‘Enforcement 40′ for 2017
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SEC Probes Listings of Slack, Other Unicorns on NYSE – WSJ
The Securities and Exchange Commission is investigating the listings of Slack Technologies Inc. WORK 2.40% and other major companies on the New York Stock Exchange, in a probe looking at how trading was handled on the first day, people familiar with the situation said. SEC enforcement staff have recently sent letters including one seeking information […]
Multiplied and Parallel Litigation: The Mess that Cyan has Wrought | The D&O Diary
As observers have discussed the kinds of problems that the U.S. Supreme Court’s Cyan decision can create, specific concerns have included the possibility of parallel state and federal court litigation, and even the possibility of parallel litigation in multiple states. In the course of the discussion of these issues, these litigation risks might have seemed […]
Well, That Didn’t Take Long: Lyft Hit with IPO-Related Securities Suit | The D&O Diary
On March 28, 2019, amidst much fanfare, the rideshare company Lyft went public at $72 a share, raising more than $2.2 billion. In the first trading day following the offering, the company’s share price rose 8.7 percent. However, despite the initial euphoria, Lyft’s share price then began to slump. Lyft shares closed at $58.36 on […]
SEC Wants to Make It Easier for Companies to Explore IPOs – WSJ
Any company exploring whether to go public would get greater leeway to discuss their plans privately with potential investors before announcing an initial public offering, under a proposal that securities regulators released Tuesday. In a bid to boost the number of public companies, the Securities and Exchange Commission proposed letting all companies “test the waters” […]
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 […]
Uber Is Said to File for an I.P.O. as It Races Lyft to a Public Debut – The New York Times
Uber confidentially filed paperwork on Thursday to go public, according to two people with knowledge of the matter, officially moving toward what is expected to be one of the biggest and most anticipated tech company stock market debuts ever. via Uber Is Said to File for an I.P.O. as It Races Lyft to a Public […]
Snap subpoenaed by Justice Department over its IPO disclosures
The U.S. Justice Department and Securities and Exchange Commission have subpoenaed Snap for information about its March 2017 initial public offering, the social media app maker told Reuters on Tuesday. via Snap subpoenaed by Justice Department over its IPO disclosures.
Should the SEC Allow IPOs When Bylaws Require Arbitration of Federal Securities Claims? | New York Law Journal
There has been renewed interest in whether the SEC should allow a U.S. company to conduct a registered initial public offering if its bylaws require shareholders to arbitrate federal securities claims. In April 2018, SEC Chair Jay Clayton said that resolving this knotty issue is not a priority for the Commission, but the Supreme Court’s […]
Fixing the ‘Brain Damage’ Caused by the I.P.O. Process – The New York Times
It is no secret that the public stock markets — despite the heights they’ve reached (and the credit that President Trump has taken for them) — are fundamentally broken. No chief executive wants to live in the glare of the public spotlight and deal with pesky investors who hold stocks in time frames of days […]
SEC Said to Scrutinize Hedge Funds’ Handling of Hot IPO Shares – Bloomberg
U.S. regulators are scrutinizing how hedge funds and other money managers divvy up the stock they get from hot initial public offerings due to concerns that highly lucrative trades are inappropriately enriching a select few, said three people familiar with the matter. Investment firms typically oversee multiple funds, and the Securities and Exchange Commission is asking how […]