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
California Appellate Court Affirms Dismissal Of Putative Class Action Against Electric Vehicle Company Based On Federal Forum Provision
On April 23, 2025, the Fourth Appellate District Court of Appeal of the State of California affirmed the dismissal of a putative class action asserting claims under the Securities Act of 1933 against an electric vehicle company and the underwriters of its IPO. Bullock v. Rivian Auto., Inc., 2025 WL 1177303 (Cal. App. 4th Dist. Apr. 23, 2025).Read More
Government/Regulatory Enforcement
SEC Charges Founder & Associates With Fraud For Allegedly Running A Nearly $200M Ponzi-like Crypto Investment Scheme
On April 22, 2025, the Securities and Exchange Commission filed a civil enforcement action in the United States District Court for the Eastern District of Virginia against an individual and several related parties, alleging a large-scale international securities fraud scheme involving crypto and Forex trading. The SEC’s complaint details a multi-faceted operation that allegedly misappropriated over $57 million from investors through the offer and sale of unregistered securities, while operating what the SEC characterizes as a Ponzi-like scheme.Read More
M&A and Corporate Governance
Delaware Supreme Court Holds Business Judgment Rule Applies To Controlled Corporation’s Change Of Corporate Domicile From Delaware To Nevada
On February 4, 2025, the Delaware Supreme Court, on interlocutory appeal, reversed the decision of the Delaware Court of Chancery to deny defendants’ motion to dismiss breach of fiduciary duty claims against directors and a controller related to a decision to convert the state of incorporation of a travel guidance corporation and its parent (collectively, the “Corporation”) from Delaware to Nevada. Maffei v. Palkon, No. 125, 2024 (Del. Feb. 4, 2025).Read More
Antitrust Litigation
Northern District Of California Finds Willful Violation Of Injunction By Apple, Orders Enforcement and Refers Matter For Criminal Contempt
On April 30, 2025, Judge Yvonne Gonzalez Rogers of the United States District Court for the Northern District of California granted a motion by Epic Games, Inc. to enforce a 2021 injunction against Apple Inc., finding that a senior Apple executive submitted false testimony and Apple willfully violated the order designed to prevent anticompetitive conduct and pricing practices in the iOS app marketplace. Epic Games, Inc. v. Apple Inc., No. 4:20-cv-05640, slip op. (N.D. Cal. Apr. 30, 2025), ECF No. 1508.Read More
Intellectual Property Litigation
The CAFC Found Machine Learning Patents Ineligible Subject Matter Under § 101
On April 18, 2025, the U.S. Court of Appeals for the Federal Circuit (“CAFC”) affirmed a decision by the U.S. District Court for the District of Delaware (“district court”) that found four Recentive Analytics, Inc. (“Recentive”) patents directed to the use of machine learning—U.S. Patent Nos. 11,386,367 (the “’367 patent”); 11,537,960 (the “’960 patent”); 10,911,811 (the “’811 patent”); and 10,958,957 (the “’957 patent”) (collectively, “asserted patents”)—ineligible under 35 U.S.C. § 101. Recentive Analytics, Inc. v. Fox Corp., No. 2023-2437, ---F.4th---, 2025 WL 1142021 (Fed. Cir. Apr. 18, 2025).Read More