by using...

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The Magical Mystery Tour to the Solodyn Trial

March 14th, 2018

On Monday, March 12, 2018, trial started in the District of Massachusetts in the challenge to the reverse payments involving the drug Solodyn, an extended release minocycline used to treat acne.  The case started in 2013.  Initially, the case involved a class of direct, a class of indirect purchasers, and individual retailers against one brand defendant (Medicis) and three generic defendants...

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Supreme Court To Consider The Constitutionality Of The Hiring Process For The Sec's Administrative Law Judges

March 13th, 2018

On January 12, 2018, the U.S. Supreme Court agreed to hear Lucia v. Securities and Exchange Commission, No. 17-130, in which the justices will decide whether the Securities and Exchange Commission’s (“SEC”) bureaucratic hiring process for its administrative law judges (“ALJ”) violates the U.S. Constitution’s Appointments Clause. The case was brought by financial advisor Raymond...

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U.S. Senate Seeks to Shine Light on Sexual Harassment in the Financial Services Industry

March 5th, 2018

On March 1, 2018, three United States Senators – Catherine Cortez Masto (D-NV), Dianne Feinstein (D-CA), and Elizabeth Warren (D-MA) – wrote joint letters to the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) requesting any information that the agencies have regarding the prevalence of sexual harassment in the financial industry.   In their...

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When Potential to Compete Is As Good As Preparation

March 1st, 2018

Judge Casper’s recent denial of summary judgment in the Asacol litigation expanded the universe of evidence that could be used to defeat a motion for summary judgment in cases alleging anti-competitive exclusionary conduct in the pharmaceutical market.  In Asacol, evidence evincing a generic company’s potential and incentive to compete rather than its actual preparation were sufficient to...

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