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Investors Insider Trading

Vinson & Elkins LLP

Securing Integrity: The SEC and DOJ’s Unified Front and Pursuit of Novel Legal Tactics Against Insider Trading and Corporate...

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The U.S. Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) have been working increasingly collaboratively to combat unlawful trading practices and hold wrongdoers accountable, demonstrating...more

Proskauer - Regulatory & Compliance

Proskauer Hedge Fund Trading Guide 2024 – Chapter 2: Insider Trading: Focus on Subtle and Complex Issues

Proskauer’s Hedge Fund Trading Guide offers a concise, easy-to-read overview of the trading issues and questions we commonly encounter when advising hedge funds and their managers. It is written not only for lawyers, but also...more

Patterson Belknap Webb & Tyler LLP

UPDATE: SEC Wins Shadow Trading Trial But Court Will Get a Second Look

On April 5, 2024, after an eight-day trial, a jury found Matthew Panuwat liable for violating insider trading laws. Commenting on the Securities and Exchange Commission’s victory, Gurbir Grewal, the agency’s Director of the...more

Akin Gump Strauss Hauer & Feld LLP

The SEC Wins ‘Shadow Insider Trading’ Trial

On Friday, April 5, 2024, a San Francisco jury found the defendant liable in SEC v. Panuwat, the closely watched litigated enforcement action brought by the U.S. Securities and Exchange Commission (SEC) relating to so-called...more

Seward & Kissel LLP

SEC Wins First “Shadow Trading” Trial

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On April 5, 2024, after an eight-day trial, a jury in the U.S. District Court for the Northern District of California returned a verdict for the Securities and Exchange Commission in its first “shadow trading” case after...more

Vinson & Elkins LLP

Vinson & Elkins' Quarterly Securities & ESG Updates - Spring 2023

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Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more

Goodwin

Jury Acquits Tesla and Musk of Securities Fraud for 2018 Tweets Regarding Going Private

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On February 3, 2023, in the matter In re Tesla Inc. Securities Litigation, Case No. 3:18-cv-04865, a California federal jury cleared Tesla, Inc. (Tesla), and CEO Elon Musk of claims that they committed securities fraud,...more

K&L Gates LLP

SEC Adopts Amendments to Rule 10b5-1 Insider Trading Plans and Related Matters

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Overview - On 14 December 2022, the Securities and Exchange Commission (the SEC) adopted amendments to Rule 10b5-1 of the Securities Exchange Act of 1934 addressing concerns that insiders and issuers have in the past been...more

Katten Muchin Rosenman LLP

SEC Announces Year-End Enforcement Results, Highlighting Record-Breaking Penalties - Capital Markets Compass | Issue 4

On November 15, the Securities and Exchange Commission (the SEC) released its summary of enforcement actions brought during the 2022 fiscal year, announcing that in 2022 the SEC filed 760 enforcement actions and recovered an...more

Katten Muchin Rosenman LLP

Capital Markets Compass | Issue 4

This year-end issue of the Compass includes an overview of a recent conference Katten held regarding developments in cryptocurrency in the capital markets space, led by Mark Wood, national co-head of Katten’s Capital Markets...more

Skadden, Arps, Slate, Meagher & Flom LLP

Capital Markets - 2022 Capital Markets and Corporate Governance Regulatory Review

To prepare for 2023, reporting companies should be aware of applicable SEC filing deadlines and financial statement “staleness” dates, as well as regulatory reforms that may affect the preparation and contents of disclosures...more

Allen Matkins

Commissioner Warns Of Looming Item 402 Letter Deficit, But George Eliot Provides An Answer

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Earlier this week, the Securities and Exchange Commission adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 which provides affirmative defenses to trading on the basis of material nonpublic...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: December 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more

Cooley LLP

Public Companies Update – October One-Minute Reads

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SEC charges executives with insider trading despite purported 10b5-1 plan - On September 21, 2022, the Securities and Exchange Commission announced insider trading charges against both the CEO and the former president of...more

Morrison & Foerster LLP

SEC Action Against Cheetah Mobile Execs Shows Rule 10b5-1 Plans Are Not a Get Out of Jail Free Card

On September 21, 2022, the Securities & Exchange Commission announced a settled enforcement action against two executives of China-based mobile internet company Cheetah Mobile, Inc. The SEC alleged that Sheng Fu, Cheetah...more

Cooley LLP

SEC charges executives with insider trading— purported 10b5-1 plan provided no defense

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It may look like just another run-of-the-mill insider trading case, but there’s one difference in this settled SEC Enforcement action: according to the SEC, it involved sales under a purported 10b5-1 trading plan while in...more

Goodwin

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

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On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Goodwin

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action

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District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action; Delaware Chancery Court Dismisses Camping World Insider Trading Derivative Suit; California Federal Judge Certifies Class Of Apple Common-Stock...more

Morris James LLP

Chancery Dismisses Breach of Fiduciary Duty Claims Involving Bio-Tech Company Developing a COVID-19 Vaccine

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In re Vaxart, Inc. Stockholder Litigation, Consol. C.A. No. 2020-0767-PAF (Del. Ch. Nov. 30, 2021) - Plaintiffs challenged amendments to warrant agreements between Vaxart and its former controlling stockholder, Armistice,...more

Holland & Knight LLP

Betting on Technology: SEC's Reliance on Risk-Based Data Analytics to Detect Earnings Management

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As the SECond Opinions Blog continues our review of FY 2021 U.S. Securities and Exchange Commission's (SEC) enforcement activity, we take a deeper dive into the agency's use of technology to generate enforcement leads. The...more

Cooley LLP

Blog: Early SEC Enforcement Trends from Chairman Gary Gensler’s First 100 Days

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Gary Gensler was sworn in as chair of the Securities and Exchange Commission on April 17, 2021. Chairman Gensler has promised to strengthen transparency and accountability in the financial markets. Under Chairman Gensler, we...more

Goodwin

Former Theranos CEO Denied Attorney-Client Privilege Over Communications with Company Attorneys

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Former Theranos CEO Denied Attorney-Client Privilege Over Communications with Company Attorneys; District of Massachusetts Allows Putative Securities Class Action to Proceed Against OvaScience Investors; Delaware Chancery...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Takes Aim at SPACs

March Madness extends into April as the Commission markedly increases its focus on SPACs. Surprise pronouncements call into question use of the PSLRA safe harbor for projections and accounting treatment for warrants....more

Allen Matkins

SEC Ventures Into The Dark Web, But Can It Establish A Connection?

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In March, the Securities and Exchange Commission announced its first securities enforcement action involving the "dark web".  The SEC's complaint describes the "dark web" as referring to "a subset of the deep web that is...more

BCLP

Wait Continues for Any SEC Public Response to Senators’ Urgent Call for Rule 10b5-1 Plan Reform

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The wait continues for any public response from the SEC to a recent letter from three Democratic members of the Senate Committee on Banking, Housing, and Urban Affairs, including Senator Elizabeth Warren, urging the SEC to...more

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