‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInLorenzo: A Win for the SEC and All Plaintiffs – SEC ACTIONS
The Court’s conclusion creates the expansive version of primary liability the SEC has sought for years. Perhaps ironically, the scheme liability theory the agency created in an effort to reach its goal was largely ignored by the Court. Rather, the opinion crafted by Justice Breyer is little more than a reiteration of Central Bank. There […]
The SEC is Reading Your Hot Takes: The Pitfalls of Material Misrepresentations Following Negative News | Arent Fox
On March 12, 2019, the Securities and Exchange Commission announced it charged Lumber Liquidators Holdings Inc. with securities fraud for making fraudulent misstatements to investors. The charges illustrate the perennial danger of misleading filings and highlight the SEC’s scrutiny over responses to negative press. In light of this enforcement, the consequences of hastily — or fraudulently […]
Supreme Court backs SEC, rules against investment banker
The U.S. Supreme Court reinforced the Securities and Exchange Commission’s powers, upholding sanctions against an investment banker found to have duped investors about a startup company’s financial condition. The justices, voting 6-2, said Francis V. Lorenzo, who worked at Charles Vista, could be held liable for taking part in a scheme to defraud investors even […]
David Baazov Fires Back Against AMF With $2M Lawsuit
Former Amaya CEO David Baazov has opened a $2 million lawsuit against Quebec’s securities regulator in response to the insider trading lawsuit those authorities pursued unsuccessfully against him beginning in 2016. Baazov says that L’Autorite des marches financiers (AMF) acted maliciously when it accused him of leaking privileged information to aid insider trading and manipulate […]
Cornerstone Research: Aggregate, Average, and Median Securities Suit Settlements Increased in 2018 | The D&O Diary
Aggregate, average and median securities class action lawsuit settlement amounts all rose in 2018, according to the latest report from Cornerstone Research. The 2018 total settlement amount of just over $5 billion dollars is substantially higher than the prior year total and in fact is the third-highest total in the past 10 years. The $5 […]
SEC Awards $50 Million to Two Whistleblowers
The Securities and Exchange Commission today announced awards totaling $50 million to two whistleblowers whose high-quality information assisted the agency in bringing a successful enforcement action. One whistleblower received an award of $37 million and the other received an award of $13 million. The $37 million award is the Commission’s third-highest award to date after […]
Former Co-Chief of the US Attorney’s General Crimes Unit Hadassa Waxman Joins Proskauer – Insights – Proskauer Rose LLP
Ms. Waxman comes to Proskauer from the U.S. Attorney’s Office for the Southern District of New York where she served as Assistant U.S. Attorney. For the past two years, she has also served as Co-Chief of the General Crimes Unit, supervising approximately 50 AUSA’s during their first year in the office. In that role, Ms. […]
Mintz Grabs Perkins Coie White-Collar Partner in San Diego | The Recorder
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo has added to its white-collar practice on the West Coast, bringing on a lawyer with experience at several Big Law firms, most recently Perkins Coie. Sean Prosser made a move to the Boston-based firm as it grows its California presence. He was a partner at Seattle-based Perkins Coie, where […]
Few lawyers seek top SEC enforcement job in Texas – Houston Chronicle
Steve Korotash, a partner at Morgan Lewis and former assistant director of enforcement at the SEC, says that the position has always been viewed as one of the premier legal jobs in the country, but he says experienced attorneys who would normally seek the post are not because this is “a difficult time for the […]
Ex-Enron CEO Skilling Plans Second Act – WSJ
Just weeks after being released from federal custody following his 2006 conviction on fraud, conspiracy and insider-trading charges, Mr. Skilling has been holding meetings with former Enron executives and others, hoping to win backing for a new energy venture, people familiar with the matter said. The exact nature of the project is something of a […]