Mintz Levin - Securities Litigation & Compliance Matters

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Boston, MA 02111, United States

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SEC Awards $30 Million to Overseas Whistleblower

Last week, the SEC announced its largest-ever whistleblower award – more than $30 million. Indeed, the SEC order in the case indicates that the final award could be as high as $35 million, depending on the amount of sanctions…more
| Civil Remedies, Labor & Employment Law, Securities Law

SEC Charges Executive Officers with Fraud and Violations of Sarbanes-Oxley

On July 30, 2014, the Securities and Exchange Commission (the “SEC”) announced enforcement actions against Marc Sherman and Edward Cummings, CEO and former CFO, respectively, of QSGI, Inc., a publicly traded computer equipment…more
| Administrative Law, Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Uses Data Analytics to Identify and Punish Late Form Filers

Can merely late filing of “routine” forms get you in trouble with the SEC? Yes, at least if it happens too often. On Wednesday the SEC announced charges and financial penalties totaling $2.6 million against 28 officers,…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Delaware Court of Chancery Upholds North Carolina Forum Selection Bylaw for Delaware Corporation

Yesterday, in City of Providence v. First Citizens BancShares, Inc., Chancellor Andre Bouchard of the Delaware Court of Chancery held in a case of first impression that the board of a Delaware corporation may validly adopt a…more
| Business Organizations, Civil Procedure

SEC Gives $300,000 Whistleblower Award to Audit and Compliance Employee

Last week the SEC announced that, for the first time, it had made a whistleblower award to an employee who performs audit and compliance functions at a company. As the SEC noted in its order in the case, although its…more
| Civil Remedies, Commercial Law & Contracts, Labor & Employment Law, Securities Law

What Does Delaware’s Wal-Mart Decision Mean for the Attorney-Client Privilege and Internal Investigations?

The Delaware Supreme Court’s decision in Wal-Mart Stores, Inc. v. Indiana Electrical Workers Pension Trust Fund IBEW, No. 614, 2014 Del. LEXIS 336, 2014 WL 3638848 (July 23, 2014), a Section 220 “books and records” case…more
| Civil Procedure, Commercial Law & Contracts, Business Torts, International Law & Trade, Securities Law

Second Circuit Holds That Dodd-Frank Act Does Not Protect Whistleblower Outside U.S. Territory

Thursday's post on the SEC’s whistleblower program discussed among other topics the question of whether the Dodd-Frank Act protects employee whistleblowers from retaliation by their employers where the employees only raise…more
| Civil Procedure, Commercial Law & Contracts, Labor & Employment Law, International Law & Trade, Securities Law

What’s Happening with Whistleblowing?

This summer the SEC and the Wall Street Journal have reported several noteworthy items concerning the SEC’s whistleblower program, one of the most controversial components of the Dodd-Frank Act of 2010…more
| Civil Remedies, Civil Rights, Labor & Employment Law, Securities Law

Court Limits Scope of SEC Disgorgement In Case Involving Failure to Disclose Beneficial Interests

Just last week, Judge Scheindlin from the Southern District of New York precluded the SEC from seeking wide-ranging disgorgement in an order issued in the SEC v. Wyly, 10-cv-5760 (S.D.N.Y.) case…more
| Civil Procedure, Civil Remedies, Business Torts, Securities Law

Puerto Rico Bonds: Legislation and Litigation

For municipal bond investors and insurers, recent events in Puerto Rico have become a major concern. Puerto Rico has tried to address its mounting debt crisis by enacting legislation that would create, in effect, a…more
| Bankruptcy, Commercial Law & Contracts, Constitutional Law, Finance & Banking, Insurance

Two Observations From the SEC’s First Settlement Under its Municipalities Continuing Disclosure Cooperation Initiative

Just yesterday, the SEC announced its first settlement pursuant to its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. ... Here are two observations on this settlement that could shed some light on the…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

The Troubled Track Record of the Proxy Strike Suit

The recent wave of proxy strike litigation, once thought to be on the rise in 2012 and 2013, has now gone two years without a significant court victory. After one notable early success, decision after decision has gone against…more
| Civil Procedure, Civil Remedies, Commercial Law & Contracts, Securities Law

A Committee of Fund Manager Personnel May Not Be Able to Provide the Requisite Consent on Behalf of the Fund for a Principal Transaction

Fund managers may wish from time to time to conduct, or for their principals or affiliates to conduct, securities transactions opposite the fund. The Advisers Act prohibits such transactions – called “principal transactions” –…more
| Finance & Banking, Securities Law

A Quick Glance: The Two Central Holdings from the U.S. Supreme Court’s Decision in Halliburton

In what amounted to a 6-3 decision, the Supreme Court held in Halliburton Co. v. Erica P. John Fund, Inc., 573 U.S. ___ (2014) that the presumption of reliance based on the fraud-on-the-market theory, first articulated in Basic…more
| Civil Procedure, Business Torts, Securities Law

What Are the Regulators Thinking?

Recently the New England Chapter of the National Association of Corporate Directors presented a distinguished panel of current and former securities regulators discussing enforcement and governance issues facing boards of…more
| Commercial Law & Contracts, Finance & Banking, Business Torts, International Law & Trade, Securities Law
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