Daily Archives: August 3, 2022, 5:51 pm

SEC Charges Surgical Implant Manufacturer Surgalign and Former Senior Executives with Accounting and Disclosure Fraud

The Securities and Exchange Commission today charged Surgalign Holdings, Inc., formerly RTI Surgical Holdings, Inc., and former executives Brian Hutchison and Robert Jordheim for masking disappointing sales numbers by shipping future orders ahead of schedule to accelerate, or “pull forward,” revenue and then failing to disclose this practice to investors. In June 2020, RTI restated its public financial statements from…

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Senate Plan Would Put Bitcoin, Ether Under Commodity Regulator’s Watch – WSJ

Leaders of a Senate committee are set to propose legislation that would assign oversight of the two largest cryptocurrencies, bitcoin and ether, to the federal agency that regulates milk futures and interest-rate swaps. Senate Agriculture Committee Chairwoman Debbie Stabenow (D., Mich.) and top-ranking Republican John Boozman of Arkansas, are planning to introduce a bill Wednesday that would empower the Commodity…

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‘Securities’ Label in SEC Insider Case May Have Broad Crypto Impact – CPA Practice Advisor

Less certain are the immediate consequences on crypto exchanges, Reiners said. He said it’s likely that exchanges are nervously reading through the SEC’s complaint, looking at what is currently listed on their platforms, and comparing that to how the SEC views the nine digital assets in question. Reiners said he does not see the SEC filing complaints against exchanges until…

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MicroStrategy’s Bitcoin Maximalist CEO Saylor Hands Job to Deputy, Takes Executive Chairman Role

Michael Saylor, one of the most prominent bitcoin backers in corporate America, handed the chief executive officer role at MicroStrategy (MSTR) to a deputy and became executive chairman, putting his focus exclusively on hoarding cryptocurrencies. He founded the company in 1989 as a software developer, but in recent years began buying billions of dollars of bitcoin with MicroStrategy’s money —…

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2022 S&P 500 Board Diversity Snapshot

The snapshot also highlights proxy disclosures related to veterans and directors with disabilities and provides advice to boards for increasing refreshment and building a robust — and diverse — board talent pipeline. Among the highlights: 72% of the incoming S&P 500 class of directors come from historically underrepresented groups. 32% of all S&P 500 directors are women and 22% are…

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The SEC’s Cryptocurrency Confusion – WSJ

After years of threatening to sue Coinbase for listing unregistered securities, the Securities and Exchange Commission is now rumored to have launched an investigation into the company and other exchanges. If it proceeds, the SEC may be on track to make a serious mistake. Skeptics wonder why Coinbase doesn’t simply register the tokens it sells with the SEC. It’s not…

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Crypto Market Takes a Fresh Hit as Thousands of Solana Wallets Hacked (SOL) – Bloomberg

Hackers targeted the Solana ecosystem early Wednesday with thousands of wallets affected in the latest hit to the cryptocurrency market after bridge protocol Nomad was attacked at the start of the week. Estimates of the damage vary. Just over $5.2 million in cryptoassets have been stolen so far from more than 7,900 Solana wallets, according to blockchain forensics firm Elliptic.…

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King & Spalding Adds Senior Financial Disputes and Regulatory Litigator Matthew Biben in New York – King & Spalding

Matthew Biben, a leading litigator who focuses on banking, regulatory and enforcement matters, has joined King & Spalding as a partner in its New York office. Biben was most recently a partner at Gibson, Dunn & Crutcher, where he was Co-Chair of its Financial Institutions Practice Group. Source: King & Spalding Adds Senior Financial Disputes and Regulatory Litigator Matthew Biben…

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