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SPAC Investors Misled In $1.35B Stem Deal, Del. Suit Says

Law 360

A former stockholder of a blank-check company that merged with intelligent energy storage business Stem Inc. filed a proposed class action in Delaware's Court of Chancery Tuesday, alleging breaches of fiduciary duty and unjust enrichment in connection with the April 2021 merger.

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Facebook Users Near Deal In Data Harvesting MDL

Law 360

Facebook users told a California federal judge Friday they have reached a "settlement in principle" with parent company Meta Platforms Inc. to resolve multidistrict litigation stemming from the social media company's involvement in the Cambridge Analytica data harvesting scandal.

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Pharmaceutical company agrees to settle Florida opioid case for $65M

JURIST

Endo International PLC (Endo) Tuesday agreed to pay $65 million to settle all Florida governmental opioid-related cases and claims, preventing pending claims against the specialty pharmaceutical company from going to trial. ” Upon paying the settlement amount, Endo and two of its subsidiaries, Endo Pharmaceuticals Inc.

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TurboTax owner Intuit to pay $141M restitution to low-income customers

JURIST

New York Attorney General Letitia James announced a restitution agreement with TurboTax owner Intuit Inc. ” This issue stems from TurboTax’s “free, free, free” ad campaign that enticed customers with the promise “of free tax preparation services, only to deceive them into paying.”

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SEC Fines Charter Communications $25M For Stock Buybacks

Law 360

Securities and Exchange Commission on Tuesday announced that broadband connectivity company and cable operator Charter Communications Inc. will pay $25 million to settle claims stemming from stock buybacks that weren't authorized by its board of directors.

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DOJ Orders IHS Markit Divestitures For $44B Merger With S&P

Law 360

Department of Justice said Friday that it will require S&P Global Inc. s price reporting units to avoid antitrust issues stemming from the companies' proposed $44 billion merger. to let go of three of IHS Markit Ltd.'s

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Activision Beats Shareholder Suit Over 'Frat House' Culture

Law 360

A California federal judge on Tuesday threw out, for good, investors' derivative suit against Activision Blizzard Inc. stemming from allegations that the company fostered a hostile, "frat house" work culture, finding that shareholders haven't reasonably shown that asking the company to take action would've been futile.

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