Rule 144 Opinion

News & Analysis as of

Resales Of Restricted And Control Securities Under Rule 144

By progressively shortening the Rule 144 holding period for resales of restricted securities, the Securities and Exchange Commission has enhanced such securities’ liquidity and reduced the overall cost of raising capital. The...more

Rule 144 Opinion Letters – Do They Protect Anyone?

The Ninth Circuit Court of Appeals has previously suggested that scienter is not required under Section 5. SEC v. Phan, 500 F.3d 895, 905-06 (9th Cir. 2007). Yesterday, the Court addressed the issue directly. SEC v. CMKM...more

How Much Would You Charge For A Rule 144 Opinion?

Yesterday, the Securities and Exchange Commission announced that it had filed a civil complaint against a California lawyer for “churning out baseless legal opinion letters for penny stocks through his website without...more

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