News & Analysis as of

Enforcement Actions Cease and Desist

WilmerHale

SEC Takes Action Against Keurig for Allegedly Incomplete Disclosures Regarding Recyclability of K-Cups

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While the Securities and Exchange Commission’s (SEC) new climate-related disclosure rules remain stayed, the SEC has not abandoned its focus on sustainability-related issues. On September 10, 2024, the SEC charged Keurig Dr...more

BCLP

ICAHN Settles With SEC for Failures to Disclose Key Details of Margin Loan Stock Pledges - Teaching Moment for Directors and...

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On August, 19, 2024, the SEC announced settled charges against Carl C. Icahn and his publicly traded company, Icahn Enterprises L.P. (IEP), for failing to disclose information relating to Icahn’s pledges of IEP securities –...more

Womble Bond Dickinson

FCC Adopts Declaratory Ruling Confirming AI Voice Calls are Subject to TCPA, Takes Enforcement Action Against Provider Allegedly...

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On February 2, the FCC unanimously adopted a declaratory ruling, effective immediately, confirming the seemingly unremarkable conclusion that artificial intelligence (“AI”) generated messages or voice calls fall within the...more

K&L Gates LLP

SEC Enforcement Targets Anti-Whistleblower Practices in Financial Firm's Release Agreements With Retail Clients

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As the year gets underway, the Securities and Exchange Commission (SEC or Commission) is continuing its ongoing enforcement efforts to target anti-whistleblower practices by pursuing a broader range of entities and...more

WilmerHale

SEC Enforcement Reminds Filers that Beneficial Ownership Reporting Obligations Are Not Optional

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On September 27, 2023, the Securities and Exchange Commission’s Division of Enforcement announced settled charges against five publicly-traded companies and six individuals for failures to timely report information about the...more

Latham & Watkins LLP

SEC Targets NFTs as Securities for the First Time

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In its first enforcement action involving NFTs, the SEC focused on issuer marketing that promised outsized returns on investment and platform building. On August 28, 2023, the Securities and Exchange Commission (SEC) issued a...more

Goodwin

New York Attorney General Shuts Down Buffalo Debt Collection Firm

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On November 23, 2021, the New York Attorney General (“NYAG”) announced an agreement shutting down a Buffalo, NY based debt collection firm that the NYAG alleges violated the Fair Debt Collections Practices Act (“FDCPA”), the...more

BCLP

SEC penalizes company with good disclosures for insufficient controls

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What happened? In a recent settlement order, the SEC charged Activision Blizzard with failing to maintain adequate disclosure controls and procedures. Notably, the SEC did not claim that the company’s SEC filings were...more

Kramer Levin Naftalis & Frankel LLP

SEC Charges Investment Adviser for Failing to Adequately Disclose ESG Investment Policies and Procedures

On Nov. 22, 2022, the Securities and Exchange Commission (SEC) charged an investment adviser subsidiary of a major U.S. financial institution with violations of Section 206(4) of the Investment Advisers Act of 1940 (Advisers...more

Goodwin

SEC Sues and Settles Claim Against Investment Adviser Representative For “Cherry-Picking Scheme” After Entry of Cease and Desist...

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​​​​​​​On September 13, 2022, the U.S. Securities and Exchange Commission (“SEC”) announced a settlement with investment advisory firm Buckman Advisory Group LLC (“Buckman Advisory”) and its CEO Harry Buckman Jr. to settle...more

Jones & Keller, P.C.

