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‘Enforcement 40’ for 2020
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Court Denies Class Certification in Halliburton Securities Class Action
Halliburton (HAL) announced today that on September 29, 2008, the U.S. District Court for the Northern District of Texas denied the plaintiff’s motion for class certification in the securities class action filed against it. Halliburton stated that as a result, the claims brought by lead plaintiff Archdiocese of Milwaukee Supporting Fund must now be pursued […]
SEC Terminates Investigation Into Digital River’s Options Granting Practices
Digital River Inc. stated Tuesday in a Form 8-K filed with the SEC that the SEC’s investigation related to the company’s past stock-option practices has been terminated and no enforcement action has been recommended. Digital River previously disclosed in December 2006 that the SEC had asked for documents about Digital River’s option-granting practices during the […]
Top Auditing Firms Face Huge Exposure from Recent Corporate Turmoil
The 21-member panel sitting on the U.S. Treasury’s Advisory Committee of the Auditing Profession met last week to discuss and review the issue of limited liability for auditors. The Committee meeting followed an earlier meeting in Washington, DC this summer in which it was advised that the six largest auditing firms had 27 separate outstanding […]
The SEC is Twittering
No clue what the title of this post is about? I explain here on my Enforcement Action blog over at Compliance Week.
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Law Firm Trend Watch: Financial Crisis Practice Groups Update (K&L Gates; Mayer Brown)
Add K&L Gates and Mayer Brown to our quickly-growing list of law firms forming practice groups to assist clients in connection with the current financial crisis and expected bailout. K&L Gates announced yesterday that “in response to the recent upheaval triggered by the credit crisis and the legislative response, K&L Gates LLP has organized a […]
SDNY Dismisses Securities Class Action Against American Express Co. Once More
On September 26, 2008, Judge William Pauley of the U.S. District Court for the Southern District of New York dismissed the securities class action against American Express Corp. The complaint, filed in 2002, alleged that the defendants failed to disclose that American Express was investing in a risky portfolio of high-yield or “junk” bonds that […]
“Crimes of Upholstery — The Cover-Up Will Kill You”
Great line in Andrew Ross Sorkin’s Dealbook post yesterday (“What Goes Before a Fall? On Wall Street, Reassurance”): More likely than not, when we start seeing pictures of C.E.O. perp walks, the crime won’t be theft or some other kind of financial chicanery, it will be some kind of fraud — probably lying to the […]
Law Firm Trend Watch: Financial Crisis Practice Groups Update (Fried, Frank)
Add Fried, Frank, Harris, Shriver & Jacobson to the list of law firms forming groups to assist clients in connection with the expected financial bailout. The firm announced yesterday the formation of its Financial Services Task Force “comprised of senior attorneys from the Firm’s banking, bankruptcy & restructuring, corporate, government contracts, litigation, real estate and […]
Video: Dow Suffers Historic One-Day 777 Point Loss
The Dow Jones Industrial Average finished at 10,365, down 777 points, or 7%. The 777 point decline is the worst one-day point loss in its history, topping Sept. 17, 2001, when it plunged 684 points. Reuters has this video summarizing the day on Wall Street: