‘Enforcement 40′ for 2017
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U.S. corporate crisis bailouts may prove bonanza for insider trading, new study warns – Reuters
The research, from scholars at the University of Pennsylvania’s Wharton School, Stanford University, University of Cambridge and IESE Business School, found insider trading profitability jumped dramatically during the 2007-2009 global financial crisis and subsequent government bailout.“ Anytime the government picks winner and losers, there is a greater opportunity for insider trading by connected individuals,” said […]
‘Corporations don’t get a free pass because of COVID-19’- Robbins Geller’s Randy Baron – Reuters
The Robbins Geller lawyer pushed back hard against the premise that shareholders’ and plaintiffs’ lawyers should relax their vigilance now. To the contrary: “Our job, if we take our job seriously, is not to say, ‘Well, it’s a horrible time so you guys get to do horrible mergers or self-interested mergers,’” Baron said. “The corporations […]
Zoom confusion leads SEC to halt trading for Chinese company
The Feds on Thursday clamped down on trading in shares of an obscure, China-based company called Zoom Technologies, concerned that investors have been confusing it with the teleconferencing giant whose stock has surged amid the coronavirus crisis. via Zoom confusion leads SEC to halt trading for Chinese company.
Cybersecurity and Fraud Risks for Fund Managers in the Wake of Coronavirus | Proskauer – The Capital Commitment – JDSupra
COVID-19 has created many new concerns for private fund managers; however, managers should be particularly mindful of heightened cybersecurity and fraud risks. With increased numbers of employees teleworking, there are increased vulnerabilities for cybercriminal intrusions creating privacy-related risks for fund portfolio information, LP confidential data, and other sensitive electronically-stored materials. via Cybersecurity and Fraud Risks […]
How the SEC Enforcement Division Responds to a Crisis | Davis Polk & Wardwell LLP
The SEC has expressed its intent to respond proactively to the impact of the coronavirus on capital markets and investors. Risks to investors can become heightened during a market downturn, and we expect that the Enforcement Division will concentrate resources on certain types of investigations, including potential: (1) material misrepresentations and omissions about the impact […]
Stanley Sporkin, Bane of Corporate Corruption, Dies at 88 – The New York Times
Stanley Sporkin, a legal crusader who, as the chief enforcement officer at the Securities and Exchange Commission, held American corporations accountable for making illicit campaign contributions in the United States and for bribing public officials abroad, died on Monday in Rockville, Md. He was 88. His death, from congestive heart failure in a hospice, was […]
Stanley Sporkin, crusading SEC enforcer and tough-minded U.S. judge, dies at 88 – The Washington Post
Stanley Sporkin, who was the scourge of industry in the 1970s as the crusading chief enforcement officer of the Securities and Exchange Commission and who later had a colorful and controversial tenure as a federal judge in Washington with strongly worded rulings on high-profile cases, died March 23 at a hospice center in Rockville, Md. […]
Statement on the Passing of Judge Stanley Sporkin
Stanley Sporkin was a giant, as a lawyer, judge and, most of all, public servant. He brought integrity and discipline to our markets. Investors, and all of us who have followed him at the Commission, benefit greatly from his work every day. via SEC.gov | Statement on the Passing of Judge Stanley Sporkin.
Statement from Stephanie Avakian and Steven Peikin, Co-Directors of the SEC’s Division of Enforcement, Regarding Market Integrity
We wish to emphasize the importance of maintaining market integrity and following corporate controls and procedures. For example, in these dynamic circumstances, corporate insiders are regularly learning new material nonpublic information that may hold an even greater value than under normal circumstances. This may particularly be the case if earnings reports or required SEC disclosure […]
A Short Primer on the New Law of Insider Trading | New York Law Journal
Practitioners, listen up! You need to unlearn much of what you think you know about the law of insider trading. That law is changing—and quickly. In addition, new legislation has passed the House by an overwhelming margin and could conceivably pass the Senate this year. via A Short Primer on the New Law of Insider […]