In this issue;
- SEC Staff to Release Filing Review Correspondence Earlier
- SEC Limits Availability of Review for Non-Public Submissions by Foreign Private Issuers
- CFTC to Hold Public Meeting to Consider Three Final Rules
- Bankruptcy Court Determines that TBA Contracts Do Not Qualify as Customer Claims
- Pennsylvania District Court Denies Motion to Dismiss and for a More Definite Statement
- SEC Alleges Violations of Securities Exchange Act Against Manufacturer and Former CEO
- Begin Preparing for W-2 Reporting of Employer-Sponsored Health Coverage
- OCC Issues Bulletin Announcing Common Supervisory Policies to Be Set for Banks, Thrifts
- OCC Proposes Rule to Remove References to Credit Ratings in Determining Whether Investment Securities Are Eligible for Investment
- Banking Agencies Seek Comment on Additional Revisions to the Market Risk Capital Rules
- Federal Reserve Announces Chairs and Deputy Chairs of the Twelve Reserve Banks
- FSA Publishes Its Report on the Failure of RBS
- Consultation on Implementation of Amendments to EU Prospectus Directive
An excerpt from "SEC Alleges Violations of Securities Exchange Act Against Manufacturer and Former CEO"
On December 12, the Securities and Exchange Commission charged a subsidiary of GlaxoSmithKline with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder in connection with the company’s stock buybacks between November 2006 and April 2009. Defendant Steifel Laboratories, Inc. (Steifel Labs) was a Florida family-owned dermatology products manufacturer when GlaxoSmithKline purchased the company in 2009. The SEC claims that Steifel Labs and its former CEO Charles Steifel defrauded shareholders of millions of dollars by using artificially low valuations of stock prices for the buybacks. The SEC also charged Charles Steifel with aiding and abetting Steifel Labs in its Section 10(b) and Rule 10b-5 violations.
Please see full newsletter below for more information.