‘Enforcement 40’ for 2020
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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.
Posted in SEC | Tagged Informal Inquiry
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 […]
Posted in Global | Tagged Insider Trading, UK | 1 Response
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.
Posted in SEC | Tagged Investigations
By Securities Docket on July 24, 2008, 11:45 am
As shown in this letter dated July 8, 2008, the SEC has advised Selectica, Inc. that its investigation has been terminated, and no enforcement action has been recommended to the Commission.
Posted in SEC | Tagged Investigations
By Securities Docket on July 24, 2008, 11:41 am
The SEC announced on Tuesday that it filed a settled action against Scott Hirth, the former Vice-President of Finance and Chief Financial Officer for ProQuest Company’s Information and Learning Division, alleging participation in a financial fraud scheme that occurred from 2001 through 2005. The SEC’s alleges that at the end of monthly and quarterly reporting […]
Posted in SEC | Tagged Financial Fraud
By Securities Docket on July 24, 2008, 11:04 am
A lawsuit filed Wednesday alleges that Swiss drugmaker Roche is abusing its power as the majority owner of biotech giant Genentech with a bid to buy the remaining shares at an allegedly low price unfair to minority investors, according to the San Francisco Chronicle: Roche offered $89 per share on Monday to acquire the shares it […]
Posted in Class Actions | Tagged M&A Cases
By Securities Docket on July 24, 2008, 10:46 am
Antivirus software maker McAfee has reportedly sued WilmerHale for over-billing the company more than $6 million for its representation of former CFO Prabhat Goyal. CFO.com reports that in April, McAfee filed a $12 million lawsuit that accuses the law firm Wilmer, Cutler, Pickering, Hale and Dorr, of overcharging the company in its defense of the […]
Posted in Criminal | Tagged Fees | 1 Response
By Securities Docket on July 24, 2008, 10:33 am
Judge Rakoff of the SDNY has granted a motion for class certification in a shareholder lawsuit against Monster Worldwide (MNST.O) alleging securities fraud. According to the Washington Post, the suit filed by two pension funds — the Middlesex County Retirement System in Massachusetts and the pension fund of the Steamship Trade Association-International Longshoreman’s Association–alleged Monster backdated stock options […]
Posted in Class Actions | Tagged Class Certification
By Securities Docket on July 24, 2008, 10:23 am
The Recorder reports that changes proposed by the Financial Accounting Standards Board that would force public companies to disclose more about the risks of litigation have caused a howl of protest among general counsel and corporate and defense lawyers. Under the revised rules for FASB Statement No. 5 (pdf), the threshold for reporting the potential […]
Posted in Class Actions | Tagged Accounting
By Securities Docket on July 24, 2008, 10:19 am
The Rocky Mountain News reports that The lawyer who prosecuted former Enron executives Kenneth Lay and Jeffrey Skilling is now on the other side of the white-collar crime legal fence – defending former Qwest CEO Joe Nacchio from civil fraud charges brought by the Securities and Exchange Commission. Sean M. Berkowitz is named in court […]