‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInLeon Black quits leadership positions at Apollo | Financial Times
Leon Black has quit his leadership positions at Apollo Global Management, ceding power after the investment firm he co-founded 30 years ago became overshadowed by an outcry over his ties to the late paedophile Jeffrey Epstein. Former Securities and Exchange Commission chairman Jay Clayton will become non-executive chairman, a role that Apollo had previously indicated […]
Hester Peirce pushes for personal liberty as an SEC voice of dissent
Securities and Exchange Commission member Hester Peirce will soon have a new experience on the five-person panel. During her first three years, she was part of the Republican majority. Following the likely Senate confirmation of Gary Gensler as chair, Democrats will have a 3-2 edge. Peirce, a former senior counsel for an SEC commissioner and […]
Chamber Urges SEC Caution on Climate Disclosure – CFO
“The Chamber urges caution regarding the SEC’s recently-announced ESG enforcement initiative,” Executive Vice President Tom Quaadman wrote, noting that it “appears to take an enforcement-first approach to ESG and climate change even though the commission has not yet completed its review and updates to the 2010 guidance regarding climate change disclosures.” “We are deeply concerned […]
Elon Musk Is Out of Control: It’s the General Counsel’s Fault, Suit Alleges | Corporate Counsel
A newly unsealed lawsuit alleging that Tesla Inc.’s board of directors failed to appoint a general counsel who could stand up to controversial CEO Elon Musk highlights the limited options that company counsel have when dealing with difficult bosses. Tesla investor Chase Gharrity alleges, in a derivative suit filed in the Delaware Court of Chancery, […]
“Technoking of Tesla and Master of Coin”
Effective as of March 15, 2021, the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively. Elon and Zach will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer. Source: Inline XBRL Viewer
Theranos founder Holmes pregnant, delay sought in fraud trial | Reuters
Elizabeth Holmes, who has been charged with fraud in the spectacular rise and fall of the blood-testing company Theranos Inc, is pregnant, prompting prosecutors to seek a delay in her trial until after her July due date, according to a court filing. Lawyers for Holmes, once a rising star of Silicon Valley, informed the government […]
Tesla investor sues Elon Musk, claims tweets violate SEC settlement
Tesla chief executive Elon Musk and the board of the electric car company have been sued by a shareholder who accused Musk of violating his 2018 settlement with the Securities and Exchange Commission over his Twitter use. According to a complaint unsealed late Thursday in Delaware Chancery Court, Musk’s “erratic” tweets, including a post last May […]
For Creators, Everything Is for Sale – The New York Times
Zack Honarvar, 27, the founder of the talent management firm One Day Entertainment, said that he and Airrack, a creator he manages, have been playing around with using NFTs to give fans “shares” of a YouTube video. “Before the video goes up, we could break it into, say, 10 clips, then mint those 10 clips […]
Moving Forward Together – Enforcement for Everyone — Speech by SEC Commissioner Caroline A. Crenshaw
The SEC has a three part mission, and protecting a company’s shareholders is part of that, but not at the expense of the larger market, particularly when there are other companies – and shareholders – who have committed to and invested in compliance. So in setting penalties, we can’t look only at the impact the […]
A new bill calls for regulators to establish a digital assets working group
A group of lawmakers on the House of Representatives Financial Services Committee has filed legislation that, if approved, would lead to a digital asset working group led by a pair of key U.S. regulators. The bill directs the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to jointly establish a working […]