Enforcement Actions

News & Analysis as of

SEC Brings An Offering Fraud Action Against A Claimed App Maker

The SEC brought an action against a reputed “app” manufacturer who sold shares in two different entities beginning first in Colorado and later from Georgia. From each location, and for each entity, the sales pitch was...more

The Double Whammy: Cubist’s Recent FCPA Disclosure

In the FCPA enforcement world, corporate disclosures of potential violations carrying significant messages. Cubist Pharmaceuticals (Cubist) disclosed in a Form 10-Q that its subsidiary, which it acquired last year...more

SEC FCPA Settlement Sends Wake-Up Call to Small and Medium-Sized Businesses

On July 28, 2014, Smith & Wesson Holding Corp. (“Smith & Wesson”), the firearms manufacturer based in Springfield, Massachusetts, agreed to resolve charges brought by the Securities and Exchange Commission (“SEC”) for...more

Voyager II Launches and The FCPA Professor’s New Book

Many readers of this blog will recall that the Foreign Corrupt Practices Act (FCPA) is 37 years old this year. Perhaps less might remember that also 37 years ago, NASA launched Voyager II, which was an unmanned spacecraft. ...more

The SEC Tackles Technicality

Within several months of Securities and Exchange Commission Chair Mary Jo White’s announcement in late 2013 of a commitment to improving the SEC’s trial readiness, the Commission suffered a number of losses in federal...more

SEC Brings Another Insider Trading Case Tied To Golf

Golf is becoming a recurring theme in insider trading cases. Last month the SEC brought an insider trading action against a group of golf friends. That action, detailed here, was supported by a series of e-mails among the...more

SEC Reports on Use of Form PF Data

The SEC has issued its annual report on use of Form PF data. In its examination and enforcement programs regarding registered investment advisers that manage private funds, the staff generally reviews information contained...more

Extended SEC MCDC Initiative Deadline Does Little to Lessen Urgency

The Securities and Exchange Commission (SEC) has recently modified its Enforcement Division’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative in order to encourage as much participation in the program as...more

Foreign Brokers Doing Business in the United States

Foreign brokers that engage in securities transactions with U.S. investors based in the United States must be registered with the Securities and Exchange Commission (SEC). There are two major exceptions to this rule. The...more

Creating an Integrated Due Diligence System - Screening to Audits [Video]

Almost every FCPA enforcement action involves violations committed by third-party agents, consultants and distributors. Many companies have instituted due diligence procedures to screen third-parties, consultants and...more

Crazy Statistics: Protect Your Company From The 234 Million Dollar Beast with Discrimination and Harassment Training

Do you want to hear some CRAZY numbers? Of course you do, because just like me, you read about harassment and discrimination settlements for fun. (We are weird people, and probably need to take up a different hobby, but I...more

Foreign Corrupt Practices Act - 2014 Mid-Year Update

The first half of 2014 has seen several important developments in the enforcement of the Foreign Corrupt Practices Act (“FCPA”) as well as other anti-corruption laws worldwide. The FCPA has been in existence for more than 35...more

Third Circuit Rejects Claim that Fiduciary Duty Required For Insider Trading

Insider trading cases frequently turn on the nature of the relationship between the trader and the person who is the source of information. The breach of that relationship of trust and confidence can supply the statutory...more

Third Party Due Diligence When is Enough, Enough? [Video]

In this era of aggressive FCPA enforcement, companies are designing and implementing robust due diligence systems to screen and monitor third party representatives. These policies and procedures are critical to an effective...more

An FCPA Review: A Look Back at 2013 and Trends for 2014 [Video]

FCPA enforcement returned in 2013 with a vengeance as the Department of Justice led the way in criminal enforcement against individuals and corporate settlements of a number of major cases. The year 2013 stands as one of...more

This Week In Securities Litigation (Week ending August 15, 2014)

The Commission prevailed in two litigated actions. In one the agency secured a favorable jury verdict in an action centered on misrepresentations made by an investment adviser who sought to move his book of business to a new...more

Businesses Around the United States Being Targeted for Alleged Inaccessible Websites

While plaintiff's lawyers have been busy the past two years filing lawsuits around the United States alleging violations of the Americans with Disabilities Act (ADA) related to physical barriers—including a wave of class...more

Land of Confusion: Insurance Coverage for Pre-Suit FCPA Investigation Costs under D&O liability Policies

Bloomberg recently reported that Walmart spent $439 Million in the past two years related to a Foreign Corrupt Practices Act (“FCPA”) investigation . Moreover, Walmart predicts that it will spend an additional $200 Million to...more

NLRB Continues Its Busy Summer with Important New Decisions on Weingarten Rights, Noel Canning Issues

The National Labor Relations Board continued its busy summer over the past two weeks. First, the Board issued a decision reaffirming the importance it places on an employee’s Weingarten rights, even if they impede an...more

SEC Prevails in Jury Trial Against IA and Principal

The Commission prevailed in another jury trial this week, securing a favorable verdict against a registered investment adviser, Sage Advisory Group, LLC, and its principal, Benjamin Grant. SEC v. Sage Advisory Group, LLC,...more

CFPB Targets Mortgage Online Advertising: Lead Generation Lessons

The Consumer Financial Protection Bureau (“CFPB”) has entered into a consent order under which, Amerisave Mortgage Corporation, an affiliate, and the owner of both companies, agreed to pay a total of $20.8 million to settle...more

Why Ximpleware May establish New Rules in the Open Source World

Ever since the GPLv2 was released in 1991, lawyers and software professionals have analyzed its terms, blogged about them and argued about them. Interpretations of GPLv2 have evolved over the years and there is a consistent...more

SEC Files Another Action Centered On IA Nikolai Battoo

Alternative investment manager Nikolai Battoo appeared to be the all-American success story. He began as a Florida cook and rose to manage over a billion dollars in assets. He attracted investments from investors across the...more

Can You Hear the Whistle Blowing?: SEC Punishes Company that Did Not Address Fraud Allegations by Whistleblower

The U.S. Securities and Exchange Commission recently announced the latest whistleblower bounty awarded under the Dodd-Frank Act, which authorizes rewards for original information about violations of securities laws....more

Can You Hear the Whistle Blowing?: SEC Punishes Company that Did Not Address Fraud Allegations by Whistleblower

The U.S. Securities and Exchange Commission recently announced the latest whistleblower bounty awarded under the Dodd-Frank Act, which authorizes rewards for original information about violations of securities laws. ...more

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