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Corporate and Financial Weekly Digest - Volume IX, Issue 14

In this issue: - SEC Requests Comment on FINRA Rules - CFTC Issues Interpretation Regarding Auditor Independence Standards - OTC Derivatives Regulators Group Issues Report to G20 - NFA...more

SEC Wins Freeze Order Over “Cloud Computing” Pyramid Scheme

The “cloud” is a current focus for investors. There is cloud computing, cloud storage and new firms with cloud services. And the Commission discovered a “cloud” investment program that promised a 100% return in 100 days and...more

Subjective or Objective Truth? Supreme Court to Decide What Is an “Untrue” Statement of Opinion

On Monday, the U.S. Supreme Court granted certiorari in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (13-435), an appeal in which Omnicare has asked the Court to clarify the meaning of...more

ASIC puts insider trading under the microscope

The Australian Securities and Investments Commission (ASIC) has announced that its new $43.7 million next generation market surveillance system has become operational. The system, known as Market Analysis Intelligence (MAI),...more

Federal District Court Holds Bitcoin Is Money, SEC Can Pursue Bitcoin-Based Securities Charges

On August 6, the U.S. District Court for the Eastern District of Texas held that the court has subject matter jurisdiction over the SEC’s claims that a Texas man and his company defrauded investors in a Ponzi scheme involving...more

Bitcoin Scheme Worthy of Charles Ponzi

On July 23, 2013 the Securities and Exchange Commission ("SEC") announced it was bringing charges in a Texas federal court against Trendon Shavers for allegedly using a Bitcoin Ponzi scheme to defraud investors between...more

Court Maintains Bitcoin-Related Investment Scheme Is A Security Under The Federal Securities Laws

In response to the SEC’s first civil complaint arising from online virtual currency trading, alleged Bitcoin Ponzi schemer Trendon Shavers recently challenged the district court’s authority to hear the case. ...more

Former ArthroCare CEO and CFO Charged with Securities Fraud, Wire Fraud

On July 16, 2013, the U.S. Department of Justice (DOJ) indicted Michael Baker and Michael Gluk, the former CEO and CFO, respectively, of ArthroCare Corp. – a Texas-based publicly traded surgical device company. Baker and...more

Try E-Briefs As Part of Your Hearing or Trial Presentation

For your next trial or important hearing, you should seriously consider using an e-brief to help the judge (and the judge’s clerk) navigate and understand your argument. Cogent Legal recently helped a team of patent...more

Dechert Survey of Securities Fraud Class Actions Brought Against U.S. Life Sciences Companies

Publicly Traded Life Sciences Companies in the United States Remain an Increasingly Popular Target of Securities Fraud Class Action Lawsuits: The past year was particularly noteworthy with respect to the absolute and...more

Life Sciences Companies Should Protect Themselves Against Increased Exposure to Costly Securities Fraud Lawsuits After Supreme...

What you need to know: The Supreme Court recently found that defendants in class action securities fraud lawsuits will not be able to challenge the materiality of allegedly fraudulent misstatements or omissions at the...more

SEC v. Hackers: More Cybersecurity Enforcement On The Horizon?

Cybersecurity may be the SEC’s newest area for enforcement actions. While the SEC first released Disclosure Guidance concerning cybersecurity in 2011, the recent media attention surrounding significant cybersecurity breaches...more

SEC Speaks: Agency Takes Back-To-Basics Approach In Face Of Changing Leadership, Congressional Mandates And New Technologies

The annual “SEC Speaks” conference, in which Securities and Exchange Commission (SEC) representatives review the agency’s efforts over the past year and preview the year to come, was held on February 22-23, 2013. A...more

Life Sciences Company Obtains Dismissal of Shareholder Class Action

The US District Court for the Middle District of Tennessee recently granted BioMimetic Therapeutics Inc.’s motion to dismiss the class action against it, and denied plaintiffs leave to amend their complaint. Shareholders...more

Recent Insider Trading Case Sparks Concerns Over Leaked Clinical Trial Results

What you need to know: The Martoma insider trading case is the latest in, and largest of, a string of actions brought by the Securities and Exchange Commission related to the alleged misuse of confidential clinical trial...more

Lessons From In Re Rigel Pharmaceuticals

Originally published in Law360, New York (September 19, 2012, 10:56 AM ET) In In re Rigel Pharmaceuticals Inc. Securities Litigation (9th Cir. Sept. 6, 2012), the United States Court of Appeals for the Ninth Circuit...more

Ninth Circuit Holds that Allegations a Defendant Should Have Used a Different Statistical Methodology During Drug Trials is not...

In In re Rigel Pharmaceuticals, Inc. Securities Litigation, No. 10-17619, 2012 WL 3858112 (9th Cir. Sept. 6, 2012), the United States Court of Appeals for the Ninth Circuit held that disagreements between plaintiffs and...more

Supreme Court Issues Opinion in Important Securities Fraud Case Concerning Pharmaceutical Manufacturers’ Obligations to Disclose...

On March 22, 2011, the U.S. Supreme Court issued its opinion in Matrixx Initiatives, Inc. v. Siracusano, 562 U.S. ___ (2011), an important securities fraud class action with potential implications for pharmaceutical and...more

“Expert Networks” Under Investigation: Insider Trading Probe Into The Use of Consultants May “Ensnare” Hedge Funds, Mutual Funds,...

The Wall Street Journal reported on November 20 that a far-ranging insider trading probe into the use of outside expert consultants has the potential to “ensnare consultants, investment bankers, hedge-fund and mutual-fund...more

The SEC’s Insider Trading Case Against a Clinical Trial Physician: Lessons For Physicians, Investors, and Public Companies

On November 2, 2010, the Securities and Exchange Commission (“SEC”) brought an action for insider trading against a physician involved in an investigational drug clinical trial based on the alleged use of confidential...more

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