Daily Archives: May 18, 2009, 6:00 pm

Options Backdating Cases Not Dead Yet

There were rumblings near the end of 2008 that the SEC’s interest in options backdating was winding down, but the last few days have seen a new surge in such cases.  On May 14, the SEC filed a settled backdating enforcement action against Gary A. Ray, the former VP of human resources at L.A.-based homebuilder KB Home, Inc.  Today, the…

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Hong Kong: Insider Trading Trial Takes Unusual Turn

The high-profile insider trading case in Hong Kong against former Morgan Stanley managing director Du Jun took an unexpected turn today when it emerged that Morgan Stanley compliance officers approved the trades of Du Jun at issue due to confusion as to the name of the security involved. The FT reports that in February 2007, Samantha Ng, a former Morgan…

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U.S. Supreme Court Grants Cert. in Case Challenging Constitutionality of PCAOB

In a hotly-contested case that has been discussed here in several posts, The U.S. Supreme Court agreed to consider a constitutional challenge to the Public Company Accounting Oversight Board (PCAOB), the auditing industry’s watchdog. The Supreme Court stated today that it will hear arguments that the 2002 Sarbanes-Oxley Act that created the PCAOB violates the constitutional provision giving the president…

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