News & Analysis as of September 19, 2024

Securities

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

SEC v. Panuwat – Northern District Of California Jury Endorses SEC’s “Shadow Trading” Theory

A&O Shearman on 4/16/2024

On April 5, 2024, a jury in the Northern District of California found that Matthew Panuwat had misappropriated his employer’s confidential information and committed insider trading. The closely followed case represented the...more

Redefining Insider Trading: The SEC's Groundbreaking Theory in the Panuwat Case

Miller Canfield on 2/29/2024

In SEC v Panuwat, a federal jury in California will hear a novel insider trading theory that the court has allowed to proceed to trial. In Panuwat, the SEC says it is unlawful for an individual to purchase securities of a...more

Nutter Securities Enforcement Update: January 1, 2024

Nutter McClennen & Fish LLP on 1/17/2024

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

SEC Adopts Amendments to Rule 10b5-1 Plan Requirements and Increases Disclosure Requirements Regarding Insider Trading Policies

Katten Muchin Rosenman LLP on 12/28/2022

On December 14, the Securities and Exchange Commission (SEC) unanimously adopted amendments to Rule 10b5-1 and related regulations governing "10b5-1 Plans." 10b5-1 Plans enable (1) public company insiders to sell their...more

Nutter Securities Enforcement Update: October 1, 2022

Nutter McClennen & Fish LLP on 10/1/2022

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

Assessing Impact of Second Circuit's Rio Tinto Decision on Scheme Liability

Holland & Knight LLP on 8/25/2022

When it comes to the federal securities laws, clear answers can occasionally be hard to find. There may be no better example than the question around the overlap of the "misstatement liability" and "scheme liability"...more

Tenth Circuit Affirms Extraterritorial Reach of SEC Enforcement of the Federal Securities Laws

Mintz - Securities Litigation Viewpoints on 5/8/2019

In the Traffic Monsoon litigation, the U.S. Court of Appeals for the Tenth Circuit held that the enforcement provisions of the Securities Act and the Exchange Act reach Traffic Monsoon’s sales to customers outside of the...more

Third Circuit Affirms Dismissal Of Putative Class Action Without Leave To Amend

A&O Shearman on 11/20/2018

On November 14, 2018, the United States Court of Appeals for the Third Circuit affirmed the dismissal of and denial of leave to amend a putative class action complaint against Altisource Asset Management Corporation (“AAMC”)...more

Equifax Data Breach: Preliminary Lessons for the Adoption and Implementation of Insider Trading Policies

Dorsey & Whitney LLP on 9/15/2017

Insider trading allegations have surfaced at Equifax, a credit rating agency that last week announced a data breach that could potentially affect 143 million consumers in the United States, nearly half of the country’s...more

Inside the Courts – An Update From Skadden Securities - June 2017

Skadden, Arps, Slate, Meagher & Flom LLP on 6/9/2017

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2017 and April 2017. The cases address developing trends in class actions, ERISA, fiduciary duties,...more

Federal Court Declines to Exercise Jurisdiction Over Toshiba Despite Over-the-Counter ADS Sales in the United States

Mintz - Securities Litigation Viewpoints on 6/9/2016

Ever since the Supreme Court issued its opinion in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), courts have been making their own interpretations of what Morrison means for whether certain transactions are...more

Inside the Courts: An Update From Skadden Securities Litigators - September 2015 / Volume 7 / Issue 3

Skadden, Arps, Slate, Meagher & Flom LLP on 10/8/2015

This issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between May 2015 and August 2015. The cases address...more

SEC Secures Victory on Fraud Allegations Against Technology Executive

Katten Muchin Rosenman LLP on 4/15/2015

The US District Court for the District of Columbia took the unusual step of granting summary judgment against a technology company executive who the Securities and Exchange Commission accused of various violations of the...more

Ninth Circuit Requires Particularity In All Elements Of Securities Fraud Pleading

Allen Matkins on 12/17/2014

Sometimes, I find it useful to take a step back and review the legal standard applicable to securities fraud claims under Section 10(b) and Rule 10b-5. To stay in court, and securities litigation all about surviving motions...more

Second Circuit Clarifies a Heightened Standard for Insider Trading Convictions

Katten Muchin Rosenman LLP on 12/17/2014

The US Court of Appeals for the Second Circuit recently held that, in order to convict a tippee for insider trading under Section 10(b) of the Securities Act of 1934 and Rule 10b-5, the government must prove beyond a...more

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