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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC 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 […]
Ripple Discovery Would Chill All Agency Debate, SEC Says
In its July 27 brief asking US District Court for the Southern District of New York Judge Analisa Torres to toss Netburn’s orders, the agency argues that the speech didn’t reflect SEC policy, but rather what advice his division would give the agency. Although the SEC maintains that it isn’t bound by Hinman’s speech, it […]
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 […]
‘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 […]
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 […]
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 […]
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 […]
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 […]
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 […]