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Join the Securities Litigation and Enforcement Group on LinkedInStartup Bank Had a Startup Bank Run – Bloomberg
And so if you were the Bank of Startups, just like if you were the Bank of Crypto, it turned out that you had made a huge concentrated bet on interest rates. Your customers were flush with cash, so they gave you all that cash, but they didn’t need loans so you invested all that […]
Former U.S. District Judge George Hazel to Join Gibson Dunn in Washington, D.C. – Gibson Dunn
Gibson, Dunn & Crutcher LLP is pleased to announce that George Hazel will join the firm’s Washington, D.C. office as a partner. Hazel, formerly a U.S. District Judge for the District of Maryland, will serve as a member of the firm’s Litigation and White Collar Defense and Investigations Practice Groups. Source: Former U.S. District Judge […]
Fed Unveils Crypto Team to Keep Tabs on Assets
The Federal Reserve is assembling a new crypto-focused team to help ensure the central bank can stay on top of developments in the asset class. Michael Barr, the Fed’s vice chair for supervision, said Thursday the group would help bolster oversight abilities. He also warned about potential dangers of stablecoins and said that the central […]
SEC Is Focusing on Earnings Manipulation by Companies – WSJ
Regulators are on high alert. In recent months, the Securities and Exchange Commission has brought a string of cases accusing executives of cooking the books to meet numbers. Today’s tough climate for earnings will likely swell the pipeline of future actions. “My money is on a few years from now, say 2026, we’ll see a […]
SEC Settles Insider Trading Charges Against Spouse of Corporate Insider
The Securities and Exchange Commission announced today that California resident Mahmoud Abdelkader has agreed to settle charges for insider trading in the securities of Audentes Therapeutics, Inc. before the December 2, 2019 public announcement that Audentes would be acquired by Astellas Pharma, Inc. for approximately $3 billion. According to the SEC’s complaint, Abdelkader’s wife worked […]
Liquidating SPAC Hit With Investor Suit Over Planned Asset Distribution | The D&O Diary
As I have noted in prior posts (most recently here), many of the SPACs that completed IPOs during the SPAC frenzy in 2020 and 2021 are nearing the end of their two-year search period. Many of these SPACs have not identified suitable merger partners and the SPACs are liquidating. One question I have been asking […]
What Happens If Ether Is a Security?
Is ether (ETH), the native cryptocurrency of the Ethereum blockchain and the second-largest by market cap behind bitcoin, an investment security? The question has been a source of simmering speculation ever since Ethereum switched last year to a “proof-of-stake” blockchain network where investors can “stake” their coins in exchange for rewards – not too dissimilar […]
Silicon Valley Bank’s Financial Stability Worries Investors – The New York Times
Silicon Valley Bank’s spiral was set off by its surprise announcement Wednesday that it would take extraordinary and immediate steps to shore up its finances amid a dimming economic environment for the start-ups and other technology companies that dominate its client base. The bank disclosed that it had sold off $21 billion of its most […]