‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThere is no wave of COVID-19 shareholders’ class actions (yet) – Reuters
Remember back in mid-March, when the stock market was gyrating and businesses were just beginning to reckon with COVID-19 lockdowns? Corporate defense firms warned that opportunistic shareholders’ lawyers were poised to pounce. Plaintiffs’ lawyers said at the time that they were in no rush to bring class actions against companies that failed to anticipate the […]
Jim Barratt joins AlixPartners in Washington, D.C.
We are pleased to welcome Jim Barratt to AlixPartners’ Investigations, Disputes & Risk group, based in Washington, DC. Jim has led numerous forensic accounting investigations involving financial fraud and anti-bribery and corruption issues, and assists counsel in communicating the findings of those investigations to audit committees, the SEC, and other government agencies. Jim is a […]
Federal regulators escalate investigation of accounting practices at Under Armour – Baltimore Sun
Federal officials have escalated an investigation into accounting practices at Under Armour at a time when the Baltimore-based sports apparel maker is struggling with worsening losses amid coronavirus-related store shutdowns. Under Armour and two top executives, including founder Kevin A. Plank, have been alerted that the U.S. Securities and Exchange Commission could file a civil […]
Under Armour facing potential SEC enforcement over accounting practices | Article | Compliance Week
Under Armour revealed in a regulatory filing Monday that its accounting practices are the subject of a pending enforcement action by the Securities and Exchange Commission (SEC). The Baltimore-based athletic wear manufacturer and two of its executives received Wells Notices from the regulator, which indicate SEC staff have made a preliminary determination suggesting enforcement action […]
Bitcoin Deemed ‘Money’ Under D.C. Financial Services Law (2)
The virtual currency known as Bitcoin is a form of “money” covered under the Washington, D.C., Money Transmitters Act, a federal court said Friday. The court declined to dismiss criminal charges against Larry Dean Harmon, the operator of an underground Bitcoin trading platform, for running an unlicensed money transmitting business under D.C. law and for […]
NERA: Securities Suit Filings Down in the Year’s First Half | The D&O Diary
Securities class action lawsuit filings in the first half of 2020 were more than 15% below the number of filings in the first half of each of the last three years, according to a new report from NERA Economic Consulting. The report, entitled “Recent Trends in Securities Class Action Litigation: 2020 H1 Update” (here), projects […]
Is the SEC Complying with Liu On Disgorgement? – SEC ACTIONS
Insider trading has long been a focus for the Commission’s Enforcement Division. While the cases can be difficult to detect, over the years the agency had developed a huge data base and critical data analytics that often aid in fretting out large and small potential cases. When insider trading is found, the actions are brought. […]
Finablr appoints law firm Skadden to investigate potential misconduct
Finablr has appointed law firm Skadden to help investigate potential wrongdoing and theft within the payments group as it seeks answers about £1bn of undisclosed debt discovered on its balance sheet earlier this year. UAE-based Finablr is part of the business empire of BR Shetty, who floated the group in London last year at a […]
U.S. offers $2M reward for 2 men who hacked SEC – UPI.com
The U.S. State Department and Secret Service on Wednesday announced the two $1-million rewards for help detaining Artem Viacheslavovich Radchenko and Oleksandr Vitalyevich Ieremenko, Ukrainian nationals who have been accused of stealing information from the U.S. Securities Exchange Commission in 2016. In a statement, the Secret Service said it was the first time the agency […]
SEC Whistleblower Program Is Successful
In response to the 2008 financial crisis, Congress passed the Dodd-Frank Act on July 21, 2010, which, among other things, created the SEC Whistleblower Program. A decade later, the program has proven to be successful in generating high-quality information regarding securities laws violations that have enabled the SEC to halt fraud schemes and protect investors. Since […]