Daily Archives: June 22, 2018, 6:09 pm

SEC Probes Whether Companies Rounded Up Earnings Per Share – WSJ

Federal regulators are investigating the case of the missing “4,” exploring the numeral’s conspicuous absence in quarterly reports that could mean companies have improperly rounded up their earnings per share to the next highest cent, according to people familiar with the matter. Enforcement officials at the Securities and Exchange Commission have sent queries to at least 10 companies, asking the…

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Supreme Court Holds SEC’s Past Hiring of Administrative Judges Unconstitutional | Ropes & Gray LLP

On Thursday, the Supreme Court issued a decision in Lucia v. SEC, Dkt. No. 17–130, holding that the SEC’s previous practice in hiring administrative law judges (“ALJs”) was unconstitutional—calling into question the validity of the proceedings and holdings of SEC ALJs that decide the vast majority of contested SEC enforcement actions. With this decision, the Court resolved an outstanding circuit…

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