Daily Archives: February 3, 2023, 7:07 pm

Elon Musk Found Not Liable in Trial Over Tweets Proposing to Take Tesla Private – WSJ

A jury rejected investor claims that Elon Musk violated federal securities law when he tweeted in 2018 about potentially taking Tesla Inc. increase; green up pointing triangle private, handing a major win to the billionaire chief executive. The nine-person jury said the investors who brought the class-action case failed to prove that Mr. Musk hurt them by tweeting about a…

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Founder of Purported Cryptocurrency Company Sentenced to More Than Eight Years in Prison for Multi-Million-Dollar Fraud Scheme | DOJ

The founder of “My Big Coin,” a purported cryptocurrency and virtual payment services company headquartered in Las Vegas, Nev., was sentenced today in federal court in Boston for marketing and selling fraudulent virtual currency and operating an unlicensed virtual currency exchange. Randall Crater, 52, of Lake Mary, Fla., was sentenced by U.S. District Court Judge Denise J. Casper to 100…

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FTX Founder Bankman-Fried Wins Texas Crypto Ruling as States Go After Lost Funds – Bloomberg

Embattled FTX founder Sam Bankman-Fried has staved off a case alleging he broke Texas securities laws, after a judge ruled that the state regulator lacks jurisdiction to act against him. The ruling came in a case brought by the Texas State Securities Board claiming Bankman-Fried offered unregistered securities through FTX’s yield-bearing cryptocurrency accounts and that he now owes refunds to…

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McDonald’s Ruling Shifts Oversight Liability Focus to Corporate Officers – WSJ

A judge’s decision to allow a shareholder lawsuit against a former McDonald’s Corp. human resources chief has put corporate executives on alert that they can be held personally liable for failing to oversee the biggest risks confronted by their companies. The ruling follows a series of Delaware Court of Chancery decisions that have set off alarm bells in corporate boardrooms…

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SEC Considers Easing Climate-Disclosure Rules After Investor Pushback – WSJ

The Securities and Exchange Commission is considering a softening of planned rules requiring companies to disclose the effects of extreme weather and other costs related to global warming when the regulator completes its climate-change proposals, people close to the agency said. The Wall Street regulator is looking again at the financial reporting aspect of the climate-disclosure plan it issued last…

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Cornerstone Research: Securities Suit Filings Declined in 2022 | The D&O Diary

According to the latest report from Cornerstone Research, the number of securities class action lawsuit filings declined slightly in 2022 relative to 2021, although the number of “core” securities suit filings increased slightly compared to 2021. The report, which is entitled “Securities Class Action Filings: 2022 Year in Review,” and which was published in conjunction with the Stanford Law School…

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