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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInUS SEC to dismiss 42 enforcement cases after internal data mishap | Reuters
The U.S. Securities and Exchange Commission announced Friday it had dismissed 42 pending enforcement cases after discovering enforcement staff had improper access to materials meant for commission officials ruling on those cases. The decision comes after the SEC concluded a lengthy review of a matter first raised in April 2022, when it disclosed that some […]
Second Commission Statement Relating to Certain Administrative Adjudications
On April 5, 2022, the Commission issued a Statement Relating to Certain Administrative Adjudications (the “April 5 Statement”) describing a control deficiency related to the separation of enforcement and adjudicatory functions within the agency’s system for administrative adjudication. As the April 5 Statement explained, for a period of time, certain databases maintained by our Office […]
Top Traders See $120 Million Paydays as Hedge Funds Fight for Talent – Bloomberg
The hunt is no different from the bidding war for Premier League or NBA players, one executive said. Last year, a senior portfolio manager was lured by a major New York fund with more than $120 million in guaranteed payouts, according to a headhunter who said he’d done several deals paying north of $50 million. Contracts worth […]
Even in Direct Listing, Section 11 Plaintiff Must Trace Shares to Registration Statement | The D&O Diary
The U.S. Supreme Court – in a short, concise, unanimous opinion – has ruled that to assert Section 11 claims against Slack in connection with the company’s June 2019 direct listing, the plaintiff must plead and prove that he purchased shares pursuant to Slack’s allegedly misleading registration statement. Slack had offered both registered and unregistered […]
Elon Musk accused of insider trading by dogecoin investors
In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC’s “Saturday Night Live” and other “publicity stunts” to trade profitably at their expense through several dogecoin wallets that he or Tesla controls. Investors said this included when Musk sold about $124 million of dogecoin in April […]
Securities Enforcement Forum West 2023: SEC Stresses Cooperation, Self-Policing, and Self-Reporting | Perkins Coie
Senior Division of Enforcement officials from the U.S. Securities and Exchange Commission (SEC) shared the stage on May 23, 2023, with SEC alumni, private practitioners, and other professionals in the field at Securities Enforcement Forum West 2023 (the Forum). Forum panelists described recent trends in the SEC’s enforcement actions, its regulatory agenda, and upcoming priorities. […]
The Gap beats shareholder lawsuit over commitment to diversity | Reuters
The Gap Inc on Thursday beat a shareholder lawsuit claiming the company’s directors breached their duties by making misleading statements in securities filings about the retailer’s commitment to racial diversity in its leadership ranks. An en banc panel of the 9th U.S. Circuit Court of Appeals in a 6-5 ruling said The Gap can enforce […]
‘Nowhere to hide’, UK’s new FCA enforcement co-head warns finance industry | Reuters
Companies in Britain that commit wrongdoing have “nowhere to hide” and will face “meaningful consequences”, a new enforcement co-head of Britain’s markets regulator warned on Thursday, as she started setting out her strategy for the first time. Therese Chambers, joint executive director of enforcement and market oversight at the Financial Conduct Authority (FCA), warned firms […]
ICO Era: What Went Right?
At Consensus 2023, a few CoinDesk staffers came together for a panel reflecting on major events in crypto history. When we were polled on the most important of these big moments, the plurality of votes went to what might seem an odd choice – the chaotic, fraud-filled period of “ICO mania” spanning from early 2017 […]
SEC’s Top CPA Laments Poor Selling Job to Recruit Accountants
How accountants support businesses and their unique role in financial reporting should be part of a much-needed pitch to sell their career to future recruits, the SEC’s top CPA said Thursday. “A lot of times our conversations start out with what is it we are not responsible for. And I submit to you that is […]