Lansing Area Residents, Consider the MITN Fellowship
For our Lansing area readers, Foster Swift Collins & Smith PC is a corporate member of the Michigan Technology Network - Lansing.
Michigan Technology Network - Lansing (MITN) awards fellowships annually that can be applied to technology education. If you're in school, thinking about going back, or need tech training to beef up your skills, a MITN fellowship is the perfect way to reduce your cost.
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Health Care Law Blog: Mobile Medical Apps
Have you checked out our Health Care Law Blog? This week the post is titled FDA Issues Final Guidance on Mobile Medical Apps.
Categories: News
Welcome to the World of General Solicitation
As of September 23, 2013, the ban on general solicitation has been lifted for private securities offerings exempt from federal registration under Rule 506. Entrepreneurs can now publicly advertise the sale of securities by complying with the newly-effective regulations.
General solicitation means to publicly advertise an investment opportunity in a private company using a means of mass communication. This includes communication via email, website, public speech, or even social media.
These rules are complex and any entrepreneur should seek professional guidance before engaging in any fundraising. Read More ›
Categories: Venture Capital/Funding
SEC Fines NASDAQ $10 Million Over Facebook IPO
Even those who do not closely follow the stock market remember Facebook's IPO. The stock was priced at $38 per share the night before and was trading as high as $42.05 before the price started to drop quickly. One of the causes of the drop was the failure of NASDAQ's system of matching buyers with sellers. The system was tested for 40,000 orders, which did not adequately model the nearly 500,000 orders received when trading started. Read More ›
Categories: E-Commerce
Twitter Announces IPO
Twitter announced, via a tweet, that it is going public. This could be the biggest tech IPO since Facebook in May 2012.
Twitter is using a provision of the JOBS Act that allows a company that has revenue less than $1 billion to file an IPO in without having to disclose its financials to the public.
Here's a link to what we know so far about the Twitter IPO.
Subscribe to our technology blog and we will keep you updated as this news breaks. Please contact John W. Mashni by email at jmashni@fosterswift.com or by phone at 517.371.8257 with any questions.
Categories: Social Media
Internet Based Offerings to Accredited Investors Will Soon Be Legal
Access to capital is one of the most challenging issues facing young companies today. In order to engage in a private placement of securities that is exempt from registration under the federal securities laws, the most popular approach has been an offering under Rule 506, under which most of the requirements that may be imposed under state law are preempted. An offering under Rule 506 permits sales of securities to an unlimited number of accredited investors, and up to 35 non-accredited investors. As described in greater detail below, accredited investors are people who meet minimum wealth or income standards, or institutional investors. Read More ›
Categories: Venture Capital/Funding
Rutgers Quarterback Victorious Against EA Sports
Ryan Hart is the former starting quarterback for Rutgers University. In addition to setting a number of school records and leading his team to its first bowl appearance since 1978, Hart has added a victory in the courtroom against Electronic Arts ("EA") to his list of accomplishments. In their NCAA Football series, EA Sports provides users with a realistic gameplay experience. Part of this realistic experience is characters that resemble real-life players. So when a player chooses Rutgers, the quarterback is number 13, is 6'2", weighs 197 pounds, and appears wearing a visor and an armband on his left wrist—the resemblance to Ryan Hart is nearly exact. In October of 2009, Hart filed suit against EA Sports for violating his right of publicity by using his appearance in the game. Read More ›
Categories: Copyright, Personal Publicity Rights
No Fury Like a Facebook Shareholder Scorned…
Technology IPOs used to be the norm in the IPO cycle, and when Facebook announced an IPO many investors could not contain the excitement. But less than expected stock results have caused investors to file suit against Facebook and the underwriters of the IPO.
Source: Chart image from Yahoo! Finance
Facebook, along with Morgan Stanley, JP Morgan Chase, and Goldman Sachs, are seeking the dismissal of claims made by investors in connection to the company's IPO. The claims allege misrepresentations by Facebook and its underwriting banks that violated the Securities Act of 1933 and the Exchange Act of 1934. Essentially, the investors claim that Facebook disclosed certain information to the underwriting banks that it did not disclose to investors. Read More ›
Categories: Social Media
Why Can't I Plant My Own Seeds?
Among the many recent Supreme Court decisions, one decision regarding patents and self-replicating technology has a huge effect on farmers and the agricultural industry.
Monsanto is an agriculture company headquartered in St. Louis, Missouri. Specifically, Monsanto genetically engineers seeds to yield herbicide-resistant plants that produce higher yields for farmers. One of its more popular products is its "Roundup-Ready" line of soybeans, which has been planted in over 50 million acres to date. The seed is attractive to farmers because it is herbicide-resistant. Monsanto was recently challenged on its Roundup-Ready product patent ›
Categories: Intellectual Property, Patents
Can the FTC Shut Down Your App?
Yes, the FTC can shut down your app. But you could also face stiff penalties for lack of compliance.
COPPA is the Children's Online Privacy Protection Act. The FTC has recently revised the rules regarding collecting personal information from children, and has set a date of July 1, 2013 as the deadline for compliance with the latest revised rule. The revision focuses on applications that collect personal information about children, such as photos, videos, and audio files containing the child's voice. Read More ›
Categories: Privacy, Social Media
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