Daily Archives: November 8, 2022, 8:55 am

MoviePass Was Not a Good Business – Bloomberg

It is an unusual sort of securities fraud. The basic allegation is that Farnsworth and Lowe were constantly asked if MoviePass could make money with a $9.95 unlimited monthly subscription, and they constantly said “sure probably somehow,” and it never did. Which is all true. But also its financial statements were public, and more or less accurate. They never claimed that…

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SolarWinds says it’s facing SEC ‘enforcement action’ over 2020 hack | TechCrunch

In a recent 8-K filing with the U.S. Securities and Exchange Commission, SolarWinds said it reached an agreement with shareholders, who sued the company alleging they were misled about the 2020 hack. Investors accused the software house, which makes network management tools used by corporations and government departments, of misrepresenting its security and failing to adequately monitor cybersecurity risks. SolarWinds…

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SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role

The Securities and Exchange Commission today announced that Chief of Staff Prashant Yerramalli will leave the agency, effective Dec. 31, 2022. Amanda Fischer, currently Senior Counselor to Chair Gary Gensler, will be appointed Chief of Staff, effective upon Mr. Yerramalli’s departure. Source: SEC.gov | SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the…

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Wood Products Company Hit with ESG “Greenwashing” Securities Suit | The D&O Diary

The hot button topic in both the investing world and the D&O insurance world these days is “ESG.” Setting aside the fundamental problem that nobody actually knows what ESG is, there is the inextricably related problem that the D&O claims risk related to ESG is fundamentally misunderstood. The current basic premise in the D&O insurance world is that companies that…

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Supreme Court Seems Poised to Streamline Challenges to Agency Power – The New York Times

A majority of the justices seemed prepared to say that people and companies subject to agencies’ enforcement actions should not have to wait until administrative proceedings are completed before they can raise at least some constitutional objections to the agencies’ structures in federal trial courts. “What sense does it make for a claim that goes to the very structure of…

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