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Yesterday in SEC v. Dorozhko, the Second Circuit reversed a lower court that had ruled that computer hacking was not “deceptive” within the meaning of Section 10(b), as defined by the Supreme Court.
Today, Wayne State University law professor Peter Henning and I hashed through the various issues raised in an earlier post about “Hot Tips, Twitter and Insider Trading” in an online discussion. We also explored the recent Mark Cuban decision, the 2nd Circuit’s opinion yesterday in the Dorozhko case, and the bill now before Congress that would prohibit Congressional insider trading. Check it all out here.
The SEC has reportedly issued Wells notices to certain executives at AIG’s Financial Products unit. Citing the July issue of Corporate Counsel magazine, ABC News reports that Wells notices have gone out to multiple executives indicating the SEC staff’s intention to recommend that the Commission pursue enforcement action. Read the ABC News article
Placement Agents: Banned Under New SEC Rules; Audit Firms Sure to Face New Litigation, Experts Say; Online Discussion: “Hot Tips, Twitter and Insider Trading;”July 23: Real Answers to “Hot Tips, Twitter and Insider Trading;” SEC Files Novel “Clawback” Action Under SOX 304; Satyam founder Ramalinga Raju’s judicial custody extended until Aug 5; Spain: Prosecutors Will Appeal Court Decision Clearing Telefonica’s Alierta of Insider Trading; August 5 Webcast – Credit Default Swaps: Recent Developments.