Securities Law, Communications & Media Law, Business Organization

SEC Issues Guidance on Disclosures Made via Social Media

by David Garcia, Michael Meskill | Jackson Walker on 5/16/2013

The Securities and Exchange Commission (the "SEC") recently issued a Report of Investigation (the "Report") in which it provides helpful guidance to public companies regarding their use of social media to disclose material...more

OSC’s Crowdfunding Proposal Receives Favourable Comments

by Justin Dharamdial, Hugo-Pierre Gagnon, Shahir Guindi, Matthew Oliver, Ward Sellers | Osler, Hoskin & Harcourt LLP on 5/15/2013

On March 8, 2013, the Ontario Securities Commission (OSC) closed the comment period on its Staff Consultation Paper 45-710: Considerations for New Capital Raising Prospectus Exemptions (the Consultation Paper), which sought...more

How the SEC's Social Media Guidance Changes The Way Companies Share Investor Information [Legal Perspective]

by JD Supra Law News on 4/23/2013

"While the guidance is not hard to understand, it will be difficult to apply. And the SEC will be looking for someone to cross the line..." - Stephen M. Quinlivan; Leonard, Street and Deinard...more

SEC's Division of Trading and Markets Grants Relief from Broker-Dealer Registration for Online Platform that Permits Investment in...

by Delcy Sweet | Holland & Knight LLP on 4/17/2013

On March 26, 2013, the SEC's Division of Trading and Markets issued a no-action letter indicating that it would not recommend enforcement action under Section 15(a)(1) of the Exchange Act if a venture capital fund adviser and...more

Securities Class Actions Increasingly Target The C-Suite

by Kathleen Wailes | LEVICK on 4/16/2013

According to a recently-published PricewaterhouseCoopers report, corporate executives are being named in an alarmingly high percentage of securities class action filings. In 2012, 94 percent of such filings explicitly named...more

Be Careful What You Wish For: SEC Permits Company Disclosures Via Social Media If Regulation FD Requirements Are Met

by Meredith Francis | Womble Carlyle Sandridge & Rice, PLLC on 4/16/2013

Last week, the Securities and Exchange Commission issued a report clarifying that companies can use social media channels, such as Facebook and Twitter, to disseminate material nonpublic company information under Regulation...more

Great News! But Don’t Tweet It, Yet

by Greentarget on 4/12/2013

The Securities and Exchange Commission gave the green light last week for companies to share material, nonpublic information with investors over social media – as long as companies disclose beforehand which specific channels...more

Court Invalidates Director Elections Due To Voting Instructions Provided By Telephone

by Matthew Fleming | Dentons on 4/11/2013

In a recent decision,the Supreme Court of British Columbia set aside and declared invalid an annual general meeting of shareholders and the resolutions passed at the meeting following a proxy fight between management and...more

Social Media For The CEO: Lessons Learned From The Netflix/SEC Tussle And Reg FD

by Travis Crabtree | Looper Reed & McGraw, P.C. on 4/10/2013

Yes, you can use social media to make material public disclosures. The SEC did not punish Netflix CEO Reed Hastings. The reality is, however, the SEC gave a warning to executives: we are not going to do anything this time...more

Delaware Supreme Court Says No To Botox And No To Multi-Forum Litigation: Court Dismisses Derivative Suit Against Botox-Maker...

by Kristen Bartlett, Lily Becker, Matthew Craner | Orrick - Securities Litigation and Regulatory... on 4/9/2013

In a recent decision, the Delaware Supreme Court reversed the Court of Chancery in Pyott, et al. v. Louisiana Mun. Police Emp. Ret. Sys., et al., holding that a derivative suit against Botox-maker Allergan, Inc. should be...more

Corporate and Financial Weekly Digest - April 5, 2013

by Katten Muchin Rosenman LLP on 4/8/2013

In this issue: - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - SEC Provides Guidance Regarding Social Media and Regulation Fair Disclosure (Regulation FD) - SEC Amends...more

SEC Smiles And Frowns On Use Of Social Media Under Regulation FD

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/3/2013

Many may remember the Netflix matter. That stemmed from an inquiry the SEC’s Division of Enforcement launched about a post that Netflix CEO Reed Hastings made on his personal Facebook page. The post stated that Netflix’s...more

SEC Permits Disclosure through Social Media

by Steven Khadavi on 4/2/2013

On April 2, 2013, the SEC issued a report that makes clear that disclosure of material, non-public information by companies pursuant to social media outlets such as Facebook and Twitter can be permissible under Regulation FD...more

Department Of Corporations Issues Crowd Funding Bulletin

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 3/18/2013

Last week, the Department of Corporations issued this bulletin which it styled as a “Crowdfunding Update”. The Bulletin makes several important points....more

Crowdfunding Now And What Was Supposed To Be

by Travis Crabtree | Looper Reed & McGraw, P.C. on 2/26/2013

Crowdfunding is legal. Sort of. Before you start soliciting for investors on Facebook, you need to know that general solicitations to sell equity to your company not listed on the stock exchange or otherwise registered is...more

FINRA Issues Voluntary Interim Form for Crowdfunding Portals

by Louis Bevilacqua | Pillsbury Winthrop Shaw Pittman LLP on 2/14/2013

On January 10, 2013 the Financial Industry Regulatory Authority (“FINRA”) issued a voluntary Interim Form for funding portals (the “Interim Form”). The Interim Form is designed for prospective crowdfunding portals under the...more

SEC Issues Frequently Asked Questions on Exemption from Broker-Dealer Registration Under the JOBS Act

by Avi Badash, James Van De Graaff | Katten Muchin Rosenman LLP on 2/12/2013

The Securities and Exchange Commission’s Division of Trading and Markets has issued Frequently Asked Questions (FAQs) that provide guidance on the exemption from broker-dealer registration in Section 201(c) of the Jumpstart...more

Communicate CEO Turnover

by Greentarget on 2/4/2013

More than any other company move, CEO successions form headlines, providing an important indication of an organization’s viability. Executive leadership changes have a profound effect not only on public perception, but on the...more

Could The Product Of Two Debts Really Be A Fortune?

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 1/30/2013

In 628 in the Gurjar capital city of Bhillamala (now, Bhinmal, India), the mathemetician Brahmagupta set out to explain how zero and negatives numbers work. In his book, Brahmasphutasiddhanta, he set forth the rule that the...more

Crowdfunding For Canadian Entertainment Projects

by Bob Tarantino | Heenan Blaikie LLP on 1/21/2013

One of the inevitable challenges faced by independent entertainment entrepreneurs, such as film producers or videogame developers, is obtaining financing for the development, production and eventual delivery of their project....more

SEC Faces A Swarm Of Legal Issues In Considering The Investor Advisory Committee’s Recommendations Concerning General Solicitation

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 1/21/2013

The SEC’s Investor Advisory Committee held another meeting last week with Elisse B. Walter making her first public appearance as SEC Chairman. She and Commissioner Luis A. Aguilar had many kind words for the Committee’s...more

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Securities Law › Communications & Media Law › Business Organization