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Securities and Exchange Commission (SEC) Rule 144 Opinion

Dorsey & Whitney LLP

SEC: Gatekeeper Facilitates Unlawful Stock Sales

Dorsey & Whitney LLP on

Gatekeepers are a critical focus for SEC enforcement. Lawyers, accountants and other professional are often at the scene and, in many instances, can be either key to halting, or in some instances implementing a wrongful...more

Troutman Pepper

Resales Of Restricted And Control Securities Under Rule 144

Troutman Pepper on

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

Allen Matkins

Rule 144 Opinion Letters – Do They Protect Anyone?

Allen Matkins on

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

Allen Matkins

How Much Would You Charge For A Rule 144 Opinion?

Allen Matkins on

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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