‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInCOVID-19: Mitigating Enforcement and Litigation Disclosure Risks for Public Companies | Bass Berry & Sims | Securities Law Exchange
The COVID-19 pandemic has created a disclosure nightmare for public companies. The Securities and Exchange Commission (SEC) has recognized this challenge and, to its credit, has provided relief to public companies by, among other things, extending the deadline for companies to file certain disclosure reports. Nonetheless, companies are faced with the challenge of crafting disclosures […]
SEC Charges Sapphire Glass Manufacturer and Former CEO With Fraud
The Securities and Exchange Commission today charged a New Hampshire-based company and its former CEO with misleading investors about the company’s ability to supply “sapphire glass” for Apple’s iPhones. The company, GT Advanced Technologies Inc., also is found to have misclassified more than $300 million in debt to Apple that resulted from its repeated failures […]
Trump push for fewer company profit reports tempered by SEC | Bloomberg News
“I don’t think quarterly reporting is going to change for our top names anytime soon,” Clayton said Thursday at an event hosted by the Bipartisan Policy Center in Washington. “It was good of the president to raise it,” he said, adding that it could make sense to ease the requirements for smaller companies. via Trump […]
More About Climate Change Disclosure | The D&O Diary
As I have previously noted on this site, climate change-related disclosure is a hot button issue for certain activist investors and non-governmental organization. A series of recent actions underscores the extent to which some groups are attempting to escalate these disclosure issues, with significant impact. As described below, a number of companies have joined collaborative […]
Altaba, Formerly Known as Yahoo!, Charged With Failing to Disclose Massive Cybersecurity Breach; Agrees To Pay $35 Million — SEC Press Release
The Securities and Exchange Commission today announced that the entity formerly known as Yahoo! Inc. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts. […]
S.E.C.’s New Cybersecurity Guidance Won’t Spur More Disclosures – The New York Times
Agatha Christie’s fictional sleuth Miss Marple once said in a BBC adaptation that “good advice is almost certain to be ignored, but that’s no reason for not giving it.” That may reflect how companies will respond to guidance recently issued by the Securities and Exchange Commission about how companies should deal with cybersecurity threats. via […]
When to Report a Cyberattack? For Companies, That’s Still a Dilemma – The New York Times
This tension between the need for discreet cooperation with law enforcement and the obligation to inform investors and the markets creates a dilemma for public companies. Unfortunately, the commission’s updated guidance provides little direction to corporate leaders confronting these conflicting demands. While the guidance acknowledges that it will often take time to “discern the implications” […]
SEC Releases Cybersecurity Disclosure Guidance | The D&O Diary
The commission’s guidance document emphasizes that threats from cybersecurity concerns have increased, as have the costs associated with cybersecurity incidents. Given the “frequency, magnitude and cost of cybersecurity incidents,” the Commission believes that is “important” that reporting companies “take all required actions to inform investors” about cybersecurity risks and incidents in a timely fashion. To […]
SEC.gov | SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
Yesterday, the Securities and Exchange Commission voted unanimously to approve a statement and interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. via SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures.
U.S. to Probe Apple Over Updates That Slow Older iPhones – Bloomberg
The U.S. Department of Justice and the Securities and Exchange Commission are investigating whether Apple Inc. violated securities laws concerning its disclosures about a software update that slowed older iPhone models, according to people familiar with the matter. via U.S. to Probe Apple Over Updates That Slow Older iPhones – Bloomberg