Welcome to A&O Shearman's Need-To-Know Litigation Weekly, which analyzes notable U.S. decisions, orders and developments each week in areas of Securities Litigation, Government/Regulatory Enforcement, M&A and Corporate Governance, Antitrust Litigation and IP Litigation. This weekly newsletter is intended to supplement our various publications and thought leadership concerning these important substantive areas.
Securities Litigation
Sixth Circuit Affirms Dismissal Of Securities Class Action Against Financial Services Company’s Spinoff Loyalty Program
On January 21, 2026, the United States Court of Appeals for the Sixth Circuit affirmed dismissal by the United States District Court for the Southern District of Ohio of a putative securities class action against a financial services company (the “Company”) and three of its officers (collectively, the “Defendants”). Newtyn Partners, LP v. Alliance Data Sys. Corp., No. 25-3313 (6th Cir. Jan. 21, 2026). Read More
Central District Of California Denies Motion For Judgment On The Pleadings In Securities Class Action Against Electric Automobile Company
On January 22, 2026, Judge Consuelo B. Marshall of the United States District Court for the Central District of California denied a motion for judgment on the pleadings filed by an electric automobile company (the “Company”) and several of its officers (together, the “Defendants”) in a securities class action alleging violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. Ind. Pub. Ret. Sys. v. Rivian Auto., Inc., No. 2:24-cv-4566-CBM-JPR (C.D. Cal. Jan. 22, 2026).Read More
Government/Regulatory Enforcement
New York Attorney General Institutes Insider Trading Action Under Martin Act
On January 15, 2026, the New York Attorney General (“NYAG”) filed a complaint against a former life-sciences manufacturing CEO, alleging violations of New York’s Martin Act for trading material nonpublic information related to the manufacturing of Covid-19 vaccinations.Read More
New DOJ Fraud Enforcement Division Announced
On January 8, 2026, a new U.S. Department of Justice (“DOJ”) Division for National Fraud Enforcement was announced. According to the announcement and accompanying fact sheet, the initiative aims to centralize strategy, strengthen coordination, and accelerate fraud enforcement actions involving federally funded programs and benefits, as well as matters affecting private citizens.Read More
M&A and Corporate Governance
Delaware Supreme Court Reverses Invalidation Of Stockholder Agreement, Finding Belated Facial Challenge Was Barred by Laches
On January 20, 2026, in an opinion authored by Justice Gary F. Traynor, the Delaware Supreme Court reversed a decision by the Delaware Court of Chancery that had invalidated certain provisions in a stockholder agreement between a financial institution (the “Company”) and its founder and controlling stockholder. Moelis & Co. v. West Palm Beach Firefighters Pension Fund , No. 340, 2024 (Del. Jan. 20, 2026).Read More
Court Of Chancery Issues First Decision Interpreting Amended Section 220 And Grants Books And Records Inspection On Default
On December 22, 2025, Magistrate Christian Douglas Wright of the Delaware Court of Chancery granted default judgment in a books and records action brought by the Company’s former CEO and largest stockholder. Moran v. Unation, C.A. No. 2025-0718-CDW (Del. Ch. Dec. 22, 2025).Read More
Antitrust Litigation
Federal District Court Grants Preliminary Injunction Blocking Pre-Commercial Heart Valve Acquisition
On January 23, 2026, the U.S. District Court for the District of Columbia unsealed its order granting a preliminary injunction blocking a life sciences company’s proposed $945 million acquisition of a heart valve company, prompting defendant to abandon the deal. Fed. Trade Comm’n v. Edwards Lifesciences Corp., No. 1:25‑cv‑02569 (D.D.C. Jan. 23, 2026).Read More
National Ratings Business Enjoined From Tying Local Radio Ratings To National Data
Following a three-day evidentiary hearing in December 2025, Judge Jeannette Vargas, of the Southern District of New York, has issued a preliminary injunction enjoining defendant from charging a commercially unreasonable rate for its standalone nationwide radio ratings data and enforcing its “Network Policy” set to come into effect this year. Defendant is a major audience-measurement firm that in part supplies local and nationwide radio ratings data used to sell network advertising. Plaintiff, is a U.S. radio broadcast network that operates nearly 400 radio stations across 80+ local markets and sells national ads through a network arm.Read More
Intellectual Property Litigation
Court of Appeals For The Federal Circuit Denies Appeal From A District Court Ordering An $8 Million Bond Under Idaho’s Bad Faith Assertions Of Patent Infringement Act
On December 18, 2025, the United States Court of Appeals for the Federal Circuit dismissed Longhorn IP and Katana Silicon Technologies’ interlocutory appeal from a district court order requiring an $8 million bond under Idaho’s Bad Faith Assertions of Patent Infringement Act. Micron Technology, Inc. v. Longhorn IP LLC (C.A.F.C. Dec. 18, 2025).Read More
Federal Circuit Affirms Indefiniteness And Noninfringement Of Intelligent Distribution Network Patents
In Akamai Techs., Inc. v. MediaPointe, Inc., No. 24-1571 (Fed. Cir. Nov. 25, 2025), the Federal Circuit affirmed the Central District of California’s summary judgment determinations of indefiniteness and non-infringement. Akamai Technologies, Inc. sought a declaratory judgment of non-infringement of two patents, U.S. Patent Nos. 8,559,426 and 9,426,195, against AMHC, Inc., the owner of the patents, and its subsidiary, MediaPointe, Inc. (referred to collectively as “MediaPointe”). MediaPointe counterclaimed for infringement, and Akamai sought a declaratory judgment of invalidity.Read More