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Hot Tips, Twitter and Insider Trading
As more people learn daily, Twitter is a way to get a message out to the entire world. The twist, of course, is that your message will only be seen by people who have chosen to follow your updates. A “tweet” by a person who has no followers is the proverbial tree falling in the forest with no one around to hear it. How does the public/private nature of Twitter fit with the insider trading laws?
Securities Docket A.M. News Wire for June 26, 2009
Bribes Alleged at Stanford’s Hearing; Emotions Run High as Madoff Sentencing Nears; Vijay Singh Offers To Pay Stanford’s Bail; Fannie Mae, KPMG Push Hard to Settle Securities Suit, Ask Judge to Send Case to Mediation; SEC concludes investigation of Fairfax Financial, does not plan to take any enforcement action; Canada: Ex-CEO of Southwestern Resources admits to fraud, insider trading; Madoff Victim Group Asks Judge to Invalidate Releases; Report Shows World’s Leading Exporting Countries Failing to Fully Enforce Ban on Foreign Bribery; and more.
Thank You to Our Sponsors: Alvarez & Marsal, BDO Consulting and FAILSAFE CPA
Thank you to Securities Docket website sponsors Alvarez & Marsal, BDO Consulting, and FAILSAFE CPA. Interested in becoming a Securities Docket sponsor? Click here. For 25 years, Alvarez & Marsal has set the standard for working with organizations to tackle complex issues, boost performance and maximize value for stakeholders. Alvarez & Marsal Dispute Analysis & [...]
Report Shows World’s Leading Exporting Countries Failing to Fully Enforce Ban on Foreign Bribery
In a report published Tuesday, June 23, Transparency International states that the majority of the world’s leading exporting countries are failing to fully enforce the OECD Anti-Bribery Convention to which they are party. TI’s report shows that only four out of 36 countries evaluated are actively enforcing the Convention, and that there is moderate enforcement [...]
MSNBC Video: Smiling Stanford Makes Perp Walk to Court
MSNBC reports that the government pulled out all the stops — orange jumpsuit, handcuffs, perp walk — to make Allen Stanford look bad as he appeared in court in Texas today. Stanford’s response: keep smiling.
Alabama Judge Grants Motion to Freeze Scrushy’s Assets
Yesterday, Jefferson County Circuit Judge Allwin E. Horn granted the HealthSouth shareholders’ motion filed Friday (discussed here) to freeze the assets of HealthSouth Corp. founder Richard Scrushy. On June 18, the shareholders won a nearly $2.9 billion judgment against Scrushy related to the accounting fraud at the company. The AP reports that the judge’s rulng [...]
Saudi Arabia: CMA Fines Billionaire Investor for Insider Trading
Saudi Arabia’s Capital Market Authority has fined billionaire Mohammed bin Ibrahim bin Mohammed al-Issa, an investor and shareholder in several listed companies, for insider trading. The CMA fined Issa 100,000 riyals ($26,667) after an appeal affirmed a ruling that Issa conducted “insider trading in shares of Saudi Hotels Co based on his membership of the [...]
South Korea: Class Rep. Named in First-Ever Class Action
In South Korea, the nation’s first-ever class action lawsuit is moving forward. Although the law enabling class action lawsuits took effect in January 2005, no such case had been filed until Seoul Invest did so in April 2009. On Wednesday, the Suwon District Court appointed Seoul Invest as the class representative in its class action [...]
Securities Docket A.M. News Wire for June 25, 2009
Study Finds Shift in Plaintiffs and Defendants in Credit Crisis Suits; N.Y. Federal Judge Delays Restitution Order in Madoff Case; S.E.C. Rewriting the Rules to Protect Money Funds; Madoff’s Victims Speak Out; ‘Safe Harbor’ Is Just That for Humana in Securities Class Action; Australia: Key ruling looms in Merrill case alleging insider trading; Jury Finds for SEC, Against Former MFS Exec. in Insider Trading Trial; 8-K Filing of the Year (of the Century?); and more.