‘Enforcement 40′ for 2017
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Kristina Littman Named Chief of the Cyber Unit
The Securities and Exchange Commission today announced that Kristina Littman has been named Chief of the Division of Enforcement’s Cyber Unit, a national, specialized unit that focuses on protecting investors and markets from cyber-related misconduct. Ms. Littman succeeds Robert Cohen, who left the Commission in August 2019. Ms. Littman joined the SEC’s Division of Enforcement […]
SEC Public Company Enforcement Actions Highest in Ten Years | The D&O Diary
Due to an increase in the number of enforcement actions resulting from an agency initiative during the year, the number of enforcement actions brought by the SEC against public companies was at the highest level in at least ten years, according to a recent report. The report, entitled “SEC Enforcement Activity: Public Companies and Subsidiaries […]
Can the S.E.C. Force Repayment of Ill-Gotten Gains? – The New York Times
The issue before the Supreme Court will be whether a District Court can order a defendant to repay money obtained by fraud or trading on confidential information, or whether it is a penalty beyond the “equitable” power of the courts to require. The S.E.C. is sure to argue that a defendant who engages in fraud […]
Chief Administrative Law Judge Brenda Murray to Retire
The Securities and Exchange Commission today announced that Chief Administrative Law Judge Brenda Murray is retiring after 50 years of federal service, including 25 years as Chief Administrative Law Judge of the SEC. via SEC.gov | Chief Administrative Law Judge Brenda Murray to Retire.
The Signal Quality of Earnings Announcements: Evidence from an Informed Trading Cartel
This study examines the revealed preference of informed traders to infer the extent to which earnings announcements are informative of subsequent stock price responses. From 2011 to 2015, a cartel of sophisticated traders illegally obtained early access to firm press releases prior to publication and traded over 1,000 earnings announcements. I study their constrained profit […]
FCPA “Tips” Continue To Be A Minor Component Of The SEC’s Whistleblower Program – FCPA Professor
Recently, the SEC released its annual report for FY2019 and, like the prior eight years, FCPA “tips” continue to be a minor component of the SEC’s whistleblower program. Specifically, according to the SEC’s report, of the 5,200 whistleblower tips received by the SEC in FY2019, 200 (3.8%) related to the FCPA. This percentage of FCPA […]
California Law Mandating Women Directors Is Challenged
It has been a surprisingly strong catalyst to nudge boards to add more female directors. But now, California’s first-in-the-nation law that mandates women on boards is facing a critical court challenge. The libertarian group Pacific Legal Foundation recently filed a federal lawsuit, saying California’s law violates the U.S. Constitution’s equal protection clause. The group also […]
Avoiding a securities class action: What companies and directors need to consider post-Myer | Global law firm | Norton Rose Fulbright
On 24 October 2019, the Federal Court of Australia handed down Australia’s first securities class action to proceed to judgment. The decision has provided welcome clarity around three issues. First, the interpretation of the continuous disclosure obligation in s 674 of the Corporations Act 2001 (Cth) and the associated ASX Listing Rules. Secondly, the acceptance […]
Former Tesco director is acquitted over £250m fraud scandal | Stock Daily Dish
Ex-Tesco director is acquitted over £250m fraud scandal as Serious Fraud Office offers no evidence – just weeks after judge dismissed case against his two colleagues for being too ‘weak‘ Tesco‘s former UK finance director has been cleared over a £250 million fraud and false accounting scandal after the scandal-hit Serious Fraud Office (SFO) dropped […]
Sponsors take steps to reduce company-stock litigation risk
As the U.S. Supreme Court reviews another ERISA-based challenge to company-stock management in 401(k) plans, many sponsors have acted to reduce their litigation risk in stock-drop cases. ERISA attorneys and defined contribution consultants say sponsors that outsource management of company stock to independent fiduciaries or who keep high-ranking insiders off oversight committees have a better […]