On Monday November 3, 2014 Virgin America announced its plan for an initial public offering (IPO). The company plans to sell 13.1 million of the 13.3 million shares in the IPO to raise about $320 million. The shares are expected to be priced at $21 to $24 per share, which would value the company at approximately $1 billion. According to the filing with the Securities and Exchange Commission, the raised capital will be used for expansion of new routes and improving inflight entertainment systems.
Morgan Lewis, a large Philadelphia law firm, approved the Bingham deal, with the majority of Bingham’s partners (227 of approximately 300) moving over and increasing Morgan Lewis’ headcount to nearly 2,000 lawyers. A total of 600 out of the currently 700 Bingham attorneys are expected to join Morgan Lewis. A condition of the deal set a period of time for key Bingham partners to stay at Morgan Lewis after the deal or forfeit their capital investment into the partnership. The deal is being referred to as a mass lateral hire and not a merger.
On November 3rd, Laboratory Corporation of America Holdings (“LabCorp”), one of the largest U.S. medical testing companies, agreed to buy Covance for about $6.1 billion. By acquiring one of the biggest providers of contract medical research, LabCorp is creating a business that performs both routine medical testing and research for drug companies, an unusual combination.
Recent documents published by the International Consortium of Investigative Journalists (“ICIJ”) indicate that some 340-plus international companies, including such household names as Pepsi, IKEA, and FedEx, have been channeling profits through Luxembourg in order to avoid billions of dollars in taxes.
Microsoft and Redwood City-based company Oracle, a database and software developer, are the latest Silicon Valley tech companies to be sued for allegedly using illegal tactics to keep employee wages low. Complainants are attempting to join with a similar 2011 claim against other Silicon Valley companies like Apple and Google.
On November 5, 2014, the Berkeley Center for Law, Business and the Economy (BCLBE) welcomed Sean McKessy, Chief of the SEC’s Office of the Whistleblower, to Boalt Hall for a talk on the whistleblower program and its three main aspects: confidentiality, anti-retaliation protection and payouts.
On November 3, the Berkeley Center for Law, Business and the Economy (BCBLE) hosted a lunchtime talk with Bob Gunderson, a founding partner of Gunderson Dettmer. Mr. Gunderson discussed his firm’s origins, shared his unique perspective on venture capital finance, and offered advice for young attorneys and entrepreneurs.