‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Chief Gary Gensler Picks Top Labor Union Official for Policy Role – WSJ
Gary Gensler, the new chief of the Securities and Exchange Commission, on Monday tapped a labor-union investment official as his policy director, raising expectations that the agency will embrace progressive policy goals. Mr. Gensler, who was sworn in on Saturday, picked Heather Slavkin Corzo for the top policy role in his office. The hire suggests […]
The SEC’s Cryptocurrency Confusion – WSJ
Mr. Gensler may have signaled his openness to the proposal Wednesday by saying he’d “work with fellow commissioners and see how we can move forward.” A next step for the SEC should be to recognize the harm of its current ad hoc approach. Investors and developers deserve to know whether their actions in the market […]
Tracking Two Emerging Securities Litigation Trends: SPACs and Supply Chain Disruption | The D&O Diary
Electric vehicle battery company Romeo Power, which became a publicly traded company through a December 2020 merger with a SPAC, has been hit with a securities class action lawsuit following a share price decline after its announcement of a disruption in its supply chain. The new lawsuit is interesting both because of the SPAC angle […]
Gary Gensler Sworn in as Member of the SEC
Gary Gensler was sworn into office today as a Member of the Securities and Exchange Commission by U.S. Senator Ben Cardin. He was nominated to Chair the SEC by President Joseph R. Biden on February 3, 2021 and confirmed by the U.S. Senate on April 14, 2021. Source: SEC.gov | Gary Gensler Sworn in as […]
SEC Whistleblower Program Shows Value of Speaking Up, Departing Chief Says – WSJ
Jane Norberg, who has served as chief of the whistleblower office since 2016, is leaving the agency after nine years. Her last day was Friday. “One thing I hope the program has accomplished is that whistleblowing is becoming more accepted as the fabric of normalcy,” Ms. Norberg said in an interview this week, noting that […]
Joel R. Levin, Director of Chicago Regional Office, to Leave SEC
The Securities and Exchange Commission today announced that Joel R. Levin, the Director of its Chicago Regional Office, will leave the agency at the end of May. Mr. Levin has served as Director of the Chicago office since May 2018, overseeing the agency’s second-largest regional office of more than 260 attorneys, accountants, investigators, securities compliance […]
Avci, Schipani, Seyhun & Verstein on “Insider Giving”
Corporate insiders can avoid losses if they dispose of their stock while in possession of material, non-public information. One means of disposal, selling the stock, is illegal and subject to prompt mandatory reporting. A second strategy is almost as effective and it faces lax reporting requirements and legal restrictions. That second method is to donate […]
Marc P. Berger, Former Acting Director of the SEC’s Enforcement Division, to Join Simpson Thacher
Simpson Thacher & Bartlett LLP announced today that Marc P. Berger, most recently the Acting Director of the Division of Enforcement at the U.S. Securities and Exchange Commission, will join the Firm’s New York office in June as a Partner in the Litigation Department. Source: Marc P. Berger, Former Acting Director of the SEC’s Enforcement […]
SEC Awards Over $50 Million to Joint Whistleblowers
The Securities and Exchange Commission today announced an award of over $50 million to joint whistleblowers whose information alerted SEC staff to violations that involved highly complex transactions and would have been difficult to detect without their information. The joint whistleblowers provided exemplary assistance to the SEC staff during the investigation, including meeting with staff […]
SEC will not assess merit of ESG investments: Peirce
In a statement released Monday, Peirce provided her interpretation of a recent SEC risk alert on ESG investing that warned advisers, investment companies and funds about compliance shortcomings. The alert said recent examinations have found instances of misleading claims as well as inadequate policies, procedures and documentation regarding ESG products and portfolios. “Our examiners are […]