Mintz Levin - Securities Litigation & Compliance Matters

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Hello Newman! (and Chiasson): Second Circuit Decision Raises the Bar for Government to Prove Liability of “Remote Tippees” in Insider Trading Cases

In a groundbreaking decision, the United States Court of Appeals for the Second Circuit has reversed the 2013 insider trading convictions of Todd Newman and Anthony Chiasson. The decision in United States v. Newman, No. 13-1837…more
| Commercial Law & Contracts, Criminal Law, Finance & Banking, Securities Law

ISS Releases 2015 Proxy Voting Guidelines

ISS (Institutional Shareholder Services) has released its annual 2015 Proxy Voting Guidelines Updates. These guidelines apply to annual meetings to be held on or after February 1, 2015. Many of our clients have investors who do…more
| Commercial Law & Contracts, Securities Law

Federal Court Holds That Lack of Loss Causation Is Not a Defense Under Massachusetts Blue Sky Law

The United States District Court for the District of Massachusetts recently held in Massachusetts Mutual Life Insurance Co. v. Residential Funding Co., LLC, that lack of loss causation is not available even as an affirmative…more
| Civil Procedure, Civil Remedies, Commercial Law & Contracts, Business Torts, Securities Law

SEC’s Increased Use of Administrative Proceedings Draws Criticism and Legal Challenges

The SEC’s plan to bring more enforcement actions as administrative proceedings before its own administrative law judges rather than in the federal district courts — even in insider trading cases — has been drawing increasing…more
| Administrative Law, Civil Procedure, Commercial Law & Contracts, Securities Law

SEC Scrutiny of Crowdinvesting Sites Not Registered as Broker-Dealers

On November 10, 2014, the SEC announced a settlement with Eureeca Capital SPC, which is a crowdinvesting portal incorporated in the Cayman Islands. Eureeca’s website seeks to match foreign-based issuers with investors…more
| Commercial Law & Contracts, Communications & Media Law, Finance & Banking, International Law & Trade, Securities Law

Three Observations From the SEC’s Settlements with Thirteen Municipal Dealers Over Below-Denomination Sales of Puerto Rico Bonds

On November 3, 2014, the SEC announced settlements with thirteen different registered municipal securities dealers in connection with sales of non-investment grade bonds issued by Puerto Rico in 2014. The settlements…more
| Commercial Law & Contracts, Finance & Banking, Business Torts, Securities Law

Supreme Court Seems Likely to Adopt Reasonable Basis Standard for Section 11 Claims Concerning Statements of Opinion in Registration Statements

If Monday’s oral argument in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund is a reliable indicator, it seems likely that the Court will adopt the “reasonable basis” standard advocated by the…more
| Civil Procedure, Commercial Law & Contracts, Finance & Banking, Securities Law

The High Cost of Whistleblowing

In a number of recent posts, we have highlighted the SEC’s whistleblower program, which offers awards of 10%-30% of the money collected where a whistleblower provides high-quality, original information that results in an SEC…more
| Civil Remedies, Civil Rights, Labor & Employment Law, Securities Law

Three Take-aways from the SEC’s Six-Month Report on Administrative Proceedings

By rule, the SEC is required to issue a report on the Commission’s administrative proceedings caseload every six months. On October 29, 2014, the SEC issued its most recent report covering the six month period from April 1,…more
| Administrative Law, Commercial Law & Contracts, Securities Law

How to Tailor Your Strategies for Engaging With Shareholder Activists

When it comes to engaging with shareholder activists, one size does not fit all. It’s crucial to think about the activist’s goals and possible outcomes. Is the activist seeking governance reforms, or a short-term return on an…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Court Dismisses Shareholder Derivative Action Targeting Directors and Officers for Data Breaches

Earlier this week a federal district court in New Jersey dismissed with prejudice a shareholder derivative suit, Palkon v. Holmes, No. 14-CV-01234 (SRC) (D.N.J.), that tried to blame the directors and officers at hospitality…more
| Civil Procedure, Commercial Law & Contracts, Privacy, Science, Computers, & Technology, Securities Law

Upcoming Supreme Court Securities Cases

As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which…more
| Civil Procedure, Commercial Law & Contracts, Criminal Law, Finance & Banking, Securities Law

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
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