Gillian Brassil

Securities Litigation Reporter at Bloomberg Law

securities litigation reporter @blaw. retweets/likes are not endorsements. she/her

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Articles

Doximity Brass Sued Over Active User Figure, Cut Revenue Outlook

5 days ago | news.bloomberglaw.com | Gillian Brassil

COURT: D. Del. TRACK DOCKET: No. 1:25-cv-00750 (Bloomberg Law subscription)Doximity Inc. executives and board members inflated the company’s active user base and website engagement growth data, artificially bolstering its advertising deals’ revenue before a record selloff in 2023, a shareholder lawsuit said. Doximity, described as a “LinkedIn for doctors,” then lowered its revenue forecast for 2024 by $32 million and announced it would layoff 10% of its workforce on Aug.
Legal Influencer Erika Kullberg Settles FTX Promotion Claims

5 days ago | news.bloomberglaw.com | Gillian Brassil

Personal finance and attorney Erika Kullberg and her talent management agency have agreed to settle claims they hyped FTX before the cryptocurrency exchange’s 2022 collapse. Settlement terms will remain confidential until plaintiffs seek preliminary approval of the agreement, according to a joint notice filed in the US District Court for the Southern District of Florida on Wednesday.
Cerence Board, Execs Rout Shareholder Suit Over Demand Claims

5 days ago | news.bloombergtax.com | Gillian Brassil

Cerence Inc. brass defeated a lawsuit alleging they harmed the company by misleading shareholders about demand for its car technology software licenses. The shareholders didn’t make a required pre-suit demand of the board, or properly establish how that ask would’ve been futile, Judge Allison D. Burroughs said in a Wednesday ruling dismissing the case.
Cerence Board, Execs Rout Shareholder Suit Over Demand Claims

5 days ago | news.bloomberglaw.com | Gillian Brassil

Judge said investors didn’t show futility of pre-suit board askSuit alleged corporate leaders misled on its licenses’ demandCerence Inc. brass defeated a lawsuit alleging they harmed the company by misleading shareholders about demand for its car technology software licenses. The shareholders didn’t make a required pre-suit demand of the board, or properly establish how that ask would’ve been futile, Judge Allison D. Burroughs said in a Wednesday ruling dismissing the case.
Reddit Investor Sues Over Google AI, Algorithm Traffic Impact

6 days ago | news.bloomberglaw.com | Gillian Brassil

Reddit Inc. misled investors about the impact of changes to ‘s algorithm and artificial intelligence, a proposed class action said. Share prices sank 9.3% May 21 after analysts downgraded Reddit’s stock on concerns about permanent disruptions to traffic, said the investor’s complaint filed in the US District Court for the Northern District of California.
Reddit Investor Sues Over Google Search, AI Traffic Impact (1)

6 days ago | news.bloombergtax.com | Gillian Brassil

Reddit Inc. misled investors about the impact of changes to Google Search‘s algorithm and artificial intelligence summaries, a proposed class action filed Wednesday said. Share prices sank 9.3% May 21 after analysts downgraded Reddit’s stock on concerns about permanent disruptions to traffic, said the investor’s complaint filed in the US District Court for the Northern District of California.
Beverage Company That Touted Ties to Rihanna Settles SEC Suit

6 days ago | news.bloombergtax.com | Gillian Brassil

The3rdBevco Inc. and its founder agreed to pay more than $1.13 million to curb charges they lured $3.6 million from investors by promoting a fake celebrity collaboration and selling unregistered securities after disclosing ties to Rihanna. Together, CEO Peter Scalise III and his company agreed to return over $856,000 in allegedly ill-gotten gains and pay prejudgment interest of almost $35,000, according to filings in the US District Court for the Eastern District of Pennsylvania.
Beverage Company That Touted Ties to Rihanna Settles SEC Suit

6 days ago | news.bloomberglaw.com | Gillian Brassil

Lured investors with celebrity name without permission, SEC saidFounder agreed to officer and director ban, civil penaltyThe3rdBevco Inc. and its founder agreed to pay more than $1.13 million to curb charges they lured $3.6 million from investors by promoting a fake celebrity collaboration and selling unregistered securities after disclosing ties to Rihanna.
Vinco Chairman Settles with SEC Over Diverting Funds to Partner

1 week ago | news.bloomberglaw.com | Gillian Brassil

SEC alleged chairman diverted millions at partner’s directionAlready pled guilty to conspiracy to commit securities fraudVinco Ventures Inc.'s chairman agreed to not lead a company that regularly reports to the US Securities and Exchange Commission, staving off allegations he defrauded investors and misdirected millions of dollars at the direction of his longtime partner, according to Friday court filings.
Tempus Investor Sues Over Short Seller’s AI, CEO Accusations

1 week ago | news.bloomberglaw.com | Gillian Brassil

COURT: N.D. Ill. TRACK DOCKET: No. 1:25-cv-06534 (Bloomberg Law subscription)Tempus AI Inc. misled investors about the worth of its deals and artificial intelligence abilities, obscuring weaknesses with its operations and revenue prospects, a proposed class action said.