‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInTracking Down Smoke: The SEC’s Campaign to Stomp Out False Rumors
By Bruce Carton The manipulation of securities prices has been illegal under federal securities law for more than 70 years. Surprisingly, however, the Securities and Exchange Commission had never brought an enforcement action alleging market manipulation through the intentional spreading of false rumors until this past April. That’s when the SEC filed a settled case […]
Colombia: Regulators to Crack Down on Insider Trading
The chief securities regulator of Colombia, Cesar Prado, says that the country will increase investigations into insider trading and draft new rules to crack down on misconduct in South America’s fourth-largest exchange. According to Bloomberg, Prado is currently probing 15 to 20 possible cases of insider trading and may begin imposing sanctions in some cases by year end. […]
Gibson, Dunn Adds Charles Jaeger to San Francisco Office
The law firm Gibson, Dunn & Crutcher LLP has added Charles R. Jaeger as a partner in its San Francisco office. Jaeger, formerly with Heller Ehrman, focuses his practice on accountants’ liability and securities litigation. Jaeger practiced with Heller Ehrman since 1993, where he formerly served as Co-Chair of Heller’s Securities Litigation Practice Group and Co-Chair of the San […]
Comcast Securities Class Action Dismissed with Prejudice
On August 25, Chief U.S. District Judge Harvey Bartle III of the Eastern District of Pennsylvania dismissed with prejudice the securities class action filed against Comcast Corp. that alleged false statements by the company related to its projected growth throughout 2007. According to The Legal Intelligencer, the court found that the complaint was limited to a “barebones sketch” of how budget […]
Securities Class Action Filed Against Vanguard Group for Alleged Purchases of Gambling Businesses
A securities class action has been filed against Vanguard Group Inc. and several of its executives for its alleged illegal investment in companies running Internet gambling businesses banned in the U.S. Bloomberg reports that according to the complaint, Vanguard violated U.S. racketeering laws and breached their fiduciary duties to investors by acquiring stock in the Web-based […]
Man Bites Dog: Company Chairman Sets Up 10b5-1 Buying Plan
How rare are 10b5-1 trading plans for corporate executives? Not at all. Indeed, there are thousands – maybe hundreds of thousands – of such plans in existence. But what about a 10b5-1 trading plan to buy, not sell, a company’s stock? Rare enough to get its own article in the Mercury News. According to the Mercury […]
Australia: Aristocrat Settlement May Lead to Litigation Funding Competition
Stuart Wilson Looking back at the recent record-breaking settlement of a securities class action by Australia’s Aristocrat Leisure, Stuart Wilson, the chief executive of the Australian Shareholders’ Association, believes that the case is a huge win for shareholders. In an article in today’s The Australian, Wilson observes that prominent litigation funder IMF also hit the […]
New DOJ Guidelines Prohibit Pressure for Waiver of Attorney-Client Privilege
On Thursday, the DOJ released new internal guidelines that formally bar prosecutors from pressuring companies and individuals under investigation to waive the attorney-client privilege. According to the WSJ, the new guidelines – announced by Deputy Attorney General Mark Filip at a news conference at the New York Stock Exchange – were intended to address criticism […]