‘Enforcement 40′ for 2017
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SEC Charges Former Executives of Plastics Manufacturer with Fraud
According to the SEC’s complaint, Lucent Polymers, Inc. premised its business model on its ability to transform “garbage to gold” – that is, to use low-grade, non-prime feedstock to develop high-quality plastics. The company’s near-magic “garbage to gold” process, the SEC alleges, was a huge commercial success. However, the complaint alleges that Lucent’s business model […]
ISS Releases 2018 Top 100 U.S. Securities Suit Settlements List | The D&O Diary
As was the case in 2017, there were relatively few larger securities class action lawsuit settlements during 2018, compared to prior years. As reported in latest large securities class action lawsuit settlement report from ISS Securities Class Action Services (ISS), there were only four settlements in 2018 that were large enough to make the list […]
They’re the Biggest Investors in Private Equity. Now They’re Asking the SEC to Step In. | Institutional Investor
Sure, they have billions of dollars invested and spend millions in consulting and advisory fees. But now, some of the world’s largest private equity investors, along with an industry group, are demanding oversight over the industry they’re largely funding. On Tuesday, the Institutional Limited Partners Association and 35 of its member institutions sent a letter […]
Suit Accuses Current, Former CBS Executives of Insider Trading – WSJ
Mr. Moonves, acting CEO Joe Ianniello, chief accounting officer Lawrence Liding and former communications chief Gil Schwartz collectively sold more than 3.4 million shares worth over $200 million before the company’s July disclosure that it would investigate Mr. Moonves, according to an amended complaint filed Monday in federal court in the Southern District of New […]
The Top 100 U.S. Class Action Settlements of All Time as of December 2018 – ISS
For calendar 2018, ISS Securities Class Action Services LLC (“SCAS”) recorded 126 approved securities class action settlements, four (4) of which are included in SCAS’ Top 100, which charts the largest U.S. class action settlements since passage of the Private Securities Litigation Reform Act of 1995. The four new entrants into the Top 100 are: […]
Saying So Long to State Court Securities Litigation
Unfortunately, almost a century later, that “happenstance” is contributing to a shrinking IPO market. Given the absence of any apparent original purpose for granting concurrent jurisdiction over adjudication of IPO-related claims and Congress’ more recent intent to prevent plaintiffs from evading the protections of the PSLRA by filing suit in state courts, it is time […]
Prominent Litigator Randall Lee Joins Cooley in LA
Leading litigator and SEC enforcement lawyer Randall Lee has joined Cooley as a partner in Los Angeles. He arrives from WilmerHale, where he founded its Los Angeles office and served as the office’s partner-in-charge for a decade. via Prominent Litigator Randall Lee Joins Cooley in LA.
Crypto Mom Admits the U.S. SEC is ‘Impulsive in Running Away’ from Bitcoin
In a recent speech at the University of Missouri School of Law, U.S. Commissioner Hester Peirce (‘Crypto Mom’) admitted the SEC has a tendency to flee from anything to do with digital currencies. “We rightfully fault investors for jumping blindly at anything labeled crypto, but at times we seem to be equally impulsive in running […]
Guest Column — The Neutral Accountant’s Role in the Arbitration Process: Resolving Working Capital & Earnout Disputes Without Costly Litigation
Guest Columnist Jeff Litvak on how a neutral accountant can save the parties to a dispute a significant amount of time and money.
SEC Charges Four Public Companies With Longstanding ICFR Failures
The Securities and Exchange Commission today announced settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) for seven to 10 consecutive annual reporting periods. Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for two consecutive annual reporting periods. via SEC.gov […]