Material Nonpublic Information

News & Analysis as of

SCOTUS Meant What It Said & Said What It Meant: Dudenhoeffer Imposes Higher Pleading Standards

In a rebuke to the Ninth Circuit, the Supreme Court granted the Amgen defendants’ petition for certiorari, reversed the Ninth Circuit’s judgment and remanded the case for further proceedings consistent with its opinion in the...more

Second Circuit Rejects Riley Appeal over Personal-Benefit Standard for Insider Trading

The Second Circuit last week affirmed the conviction of a former corporate executive on charges of insider trading. The court’s unpublished decision on January 14 in United States v. Riley held that the Government had...more

Supreme Court to Review Insider-Trading Decision on Personal Benefit

On January 19, 2016, the Supreme Court agreed to review the Court of Appeals for the Ninth Circuit's decision concerning the "personal benefit" required to establish a claim for insider trading. The grant of certiorari in...more

SEC Steps Up Investigations of Political Intelligence Firms for Insider Trading

In the last few years, Congress, the U.S. Securities and Exchange Commission (SEC), and the courts have significantly increased their efforts to grapple with insider trading in the realm of political intelligence. In 2012,...more

NYSE Amends Rule Regarding Disclosure of Material Nonpublic Information

Companies listed on the New York Stock Exchange (NYSE) are certainly familiar with the NYSE rules regarding public disclosure of material information. Those rules require prompt disclosure of material information that may...more

Daily Fantasy Sports Industry Could Fall Apart After Scandal

Greenberg Glusker litigation partner Ricardo Cestero was quoted in a Law360 article, Daily Fantasy Sports Industry Could Fall Apart After Scandal, (subscription required), addressing a customer class action filed against the...more

SEC Sanctions Broker-Dealer and Affiliated Asset Manager for Breaching Information Barriers for Exchange-Traded Products

On October 8, 2015, the Securities and Exchange Commission charged an investment adviser and a broker dealer for failing to maintain and enforce polices to prevent misuse of material non-public information. Without admitting...more

Bridging the Week - October 2015 #2

SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE - Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more

Landmark insider trading ruling may temper government's actions, but holders of confidential, non-public information should still...

On October 5, 2015, the Supreme Court declined to hear the federal government’s appeal in U.S. v. Newman, 773 F.3d 438 (2nd Cir. 2014), an insider trading case in which the US Court of Appeals for the Second Circuit reversed...more

Post-Newman Reality: Investigations Involving Unwitting “Tips” to Close Friends and Relatives Will Continue

Earlier this week, the United States Supreme Court declined to hear the federal government’s appeal of the ruling by the Court of Appeals for the Second Circuit in U.S. v. Newman. This leaves intact the Second Circuit’s quid...more

Supreme Court Denies Review of Second Circuit Insider-Trading Case

On October 5, 2015, the Supreme Court refused to grant review of the Second Circuit’s restrictive insider-trading decision in United States v. Newman. The Government, through the Solicitor General, had asked the Supreme...more

Through the Wire: SEC Turns its Sights on Insider Trading, Hacking and Data Thievery

There once existed a time when a crew of skydiving surfers could throw on surprisingly well crafted ex-president masks, stroll into a cash-heavy bank and rob the institution blind. There was a time when the weapon of choice...more

Traders Who Allegedly Profited from Hacked News Releases Settle With SEC for $30 Million

On September 14, the SEC announced that it had reached a $30 million settlement with two defendants who allegedly profited from trading based on information hacked from newswire services. The settlement stems from an SEC...more

Organizational Conflicts of Interest

OVERVIEW - - Introduction to Organizational Conflicts of Interest (“OCI”) - Unequal Access to Information - Biased Ground Rules - Impaired Objectivity - Waiving an OCI - Strategic...more

SEC ALJ Dismisses Case: Inside-Info Trades, But No Tipper Benefit

An SEC administrative law judge (“ALJ”) found that former Wells Fargo trader Joseph Ruggieri traded on material nonpublic information tipped him by former analyst Greg Bolan, but dismissed the insider-trading charges against...more

SEC ALJ Dismisses Insider Trading Claims Based on Dirks-Newman

When the Second Circuit handed down Newman the SEC joined with the Manhattan U.S. Attorney seeking rehearing en banc and arguing that the case would significantly hinder insider trading enforcement. Many wondered if the...more

Newman: Respondent’s Opposition to Supreme Court Review

The battle lines are now clearly drawn over Newman and what constitutes impermissible tipping in violation of Exchange Act Section 10(b). Previously, the Government filed a petition for certiorari arguing that Newman, which...more

Bridging the Week - August 2015 #4

CME Group Files Disciplinary Actions for Trading Ahead of Block Trades and Failure to Supervise an Employee Engaging in Disruptive Trading Activities - In two cases of first impression, CME Group exchanges brought and...more

Salman v. Newman: The developing standard for insider trading liability

The 9th Circuit just denied rehearing en banc in a closely watched decision that declined to adopt a broad interpretation of its influential sister circuit’s watershed opinion in United States v. Newman, 773 F.3d 438 (2d Cir....more

SEC ALJ: No Sanction For Compliance Official Who Violated Statute

Amid all the concern regarding the selection by the SEC of an administrative rather than a district court forum for brining agency enforcement action comes a decision which has the potential to change the tenor of the debate,...more

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit’s Decision in United States v....

Today, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a...more

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit’s Decision in United States...

On July 31, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a...more

Dirks, Newman, Tippees And The Government’s Cert Petition

The Government filed its long awaited Petition for a Writ of Certiorari with the Supreme Court in the Newman insider trading case. The Petition presents three key issues which were generally presaged in the request for...more

Government Seeks Supreme Court Review In Second Circuit Insider-Trading Case

After months of will-he-or-won’t-he speculation about whether the U.S. Solicitor General would ask the Supreme Court to review the Second Circuit’s restrictive insider-trading decision in United States v. Newman, the question...more

Claiming Tipper Received No Benefit, Defendant Invokes Newman in Seeking to Dismiss Insider Trading Allegations

A defendant in an insider trading case who allegedly profited from his inside knowledge recently filed a motion to dismiss in the US District Court for the District of Rhode Island to drop him from a Securities and Exchange...more

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