News & Analysis as of

Securities Fraud

Split Commission Can't Reverse Insider-Trading Dismissal

by Burr & Forman on

Trader Joseph Ruggieri finally prevailed last week, when SEC Commissioners Stein and Piwowar split on whether Enforcement proved his four trades (in 2010-2011) were made on inside information....more

Chairman Clayton Sets New SEC Agenda

On Wednesday July 12, 2017, in his first public speech as Chairman of the SEC, SEC Chairman Jay Clayton laid out a set of eight priorities that will guide his SEC Chairmanship. He said his priorities are consistent with and...more

Chris Lazarini Comments on Waiver of the Right to Seek Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which the defendant filed fraud and RICO actions in federal court against several persons and entities alleging they defrauded her out of millions of dollars....more

Second Circuit Overturns District Court Denial Of Leave To Add Securities Fraud Claims Because Release Clause In Stock Sale...

by Shearman & Sterling LLP on

On July 13, 2017, the United States Court of Appeals for the Second Circuit vacated a part of a district court decision denying a plaintiff’s motion to amend a complaint to add securities fraud claims based on a contractual...more

SEC and U.S. Attorney’s Office Bring Action Against Promoter of Bitcoin Store, Inc.

by Perkins Coie on

On June 30, 2017, the SEC and the U.S. Attorney brought parallel civil and criminal fraud charges against Renwick Haddow, the owner of an unregistered broker-dealer entity named InCrowd Equity Inc., and two corporate entities...more

The Marijuana Industry and the Securities Laws

by Ballard Spahr LLP on

Part Three of a Three-Part Series - In the third and final part of this series on marijuana-related businesses (“MRBs”), we explore how the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”)...more

SCOTUS Upholds Strict Statute of Repose on Federal Section 11 Securities Claims

by Perkins Coie on

In a 5-4 decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., et al. (No. 16-373), 582 U.S. ___ (2017), the U.S. Supreme Court upheld, at the end of last month, a U.S. Court of Appeals...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more

Supreme Court Rules American Pipe Doesn't Toll 3-Year Limit on Securities Claims

On June 26, 2017, the U.S. Supreme Court issued a decision that will have a significant effect on securities class action litigation, changing the strategic calculus for both institutional plaintiffs and defendants. In...more

US Supreme Court Holds that 3-Year Time Limit to Challenge Registration Statements Cannot Be Tolled, Precluding Opt-Out Plaintiffs...

by Dechert LLP on

Officers, directors, and underwriters frequently become targets of securities fraud litigation after a public offering. In a landmark case decided yesterday, the U.S. Supreme Court provides defendants with another tool to...more

Western District Of Washington Allows Securities Fraud Action To Proceed Against Biopharmaceutical Company And Its Senior Officers...

by Shearman & Sterling LLP on

On June 14, 2017, Judge Ricardo S. Martinez of the United States District Court for the Western District of Washington denied a motion to dismiss a putative securities fraud class action against Juno Therapeutics, Inc....more

Bond Traders Beat Most Charges In RMBS Fraud Case

by Shearman & Sterling LLP on

On Thursday, June 15, 2017, a Connecticut federal jury delivered a mostly defendant-friendly verdict in the criminal trial of three residential mortgage-backed securities (“RMBS”) traders charged with conspiracy, securities...more

Lending Club Decision Provides Guidance For Bringing Section 11 Claims Based on Weaknesses in Internal Controls

We have been following defendants’ motions to dismiss in the In re Lending Club Securities Litigation class action, No 3:16-cv-02627-WHA, in the United States District Court for the Northern District of California (“the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more

Northern District Of California Dismisses Securities Fraud Class Action, Finding Plaintiffs Had Alleged "Injury In Fact"...

by Shearman & Sterling LLP on

On June 12, 2017, Judge Richard Seeborg of the United States District Court for the Northern District of California dismissed without prejudice a putative securities class action against Charles Schwab & Co. (“Schwab”) under...more

“Sting” Money Laundering Scheme and Cooperating Client Ensnares Attorney

by Ballard Spahr LLP on

The District Court for the Eastern District of New York has denied motions for acquittal and new trial by a Florida attorney convicted at trial of assisting in an undercover money laundering “sting” operation....more

District Of Massachusetts Dismisses Putative Securities Class Action, Finding Vague And Generalized Allegations To Be...

by Shearman & Sterling LLP on

On June 6, 2017, United States District Judge George A. O’Toole, Jr. of the United States District Court for the District of Massachusetts dismissed with prejudice a putative securities class action against Sonus Networks,...more

Portfolio Manager Sentenced to Prison In Mismarking Scheme

by Dorsey & Whitney LLP on

Mismarking or misquoting securities can defraud market participants and harm the markets. It seems to be a recurring theme in recent weeks. See, e.g., SEC v. Im, Civil Action No. 1:17-cv-03603 (S.D.N.Y. Filed May 15,...more

Next Stop the Supreme Court?: Circuit Court Extends American Pipe Tolling to Preserve Class Claims

by Carlton Fields on

The Ninth Circuit recently held that plaintiffs whose claims were tolled during the pendency of two class actions were not time-barred from bringing a third related putative class action when the first two classes were not...more

Kokesh v. SEC: Supreme Court Reins in SEC’s Powerful Disgorgement Remedy

This week, the Supreme Court in Kokesh v. SEC unanimously held that the Securities and Exchange Commission’s (SEC) equitable disgorgement remedy is subject to a five-year statute of limitations because it is a “penalty”...more

Spinning Debt Into Profits Yields SEC Fraud Charges

by Dorsey & Whitney LLP on

A miller claimed his daughter could spin straw into gold, according to the fable by the Brothers Grimm. And so she did – with a little help from a secret deal with Rumpelstiltskin. ...more

If At First You Don’t Succeed: The Ninth Circuit Invites Successive Class Actions By Extending American Pipe Tolling To Absent...

In Resh v. China Agritech, No. 15-5543, 2017 U.S. App. LEXIS 9029 (9th Cir. May 24, 2017), a Ninth Circuit panel held that a pending putative class action in which class certification is ultimately denied tolls the statute of...more

Inside the Courts – An Update From Skadden Securities - June 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

Supreme Court Applies Statute of Limitations to SEC Disgorgement Orders

In a unanimous decision issued on June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, 581 U.S. ___, held that disgorgement in securities enforcement cases is a “penalty” within the meaning of 28 U.S.C. § 2462, the general...more

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Cybersecurity

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