News & Analysis as of

Oil & Gas Securities Act of 1933

A&O Shearman

Fifth Circuit Affirms Dismissal Of Class Action Against Pipeline Operator For Failure To Adequately Allege Misstatements Or...

A&O Shearman on

On July 16, 2019, the United States Court of Appeals for the Fifth Circuit affirmed a decision by the United States District Court for the Northern District of Texas that dismissed a putative class action against the oil and...more

Burr & Forman

2nd Circuit Weighs in on Certifying Classes Involving Foreign Securities

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In In re Petrobras Securities Litigation, the Second Circuit Court of Appeals recently issued an opinion regarding the standards for certifying a class involving foreign securities. Petrobras is a multinational Brazilian gas...more

Locke Lord LLP

Blurry Boundaries of Oil & Gas Joint Ventures Under the Securities Act and the Exchange Act

Locke Lord LLP on

In Sec. & Exch. Comm’n v. Sethi Petroleum, LLC, 4:15-CV-00338, 2017 WL 192666, at *1 (E.D. Tex. Jan. 17, 2017), the Eastern District of Texas, Sherman Division, issued an opinion that clarifies the often-blurry boundaries...more

Gray Reed

Securities Fraud – a Lesson for Promoters

Gray Reed on

We discussed SEC v. Arcturus et al last week and promised more. Here it is. Did defendants commit securities fraud? It doesn’t matter. Violations of Sections 5 of the Securities Act and 15.A of the Exchange Act are...more

Gray Reed

When is a Joint Venture a Security?

Gray Reed on

Parvizian controlled Arcturus and Aschere, buying and selling interests in drilling projects. Each project had a managing venturor which supervised the project. Each venture included a confidential information memorandum,...more

Dorsey & Whitney LLP

SEC Charges Texas Promoter With Defrauding Chinese Investors

Dorsey & Whitney LLP on

The Commission has brought a series of cases where investors lost substantial sums purchasing shares of firms whose operations and or assets were supposedly largely in China. In some instances the firms turned out not to have...more

Dorsey & Whitney LLP

SEC Files Offering Fraud Action

Dorsey & Whitney LLP on

The Commission filed another offering fraud action tied to the sale of interests in the development of oil and gas wells prior to the recent downturn in the price of oil. Beginning in 2010 the defendants raised about $4.4...more

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