Ana is currently a third-year law student at the University of Denver Sturm College of Law (DU). She was born in Colombia and moved to South Florida at the age of 10. She attended the Florida State University and graduated with a Bachelor’s degree in Criminology. Prior to attending law school, Ana worked as a legal assistant for two years before being promoted as a paralegal in a personal injury firm where she handled over 115 cases in the pre-litigation stage.
Ana is a transfer student from the Nova Southeastern University Shepard Broad College of Law in Davie, FL. Ana was part of the Moot Court Honor Society and she interned with the Honorable Burton C. Conner at the Fourth District Court of Appeals. After transferring to DU, she became a part of the Mediation Team in addition to becoming a contributor to The Race to the Bottom.
Ana has worked in several different areas of law including criminal, appellate, lobbying, immigration, and personal injury. Ana’s legal interests include contract drafting, negotiations, and mergers and acquisitions. She is also currently seeking the Corporate and Commercial Law Certificate at DU.
Outside of law school, Ana enjoys traveling, yoga, hiking, running, reading, and snowboarding. Additionally, she loves to spend time with her two dogs, is an avid Florida State football fan as well as a coffee and cheese enthusiast.
Alibaba Group Holding (“Alibaba”), a Chinese multinational corporation, which provides internet infrastructure, e-commerce, online financial, and internet content services, has acquired German start-up data analysis company, Data Artisans (“Artisans”) . (Reuters, Bloomberg). Alibaba has been called the Chinese “Amazon” and is currently the world's fifth-largest internet company by revenue. (Yahoo Finance). Artisans, which was founded in 2014 by Kostas Tzoumas and Stephan Ewen, is attributed with creating Apache Flink, an open source stream processing framework for high-performance, scalable, and accurate real-time applications. (Ververica). The Apache Flink application essentially analyzes large quantities of data as it comes in, rather than once it is saved, providing for a more efficient stream processing method. (Stephan Scheuer, Handelsblatt).
A settlement agreement has been reached regarding the SEC Investigation of Elon Musk and his infamous Tweet stating that he was taking Tesla private. The tweet created an array of problems for the company since its publication. Under the settlement agreement, both Tesla and Musk will each pay a $20 million dollar fine and Musk will resign as Tesla’s Chairman for three years in order to resolve other pending charges arising from this incident. (Munsif Vengattil, Business Insider). The $20 million dollar fine assessed to Tesla was not for fraud, however, but rather, for the company’s failure to have any procedures or disclosure controls over Musk’s communication practices, i.e. his Twitter account. (Kirsten Korosec, TechCrunch). As a result of Musk’s resignation, Tesla will have to appoint two new independent directors to its board. (SEC Press Release). Nevertheless, despite the settlement agreement and the backlash that ensued over his Tweet, Musk will remain as Tesla’s Chief Executive Officer and more importantly, he will not have to admit or deny the allegations of the lawsuit.
The Securities and Exchange Commission (SEC) held a roundtable on November 15 to discuss whether the SEC’s current proxy voting rules and procedures should be updated. (Chairman Jay Clayton, SEC Announcement). According to the announcement, the evidence and testimony presented at the roundtable will aid SEC staffers in making their recommendations about what changes should be made. (Andrew Ramonas, Bloomberg Law). The roundtable is scheduled to discuss several topics, including the voting process, retail shareholder participation, shareholder proposals, proxy advisory firms, technology and innovation, and other actions. (Chairman Jay Clayton, SEC Announcement).
On August 7, Elon Musk made an abrupt announcement regarding his plan to take Tesla private. Mr. Musk claimed that this Twitter announcement came after he had “secured” funding from the Saudi Arabian sovereign wealth fund. (Ben Bain and Matt Robinson, Bloomberg). After the announcement, Tesla’s shares rose in value to over $381 per share, from $342 (the closing price on August 6). (Mark Matousek, Business Insider). Nevertheless, the share price dropped dramatically over the next few weeks to as low as $263 on September 7.
An initial coin offering (ICO) is a capital raising mechanism whereby companies sell bitcoins to investors or buyers in exchange for funds. (Usman Chohan, Initial Coin Offerings (ICOs): Risks, Regulation, and Accountability). An ICO is different from traditional capital raises. Rather than selling shares of stock in a company, an ICO offers digital currencies or cryptocurrencies. In addition, most ICOs do not offer equity or a stake in the company’s projects. The concept of using ICOs to raise capital has grown exponentially in recent years as they pose a cost-efficient way of conducting transactions with little regulation. ICOs, however, also pose a greater risk of fraud due to their place in the unregulated market.
In Desta v. Wins Fin. Holdings Inc. Et. Al., No. 17-cv-02983-CAS(AGRx), 2018 BL 70590 (C.D. Cal. Feb. 28, 2018), the United States District Court for the Central District of California denied Wins Finance Holdings Inc. (“Wins”), and Wins Co-CEO Jianming Hao, Co-CEO and COO Renhui Mu, and CFO Junfeng Zhao’s, (collectively the “Defendants”) motion to dismiss Michael Desta’s (“Plaintiff”) complaint for failure to state a claim for securities fraud pursuant to Section 10(b) of the Securities Exchange Act, 15 U.S.C. § 78j(b), and Rules 10b– 5(a) and (c) under, 17 C.F.R. § 240.10b–5(a) & (c). The court held that the Plaintiff alleged sufficient facts to show the elements of falsity, scienter, loss causation, and reliance under the Act, such that a proper claim was pleaded.