News & Analysis as of

Insider Trading Forum Selection

Goodwin

Supreme Court Delivers Key Defense Victory by Limiting Section 11 Claims in Direct Listings - and Again Calling for a Rigid...

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On June 1, 2023, the United States Supreme Court issued a unanimous opinion that makes it more difficult for shareholders to bring Section 11 claims against companies that go public via direct listings. The case involved a...more

Dechert LLP

Securities & Derivative Litigation: Quarterly Update - Q4 2021

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In 2021, securities class actions declined compared to the year before, and were significantly less than the number of filings in the previous three years. According to statistics from the Stanford Law School Securities Class...more

Goodwin

Northern District of California Validates SEC’s “Shadow Trading” Theory of Insider Trading Liability

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Northern District of California Validates SEC’s “Shadow Trading” Theory of Insider Trading Liability; Seventh Circuit Reverses Dismissal of Stockholder Derivative Suit Against Boeing Based on Forum-Selection Bylaw; Delaware...more

Perkins Coie

SEC Speaks 2016: Enforcement Agenda Goes Beyond Disclosure

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At the annual “SEC Speaks” conference held February 19-20, 2016, in Washington, D.C., the U.S. Securities and Exchange Commission’s senior leadership reviewed the agency’s efforts and priorities in 2015 and previewed upcoming...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Manhattan U.S. Attorney announced the filing of motions to dismiss the insider trading conviction of Michael Steinberg, formerly a portfolio manager at SAC Capitol, and six others in the wake of the Second Circuit’s...more

Carlton Fields

SEC Enforcement Defendants Descend on Georgia for Judicial Relief from the SEC’s Allegedly Unconstitutional In-House Tribunal

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It is often hot in Georgia this time of year. In one particular Georgia federal court, the U.S. Securities and Exchange Commission (SEC) has been feeling some of that heat on an issue of significant interest to subjects of...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

Dorsey & Whitney LLP

SEC Insider Trading Case Brought As Administrative Proceeding Enjoined

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The SEC’s shift to administrative proceedings in recent months has spawned a series of suits against the agency challenging its forum selection authority. The suits have generally met with little success. Nevertheless,...more

Dorsey & Whitney LLP

Forum Selection For SEC Cases – District Court or Administrative Proceeding?

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In late September the SEC filed a settled insider trading case against an associate of an unregistered investment adviser. In the Matter of Richard O’Leary, Adm. Proc. File No. 3-16166 (September 25, 2014). The next week the...more

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