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
Central District Of California Grants In Part And Denies In Part Motion To Dismiss Proposed Securities Class Action Against Financial Services Firm
On December 12, 2025, Judge Sherilyn Peace Garnett of the United States District Court for the Central District of California granted in part and denied in part a motion to dismiss a proposed investor class action against a large financial services firm (the “Company”) and several of its officers (the “Officers” and, collectively, the “Defendants”). In re B. Riley Financial, Inc. Securities Litigation, No. 24-cv-00662-SPG-AJR (C.D. Cal. Dec. 12, 2025).Read More
Central District Of California Dismisses Putative Securities Class Action Against Multinational “Fast-Casual” Restaurant Chain
On December 18, 2025, Judge Sherilyn Peace Garnett of the United States District Court for the Central District of California dismissed a putative securities class action against a multinational “fast-casual” restaurant chain (the “Company”) and several of its officers (“Individual Defendants” and, collectively, “Defendants”) under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5. Stradford v. Chipotle Mexican Grill, Inc., et al., No. 8:24-cv-2459-SPG-JDE (C.D. Cal. Dec. 18, 2025).Read More
Government/Regulatory Enforcement
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
CFTC Announces Reforms To Rules Of Practice And Investigations
On December 15, 2025, the Commodity Futures Trading Commission (“Commission” or “CFTC”) agreed to dismiss with prejudice its enforcement action against an energy trading firm (“Firm”) and its CEO (together, “Defendants”), alleging spoofing and manipulative trading. Commodity Futures Trading Commission v. Logista Advisors LLC et al., No. 1:23‑cv‑07485 (N.D. Ill.).Read More
M&A and Corporate Governance
Delaware Supreme Court Reverses Rescission Of CEO Compensation Package Where Status Quo Ante Cannot Be Restored
On December 19, 2025, the Delaware Supreme Court issued a unanimous per curiam opinion that affirmed in part and reversed in part the Court of Chancery’s post-trial decision rescinding Tesla’s CEO’s $55.8 billion compensation package. In re Tesla, Inc. Deriv. Litig. No. 534, 2024 (Del. Dec. 19, 2025).Read More
Delaware Chancery Holds That Fiduciary’s Personal Misconduct Involving Corporation’s Employees Does Not Constitute A Per Se Breach of Fiduciary Duty
On December 1, 2025, Vice Chancellor Lori W. Will of the Delaware Court of Chancery dismissed with prejudice a derivative breach of fiduciary duty claim against a former director and officer of a closely held corporation alleging that his sexual harassment of employees constituted a breach of his duty of loyalty to the corporation. Brola v. Lundgren, C.A. No. 2024-1108 (Del. Ch. Dec. 1, 2025).Read More
Antitrust Litigation
Federal District Court Dismisses Manufactured Homes Price-Fixing Claims
On December 4, 2025, the U.S. District Court for the Northern District of Illinois dismissed a proposed price-fixing and information sharing class action against several manufactured housing companies and Datacomp Appraisal Systems, Inc., the nation’s largest manufactured and mobile home data vendor. In re Manufactured Home Lot Rents Antitrust Litig., No. 1:23-cv-06715 (N.D. Ill. Dec. 4, 2025).Read More
Southern District Of New York Grants Motion To Dismiss Sherman Act Claims In Elite Swimming Case
On November 17, 2025, Judge Jesse Furman of the Southern District of New York granted defendants’ motion to dismiss Sherman Act claims relating to alleged exclusionary and monopolistic conduct in the elite swimming events and athlete services market. Enhanced US LLC v. World Aquatics, et al., No. 25-CV-7096 (JMF) (S.D.N.Y. Nov. 17, 2025). 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