Tag: Regulation FD

AT&T to Pay $6 Million to SEC Over Private Calls to Analysts – Bloomberg

AT&T Inc. agreed to pay a $6.25 million penalty to settle an unusual lawsuit by federal regulators claiming its executives selectively disclosed nonpublic information about the company’s finances to Wall Street analysts. The telecommunications giant won’t admit or deny the US Securities and Exchange Commission allegations under a settlement proposal filed Friday by government lawyers with a federal judge in…

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Reg FD Action Headed for Trial Where IR Department Alleged to Have “Walked Down” Consensus | Morrison Foerster

For the first time, a Regulation Fair Disclosure (Reg FD) case may be headed to trial. On September 8, 2022, the Federal District Court for the Southern District of New York denied cross-motions for summary judgment in a case brought by the Securities and Exchange Commission (SEC) against AT&T, Inc. and three individuals who worked in the company’s Investor Relations…

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SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts

According to the SEC’s complaint, AT&T learned in March 2016 that a steeper-than-expected decline in its first quarter smartphone sales would cause AT&T’s revenue to fall short of analysts’ estimates for the quarter. The complaint alleges that to avoid falling short of the consensus revenue estimate for the third consecutive quarter, AT&T Investor Relations executives Christopher Womack, Michael Black, and Kent Evans…

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Should SEC Resurrect Broad Punishments for Companies That Talk to Analysts? | ThinkAdvisor

The SEC’s August Reg FD case may not signal a return to the commission putting on its “amateur psychologist hats,” but a resurgence of Reg FD cases could resurrect fears of “chilling effects” on public disclosure and a re-examination of the constitutionality of Reg FD. via Should SEC Resurrect Broad Punishments for Companies That Talk to Analysts? | ThinkAdvisor.

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SEC Charges TherapeuticsMD With Regulation FD Violations

The Securities and Exchange Commission today charged TherapeuticsMD Inc., a pharmaceutical company headquartered in Boca Raton, Florida, with violations of Regulation FD based on its sharing of material, nonpublic information with sell-side research analysts without also disclosing the same information to the public. The SEC’s order finds that on two separate occasions in 2017, TherapeuticsMD selectively shared material information with…

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