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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInRansomware gang files SEC complaint over victim’s undisclosed breach
The ALPHV/BlackCat ransomware operation has taken extortion to a new level by filing a U.S. Securities and Exchange Commission complaint against one of their alleged victims for not complying with the four-day rule to disclose a cyberattack. Earlier today, the threat actor listed the software company MeridianLink on their data leak with a threat that […]
Former Assistant U.S. Attorney for the Northern District of California, Kevin Rubino, Rejoins Sidley | Sidley Austin LLP
Sidley is pleased to announce that Kevin Rubino has rejoined the firm as a partner in its San Francisco office after serving as Assistant U.S. Attorney for the Northern District of California. While at the U.S. Attorney’s office, Mr. Rubino spent nearly four years prosecuting a wide range of federal offenses in the Criminal Division, […]
When Internal Audit talks, people listen…or at least they should. | Jim Barratt, LinkedIn
Two recent government settlements with Albemarle Corporation (Albemarle), and Clear Channel Outdoor Holdings, Inc. (CCOH), describe, among other things, the efforts of the companies’ internal audit departments in identifying internal control “red flags” that unfortunately, to the detriment of the issuers, were not acted upon in a timely and adequate manner. *** As a former […]
Ex-Platinum Hedge Fund Manager Spared Prison by Skeptical Judge – Bloomberg
A former Platinum Partners fund manager convicted over a scheme to rig a bond vote at an oil and gas company was spared prison by a judge who remains skeptical about the government’s case. US District Judge Brian Cogan on Wednesday sentenced Daniel Small to probation over the objections of prosecutors, who said the ex-manager […]
Coinbase’s SEC Fight Renews Interest in ‘Grossly’ Underused Tool
Coinbase Global Inc.’s decision to sue securities regulators over their alleged foot-dragging on the company’s request for crypto rulemaking has caught the attention of other businesses and advocacy groups. Coinbase is asking an appeals court to order the Securities and Exchange Commission to respond to a petition for rulemaking the crypto exchange filed last year, […]
WeWork’s Rescue Wasn’t Real – Bloomberg
Anyway, a little after 5 p.m. on Friday, Nov. 3, when WeWork Inc. was sliding into bankruptcy but not quite bankrupt yet (it filed on Monday, Nov. 6), a very fun press release came out on Business Wire. A sample: “A Proposal by Cole Capital Funds Seeks to Acquire 51% of all minority ownership shares […]
Fifth Circuit Declines to Review SEC’s Approval of Nasdaq’s Board Diversity Rule
On October 18, 2023, a three-judge panel for the U.S. Court of Appeals for the Fifth Circuit denied petitions to review the SEC’s approval of Nasdaq’s board diversity disclosure rule, which requires Nasdaq-listed companies to have female and minority or LGBTQ+ directors on their boards (or explain why they do not), and disclose diversity statistics […]
U.S. CFTC Chief: Nothing Changed After FTX Meltdown to Empower Agency to Prevent Repeat
U.S. regulators don’t have any more authority now to head off another major crypto collapse than they did when FTX imploded and took much of the industry with it, said Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam. “Nothing has changed, and we could be in a position where another FTX-type event happens,” Behnam said […]
SEC Stats Show the Agency is an Active Enforcement Cop | The D&O Diary
According to the Cornerstone Research report, there were 91 new actions filed against public companies and subsidiaries in FY 2023, representing 18% of all FY 2023 standalone actions. The 91 public company enforcement actions during the year represents a 34% increase over the 68 public company action in FY 2022 and is the highest annual […]
NYDFS Rolls Out Stricter Guidelines for Cryptocurrency Listings, De-listings
The New York State Department of Financial Services (NYDFS) has said it strengthened its guidelines for listing or de-listing cryptocurrencies in a move to beef up protections for crypto investors throughout the state, NYDFS Superintendent Adrienne A. Harris said Wednesday in a statement. The updated guidelines will require crypto companies to submit their coin listing […]