Daily Archives: May 2, 2013, 12:22 pm

SAC’s Cohen Pledges ‘Zero Tolerance’ for Insider Trading, Rolls Out Clawbacks – Compliance Week

After months of being “buffeted” by bad news of SAC Capital employees charged with insider trading, the firm’s founder, Steve Cohen, is trying to flip the script a bit. Cohen authored a letter to SAC investors insisting that the insider trading allegations are unacceptable to the firm and laying out several “zero tolerance” compliance-related steps that the firm will take.…

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Facebook, Underwriters Make Dismissal Pitch in IPO Investor Suits — The Litigation Daily

In a 61-page brief filed on Wednesday, Facebook’s lawyers at Kirkland & Ellis and Willkie Farr & Gallagher moved to dismiss consolidated securities litigation over the IPO. Contrary to a slew of complaints filed by plaintiffs lawyers, they argued that Facebook adequately warned investors in the run-up to the IPO that increased mobile usage might erode ad revenue. The dismissal…

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