Virgin America Announces Plan For Initial Public Offering

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.

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Morgan Lewis Approves Bingham Deal

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.

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LabCorp to Buy Covance

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.

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GoPro to Offer an Additional $800 Million in Shares

In a securities filing on Monday, GoPro disclosed that it would sell up to $800 million of its stock in a secondary offering. The company itself could sell as many as $100 million in shares, while current owners could sell off an additional $700 million.

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Silicon Valley Juggernauts Continue to Struggle with No-Poaching Claims

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.

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