Daily Archives: September 3, 2008, 10:23 pm

Court 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 the case goes to trial. …

Read More

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 construction contracts worth more than…

Read More

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 ruling came in SEC v.…

Read More

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 as, say, securities litigation and…

Read More

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 100 criminal cases. Read the…

Read More

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 lawyer on Bear’s derivatives services legal team.  …

Read More

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 deposits or money market funds.…

Read More

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 steps to protect Wang and…

Read More