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The Securities and Exchange Commission today announced that Chief Administrative Law Judge Brenda Murray is retiring after 50 years of federal service, including 25 years as Chief Administrative Law Judge of the SEC. via SEC.gov | Chief Administrative Law Judge Brenda Murray to Retire.
This study examines the revealed preference of informed traders to infer the extent to which earnings announcements are informative of subsequent stock price responses. From 2011 to 2015, a cartel of sophisticated traders illegally obtained early access to firm press releases prior to publication and traded over 1,000 earnings announcements. I study their constrained profit […]
Recently, the SEC released its annual report for FY2019 and, like the prior eight years, FCPA “tips” continue to be a minor component of the SEC’s whistleblower program. Specifically, according to the SEC’s report, of the 5,200 whistleblower tips received by the SEC in FY2019, 200 (3.8%) related to the FCPA. This percentage of FCPA […]
It has been a surprisingly strong catalyst to nudge boards to add more female directors. But now, California’s first-in-the-nation law that mandates women on boards is facing a critical court challenge. The libertarian group Pacific Legal Foundation recently filed a federal lawsuit, saying California’s law violates the U.S. Constitution’s equal protection clause. The group also […]
On 24 October 2019, the Federal Court of Australia handed down Australia’s first securities class action to proceed to judgment. The decision has provided welcome clarity around three issues. First, the interpretation of the continuous disclosure obligation in s 674 of the Corporations Act 2001 (Cth) and the associated ASX Listing Rules. Secondly, the acceptance […]
Ex-Tesco director is acquitted over £250m fraud scandal as Serious Fraud Office offers no evidence – just weeks after judge dismissed case against his two colleagues for being too ‘weak‘ Tesco‘s former UK finance director has been cleared over a £250 million fraud and false accounting scandal after the scandal-hit Serious Fraud Office (SFO) dropped […]
As the U.S. Supreme Court reviews another ERISA-based challenge to company-stock management in 401(k) plans, many sponsors have acted to reduce their litigation risk in stock-drop cases. ERISA attorneys and defined contribution consultants say sponsors that outsource management of company stock to independent fiduciaries or who keep high-ranking insiders off oversight committees have a better […]
The number of new U.S. Securities and Exchange Commission enforcement actions against public companies and subsidiaries in fiscal year 2019 rose more than 30% over the previous fiscal year, driven by self-reporting under the SEC’s Share Class Selection Disclosure Initiative (Share Class Initiative), according to a report released today by the NYU Pollack Center for […]
Arnold & Porter announced today that Suneeta Hazra has joined the firm’s White Collar Defense and Complex Litigation practices as a partner. She will be resident in the firm’s Denver office. Ms. Hazra spent nearly 20 years at the United States Attorney’s Office in Colorado, most recently serving as Chief of the Criminal Division…. via […]
In a voice vote with no audible dissenters, six trustees voted to approve Trustee Jason Brady’s motion for the system to contract with all the firms that submitted their qualifications in April. Trustees Andrea Lea and Dale Douthit abstained from the vote; Trustee Daryl Bassett was absent. In August, Trustee David Hudson made a motion […]