‘Enforcement 40’ for 2020
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By Securities Docket on March 29, 2020, 10:37 am
Companies headquartered or with principal places of business outside the United States (“non-U.S. issuers”) continue to be targets of securities class actions filed in the United States. Indeed, 2019 continued to see an uptick in the number of securities class action lawsuits brought against non-U.S. issuers from the previous year, consistent with the general trend […]
By Securities Docket on March 29, 2020, 10:05 am
The research, from scholars at the University of Pennsylvania’s Wharton School, Stanford University, University of Cambridge and IESE Business School, found insider trading profitability jumped dramatically during the 2007-2009 global financial crisis and subsequent government bailout.“ Anytime the government picks winner and losers, there is a greater opportunity for insider trading by connected individuals,” said […]
By Securities Docket on March 28, 2020, 11:38 am
The Robbins Geller lawyer pushed back hard against the premise that shareholders’ and plaintiffs’ lawyers should relax their vigilance now. To the contrary: “Our job, if we take our job seriously, is not to say, ‘Well, it’s a horrible time so you guys get to do horrible mergers or self-interested mergers,’” Baron said. “The corporations […]
By Securities Docket on March 26, 2020, 3:38 pm
The Feds on Thursday clamped down on trading in shares of an obscure, China-based company called Zoom Technologies, concerned that investors have been confusing it with the teleconferencing giant whose stock has surged amid the coronavirus crisis. via Zoom confusion leads SEC to halt trading for Chinese company.
By Securities Docket on March 26, 2020, 3:18 pm
COVID-19 has created many new concerns for private fund managers; however, managers should be particularly mindful of heightened cybersecurity and fraud risks. With increased numbers of employees teleworking, there are increased vulnerabilities for cybercriminal intrusions creating privacy-related risks for fund portfolio information, LP confidential data, and other sensitive electronically-stored materials. via Cybersecurity and Fraud Risks […]
By Securities Docket on March 26, 2020, 1:50 pm
The SEC has expressed its intent to respond proactively to the impact of the coronavirus on capital markets and investors. Risks to investors can become heightened during a market downturn, and we expect that the Enforcement Division will concentrate resources on certain types of investigations, including potential: (1) material misrepresentations and omissions about the impact […]
By Securities Docket on March 25, 2020, 12:02 pm
Stanley Sporkin, a legal crusader who, as the chief enforcement officer at the Securities and Exchange Commission, held American corporations accountable for making illicit campaign contributions in the United States and for bribing public officials abroad, died on Monday in Rockville, Md. He was 88. His death, from congestive heart failure in a hospice, was […]
By Securities Docket on March 24, 2020, 11:44 am
Stanley Sporkin, who was the scourge of industry in the 1970s as the crusading chief enforcement officer of the Securities and Exchange Commission and who later had a colorful and controversial tenure as a federal judge in Washington with strongly worded rulings on high-profile cases, died March 23 at a hospice center in Rockville, Md. […]
By Securities Docket on March 24, 2020, 11:37 am
Stanley Sporkin was a giant, as a lawyer, judge and, most of all, public servant. He brought integrity and discipline to our markets. Investors, and all of us who have followed him at the Commission, benefit greatly from his work every day. via SEC.gov | Statement on the Passing of Judge Stanley Sporkin.
By Securities Docket on March 24, 2020, 10:53 am
We wish to emphasize the importance of maintaining market integrity and following corporate controls and procedures. For example, in these dynamic circumstances, corporate insiders are regularly learning new material nonpublic information that may hold an even greater value than under normal circumstances. This may particularly be the case if earnings reports or required SEC disclosure […]