Lookzy: all your daily legal news in 0.1 billable hours. Litigation, deals, lateral moves and industry news; we cover it all. 

Welcome to Lookzy.  In today's Lookzy:

• The SEC is investigating the Mormon Church's $100 billion portfolio

• A company seeks to undo a $43 billion acquisition

• A fitness startup undergoes a massive financing down round

• Tesla hires a new GC

On this Super Monday, we're jumping right into the day's top stories ⬇️

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ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Mormon hedge fund.  The SEC is reportedly in the advanced stages of an investigation into the Mormon Church's massive investment portfolio, which in 2019 was revealed to be worth more than $100 billion.  The investigation is focused on whether the Church complied with disclosure requirements for large money managers and may lead to a settlement in the next several months.  

FTC retreat.  After losing a federal court fight seeking to block Meta's acquisition of VR company Within Unlimited, the FTC has decided to also withdraw the matter from its in-house adjudication system, though the FTC noted it has not yet made a final decision to stop seeking to block the proposed acquisition.  Meta had previously disclosed that it intended to close the acquisition one day following the court's ruling on this matter, so it is unclear what the FTC's remarks mean for Meta's closing timeline.  

Scorched earth.  After winning a $176.5 million infringement verdict against Eli Lilly & Co., Teva Pharmaceuticals is seeking to have such damages be tripled, alongside attorney fees being awarded, due to Eli Lilly's "scorched-earth litigation strategy".  

Catfished.  A Bumble Inc. shareholder filed a suit against Bumble's CEO and Blackstone Inc., the company's controlling shareholder, claiming that they offloaded Bumble stock in a September 2021 secondary offering before the market learned of certain declining key performance metrics.  Bumble is already dealing with a lawsuit by a pension fund alleging similar details.  

THE DEAL

Wheelin' and dealin' today's corporate news

Merger undo.  Banking and payments company Fidelity National Information Services Inc. is reportedly planning to undo a $43 billion acquisition it closed four years ago, seeking to spin off its payment processing merchant business.  While the company prepares the tax-free spin off, it will also reportedly consider any potential acquisition offers for the spin-off business.  

Activist playlist.  Activist investor ValueAct Capital Management disclosed that it has taken a stake in Spotify Technology SA, hoping to work with Spotify to cut operating expenses amid exploding content funding.  Spotify already conducted some layoffs and went through an organizational restructuring in January.  

Governmental M&A.  Dutch electricity grid operator TenneT is reportedly considering a sale of its German operations to the German government for as much as $16 billion.  

Down round.  Fitness startup Tonal Systems Inc. is expected to pursue a new financing round at a massive discount to its prior valuation.  Tonal is reportedly raising raising at a $500 million valuation or lower, far below last year's $1.9 billion valuation, and may consider replacing its CEO.  

BUSINESS OF THE FIRM

Lateral Moves: 

• Tesla hired Brandon Ehrhart from Dish Network as its new general counsel. Ehrhart was at Dish Network for approximately 20 years and started his legal career as an associate at DLA Piper.

• Pillsbury hired partner Matt Kirmayer from Perkins Coie.

BOILERPLATE

Alright, back to billing.  That's all, folks!