‘Enforcement 40’ for 2020
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By Securities Docket on July 27, 2008, 11:09 pm
Bernstein Liebhard & Lifshitz announced on Friday that on July 14, 2008, Judge Kenneth Marra of the United States District Court for the Southern District of Florida appointed the firm to act as sole lead counsel in Durgin v. Technical Olympics USA, Inc., et al. The firm represents the Bricklayers & Trowel Trades International Pension Fund, which […]
By Securities Docket on July 27, 2008, 10:58 pm
One day after filing just the second criminal insider trading case in its history, the UK’s securities market regulator–the Financial Services Authority–is now prosecuting two members of the same family for allegedly using illegal information to buy hundreds of thousands of shares in two companies over a four-month period in 2006. Bloomberg reports that Matthew and […]
By Securities Docket on July 27, 2008, 5:57 pm
The SEC and Frank McPike, former interim CEO of a company called Competitive Technologies, reached a creative and novel agreement in the SEC’s case against McPike for allegedly participating in a scheme to manipulate the stock price of CT. As discussed in an article by CFO.com, the parties settled nearly all charges against McPike, but agreed to take […]
By Securities Docket on July 27, 2008, 5:39 pm
Michael Shanahan Sr., the former CEO of Engineered Support Systems, Inc., pleaded guilty last week to one charge related to backdating company options. According to the St. Louis Business Journal, he faces 15 to 21 months in prison and must pay $7.87 million to his former company. Shanahan Sr. reportedly admitted to signing falsely dated stock option […]
By Securities Docket on July 25, 2008, 9:45 am
Above the Law reports that the lawsuit previously discussed here against WilmerHale related to its fees has been dismissed by United States District Judge Michael Schneider of the U.S. District Court for the Eastern District of Texas. The court reportedly “heard argument [yesterday] on WilmerHale’s motion to dismiss McAfee’s lawsuit against the firm. Judge Schneider ruled […]
By Securities Docket on July 25, 2008, 8:29 am
On July 23, 2008, United States District Judge Dale Kimball (D. Utah) dismissed with prejudice the shareholder class action suit filed in March of 2007 against the USANA Health Sciences, Inc. and certain of its officers and directors. Citing Tellabs, the court concluded that while “the inference of scienter [in this case could perhaps be] . . […]
By Securities Docket on July 25, 2008, 8:20 am
The State of Michigan Retirement Systems, represented by the law firm of Bernstein Liebhard & Lifshitz, as well as Barrack, Rodos & Bacine and The Miller Law Firm of Rochester, Mich., filed a motion on seeking to become lead plaintiff in the securities class action against American International Group. The suit alleges that AIG misled investors as […]
By Securities Docket on July 24, 2008, 12:17 pm
ArthroCare Corp. announced today that it has been informed by the SEC’s Fort Worth District Office that the Staff of the SEC’s Division of Enforcement is conducting an informal inquiry into accounting matters related to ArthroCare Corporation arising out of the Company’s recently announced restatement of financial results.
By Securities Docket on July 24, 2008, 12:02 pm
The U.K.’s Financial Services Authority (FSA) is reportedly set to launch its second criminal prosecution today, accusing Malcolm Calvert, a former partner at stockbroker Cazenove, of insider trading. According to an article in the Times Online, an FSA spokesperson confirmed today that Calvet will appear in court this afternoon in connection with the charges. The article notes that despite having […]
By Securities Docket on July 24, 2008, 11:50 am
TeleTech Holdings, Inc. announced that the SEC’s investigation related to the company has been terminated, and no enforcement action has been recommended to the Commission.