Solutions at the speed of now

Al Tierney, a partner in Stradling’s SEC enforcement practice, recently authored the article, “The SEC’s Enforcement Program Under President Trump’s Second Administration: What Can We Expect” for the OC Lawyer. With Paul Atkins’ recent swearing-in as Chairman of the U.S. Securities and Exchange Commission (“Commission”), and in light of the Commission’s recent unprecedented and unexpected actions under former Acting Chairman Mark T. Uyeda, many in the securities industry remain uncertain as to what to expect from an the Commission during President Trump’s second term.

When a private company is being sold, it is necessary for its minority shareholders to be mindful of protecting their own individual interests when diverging from the controlling shareholder’s interests. Because the controlling shareholder of a private company that is being sold often takes the lead in managing legal counsel, the interests of minority shareholders are not always adequately protected. In situations where it is possible, a minority shareholder should retain independent legal counsel to ensure their requirements are integrated into the bigger picture of the transaction narrative.

On April 21, 2025, the California Court of Appeal issued an opinion validating written, prospective meal period waivers for non-exempt employees. The decision in La Kimba Bradsbery v. Vicar Operating, Inc. provides employers with a rare win and affirms the common practice of obtaining employee meal period waivers. Employers who do not already have waivers in place should explore rolling them out to take advantage of this decision.

In the recent Law360 article, “FDA Cuts Prompt Biotech Players to Rethink Deal Strategies,” Marc Alcser, chair of the life sciences group at Stradling Yocca, shared his concerns about the impact of FDA staff cuts on the biotech industry. He noted that the cuts' implementation, likened to a "hammer approach" rather than a precise "knife approach," is causing uncertainty, as "nobody really knows what the impact will be yet." Alcser emphasized the FDA's crucial role as the "critical gatekeeper" for biotech companies, and that delays in FDA reviews and approvals could have a severe impact in the sector, particularly for smaller companies with limited cash reserves.