Blue Sky Laws: Defending State-Level Securities Violations

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Securities laws vary by state and typically require issuers to register their offerings and provide financial details of the deal and the entities involved.   Blue Sky laws are anti-fraud security statutes that can be...more

Goodwin

Ninth Circuit Holds that Purchasers of Unregistered Shares in Slack’s Direct Listing May Bring Securities Act Claims

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Ninth Circuit Holds that Purchasers of Unregistered Shares in Slack’s Direct Listing May Bring Securities Act Claims; Small Class of Crypto Purchasers Recommended for Certification; Tether to Pay $41 Million to Settle...more

Bass, Berry & Sims PLC

Recent SEC Enforcement Action Drives Home the Importance of Regulation FD Policies and Training

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On August 20th, 2019, the SEC charged TherapeuticsMD Inc., a pharmaceutical company headquartered in Boca Raton, Florida, with violations of Regulation FD based on its sharing of material, nonpublic information with sell-side...more

Latham & Watkins LLP

SEC Charges “ICO Superstore” as Unregistered Broker-Dealer

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The settled order is the first SEC action charging a seller of digital tokens as an unregistered broker-dealer. On September 11, 2018, the U.S. Securities and Exchange Commission (SEC) announced a settled order instituting...more

Bass, Berry & Sims PLC

Recent SEC Enforcement Action Reminds Companies that Perquisite Disclosure Does Not Hinge on Business Purpose

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On July 2, the SEC announced that The Dow Chemical Company agreed to settle charges related to the company’s inadequate perquisites disclosure in SEC filings by paying a civil penalty in the amount of $1.75 million, hiring an...more

Holland & Hart LLP

SEC Issues First Ever Enforcement Action For Failure to Disclose a Data Breach, Obtaining $35 Million Penalty

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The U.S. Securities and Exchange Commission announced on April 24, 2018 that Yahoo! (now known as Altaba, Inc.) agreed to pay a $35 million civil penalty to resolve claims that it failed to appropriately and timely disclose...more

Fenwick & West LLP

Yahoo’s $35M SEC Settlement: Takeaways from the First Enforcement Action for Failure to Disclose a Data Breach

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The U.S. Securities and Exchange Commission announced on April 24, 2018, that Yahoo! — now known as Altaba — agreed to pay a $35 million penalty to settle claims that the company failed to timely disclose a 2014 data breach...more

Proskauer - The Capital Commitment

SEC Settles with Private Equity Fund Adviser over Alleged Conflicts of Interest

As a sign that the SEC is continuing to actively pursue private equity fund advisers, on April 24, 2018, the SEC announced a settlement with private equity fund adviser WCAS Management Corporation (WCAS) related to...more

Thomas Fox - Compliance Evangelist

Farewell to John Reed, the Death of Pennoyer v. Neff and the Elbit FCPA Enforcement Action

The bane of every first-year law student, at least in Civil Procedure, is Pennoyer v. Neff. This is because (1) it is usually studied very early in the semester; (2) is viewed as the first true introduction to how strikingly...more

Broker-Dealer Compliance + Regulation

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Ballard Spahr LLP

CFPB seeks comments on its administrative enforcement proceedings

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The CFPB has issued a request for information that seeks comment on how the CFPB can improve its administrative adjudication processes, including its “Rules of Practice for Adjudication Proceedings” codified at 12 CFR part...more

Bowditch & Dewey

Going “Medieval” on Trademark Enforcement

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Who says trademark disputes can’t be fun? Well, plenty of people, but that’s beside the point. Anheuser Busch InBev recently showed that a serious legal message can be delivered in a humorous form....more

Dechert LLP

SEC Chairman Issues Major Statement on Cryptocurrency and ICOs

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On December 11, 2017, SEC Chairman Clayton issued an important public statement outlining his views on cryptocurrencies and ICOs. In his statement, Chairman Clayton provided a clearer view of the SEC’s stance and offered the...more

Jones Day

China's New Cybersecurity Law Brings Enforcement Crackdown

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The Situation: Earlier this year, the People's Republic of China enacted its Cybersecurity Law, which granted authorities broad, explicit powers to monitor and investigate activities falling under its purview, along with the...more

Thomas Fox - Compliance Evangelist

The Telia FCPA Resolution: Part V-Lessons Learned

Today, lessons learned. Over the past several blog posts, I have taken a deep dive into the Telia Company AB (Telia) Foreign Corrupt Practices Act (FCPA) enforcement action. Anytime you have new No. 1 in the all-time FCPA...more

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