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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAT&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 […]
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 […]
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, […]
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 […]
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 […]
How Some Investors Get Special Access to Companies – WSJ
P&G says it is careful not to reveal market-sensitive information to investors and analysts who get special access to the company. For the past 15 years, selective disclosure by companies has been illegal under U.S. securities rules. Yet the same rules explicitly allow private meetings like those by P&G. The result is a booming back […]
Netflix and its CEO Receive Wells Call Over Supposed ‘Disclosure’ Via Facebook Post
SEC reportedly believes information on Facebook page was material and subject to Regulation FD.
CEO pushes Reg FD limits on Twitter
WebMediaBrands Inc.’s CEO is redefining how corporate executives communicate with investors.
Despite Reg FD, study finds traders profit from private CEO meetings
Are investors still able to exploit selective access to management, despite Reg FD?
Can a tweet meet the SEC’s Fair Disclosure rules?
Applying the SEC’s the SEC’s 2008 Reg FD framework to Twitter.