Daily Archives: March 14, 2023, 4:44 pm

SEC Charges IT Services Provider DXC Technology Co. for Misleading Non-GAAP Disclosures

The Securities and Exchange Commission today charged DXC Technology Company, an IT services company in Ashburn, Virginia, with making misleading disclosures about its non-GAAP financial performance in multiple reporting periods from 2018 until early 2020. According to the SEC’s order, DXC materially increased its reported non-GAAP net income by negligently misclassifying tens of millions of dollars of expenses as non-GAAP…

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Justice Department, SEC Investigating Silicon Valley Bank’s Collapse – WSJ

The Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank, according to people familiar with the matter, after the California lender was taken over by regulators last week amid a historic run on its deposits. The separate probes are in their preliminary phases and may not lead to charges or allegations of wrongdoing.…

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A Matt Levine Effect? – Bloomberg

… This is enough of a thing that people sometimes joke on Twitter about buying index options whenever I write “Money Stuff will be off tomorrow,” on the theory that the market gods always get up to something crazy whenever I try to take a day off. Naturally someone did a backtest and turns out it’s a bad idea (not investing…

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Silvergate, Signature banks’ woes pose new obstacle for FTX customers | Reuters

Two potentially deep pockets of recovery for former customers of the collapsed cryptocurrency exchange FTX just got a lot shallower. After FTX fell apart, its customers filed at least four class actions accusing either Silvergate Bank or Signature Bank of helping FTX insiders plunder customer funds…. *** It’s easy to see why plaintiffs’ lawyers for FTX customers targeted the banks.…

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DOJ Crackdown Prompts Compliance Scramble on WhatsApp, Signal

Corporate compliance chiefs and general counsel are bombarding outside attorneys with questions about how to design a policy to retain employee messaging on encrypted software, white-collar lawyers say. The intensifying dilemma for companies is fueled by recently stepped up Justice Department pressure in white collar investigations to produce encrypted chats on apps like Signal and WhatsApp. The enforcement push follows…

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Signature Bank’s collapse could deal a blow to cryptocurrency industry – The Washington Post

Few banks were as deeply embedded within the cryptocurrency firms as Signature Bank and Silvergate, and their downfall is a symbolic and practical blow to the embattled industry, legal experts said. The institutions offered an air of legitimacy to crypto companies and provided clients key services, such as around-the-clock transactions. *** “It’s very dark days at present for crypto,” said…

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