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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInGreek Property Investor Bluehouse in Trouble As Legal Headaches Mount – Bloomberg
When real estate investor Yannis Delikanakis woke up from a 26-day coma in April 2020, he discovered that his bank accounts had been frozen and he’d been ousted from the private equity fund that he had co-founded 16 years earlier. Source: Greek Property Investor Bluehouse in Trouble As Legal Headaches Mount – Bloomberg
Corporate Earnings Forecasts Accurate Only 30% of Instances – Bloomberg
More than three out of four financial professionals said there was a strong likelihood that their companies’ earnings would fall within the guidance they give to investors — but this only happens rarely, according to the researchers. The study surveyed 357 CFOs, investor-relations professionals and other executives at public companies in 2021. The paper finds […]
DeSantis looks like the choice for crypto enthusiasts in 2024
Crypto Twitter discussions about law and policy are informed chaos, a specialized cacophony. Despite the drama involved with Gov. Ron DeSantis’ announcement on Twitter that he was running for president in 2024, he made some alpha drops about his stance on crypto. The key takeaways from Desantis’ remarks were that crypto owners “have every right […]
Kyle Bass Says SEC ‘Blew It’ Twice in Handling of UDF Scandal
Activist investor Kyle Bass said the Securities and Exchange Commission was too lenient with a fraudulent Texas real estate fund he exposed years ago and is now botching his attempts to be paid as a whistleblower. “I turned a fraud in where one of my analysts found a Ponzi scheme and the SEC actually just […]
Skadden Forces Lawyers Back to Offices Four Days Per Week
Skadden, Arps, Slate, Meagher & Flom is requiring lawyers to show up in the office four days per week, the law firm confirmed Thursday. Skadden lawyers must work in person Monday through Thursday, under the new policy. The elite New York firm, among the largest in the US, previously required attorneys to be in offices […]
Crypto Kiosks, Licensing Are Targets for California Lawmakers
The cryptocurrency sector could be the subject of new regulation in California, and industry lobbyists are pushing back to ensure their businesses can still operate under new proposed scrutiny. The Golden State, home to nearly a quarter of the blockchain companies in North America, is trying to regulate the sector after last year’s collapse of […]
Record $279 Million Whistleblower Award Went to a Tipster on Ericsson – WSJ
The record $279 million whistleblower award issued by the Securities and Exchange Commission earlier this month stemmed from a bribery case against telecommunications company Ericsson. The award from the SEC’s cash-for-tips program was related to the $1.1 billion settlement the Swedish company reached with U.S. authorities in 2019 over allegations it conspired to make illegal […]
SEC Changes Introductory Disclaimer – Likely In Response to Discovery Dispute
If you regularly read speeches given by SEC Commissioners and staff, you may have noticed a change in the standard opening. For most of my career, the remarks always began with something to this effect: “Before I begin, I must give the customary disclaimer that the views I express today are my own and do […]
Key SPAC-Related Litigation Developments | The D&O Diary
As I have chronicled on this blog (most recently, here), a wave of litigation has followed in the wake of the SPAC boom in late 2020 and early 2021. Since January 1, 2021, over 60 SPAC-related securities class actions have been filed, and there has also been a number of Delaware state court breach of […]