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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCourt Finds Oracle Execs Destroyed, Did Not Preserve Evidence
U.S. District Judge Susan Illston ruled Wednesday that executives of Oracle Corp. (ORCL) either destroyed or knowingly failed to preserve evidence sought in a securities class action against the company. According to the Mercury News, the judge also stated that she will infer that the evidence was incriminating, and instruct a jury to make the same inference if […]
UK: Criminal Insider Trading Trial of Dentist Begins Today
The criminal insider trading trial of Neel Uberoi, a dentist from south London, begins today in the UK. It is the latest development in the UK’s effort to get tougher on insider trading and market abuse. Uberoi’s trial is one of three criminal cases the Financial Services Authority has brought this year–the first three ever, as discussed […]
SEC Sues Former CEO of Kellogg, Brown & Root Under FCPA
The SEC filed a settled case today against former KBR chief Albert Jackson Stanley for allegedly violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA). The SEC’s complaint alleges that over a ten-year period beginning in 1994, Stanley and others participated in a scheme to bribe Nigerian government officials in order to obtain […]
10th Circuit Holds that Non-Employee Consultants May Be Primary Violators of Securities Laws
The U.S. Court of Appeals for the Tenth Circuit held Tuesday that “when a non-employee consultant to a public corporation causes misstatements or omissions within periodic financial reports submitted to the Commission, knowing that those misstatements or omissions will reach investors, he can be held primarily liable under the antifraud provisions of the federal securities laws.” The Court’s […]
Join the New Securities Litigation and Enforcement Group on LinkedIn.com
Securities Docket invites you to join the new Securities Litigation and Enforcement Group on LinkedIn.com. Those of you already using LinkedIn know that is a new and interesting way to network with friends, colleagues, “friends of friends,” and so on. LinkedIn also provides a platform for groups of people with similar backgrounds, schools, or other interests (such […]
Coughlin Stoia Named Lead Counsel in VeriFone Securities Class Action
Judge Marilyn Hall Patel of the U.S. District Court for the Northern District of California has named National Elevator Fund as lead plaintiff and Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel in the VeriFone Holdings Inc. securities class action. According to a report on Stanford SCAC (citing Securities Law 360), six sets […]
Former AUSA Peterson Joins Wilson Sonsini
Elizabeth C. Peterson, a former AUSA from the district of Minnesota, has joined Wilson Sonsini’s litigation department as a partner, and will focus on white collar criminal defense, corporate internal investigations, and complex commercial civil litigation. Peterson will be located in the firm’s Palo Alto office. In her over four years as an AUSA, Peterson investigated and prosecuted more than […]
Bingham McCutchen Adds Securities Lawyers from Bear Stearns
Bingham McCutchen has added two former Bear Stearns lawyers to its international securities practice. The new additions are Kenneth Kopelman, the former Bear fixed income and derivatives legal head; and Gerald Russello, Bear’s former managing director of legal. The Lawyer.com reports that at Bear, Kopelman managed legal and regulatory aspects of the trading, markets and derivatives business, and was the first […]
SEC Charges Two Brokers With Fraud Related to $1 Billion in Sub-Prime Purchases
The SEC charged Wall Street brokers Julian Tzolov and Eric Butler today with defrauding customers when making more than $1 billion in unauthorized purchases of subprime-related auction rate securities. The SEC alleges that the brokers misled customers into believing that the ARS were backed by federally guaranteed student loans and were a safe and liquid alternative to bank […]
Former CA Chief Alleges Cover-Up by Board
Former CA Inc. CEO Sanjay Kumar, already in prison on a 12-year sentence for his role in the company’s accounting fraud (and the famous “35-day month”), now alleges that CA co-founder Charles Wang personally pressured him to close contracts after a quarter closed to meet earnings estimates. Kumar also alleges that several longtime CA board members “took […]