Securities Fraud, SEC | JD Supra Law News

SEC Charges City of Harrisburg with Fraud

by Michael Wiener | Holland & Knight LLP on 5/14/2013

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

by Kimberly Byrens | Best Best & Krieger LLP on 5/10/2013

The inclusion of the public statements of an elected official in allegations of securities fraud could change the traditional relationship between the politicians and their constituency versus issuers and the bond market....more

SEC Charges Municipal Bond Issuer with Securities Fraud for Misleading Statements on Issuer’s Website

by Michael Barnes, George Magnatta | Saul Ewing LLP on 5/9/2013

For the first time, the Securities and Exchange Commission has charged a municipality with securities fraud for misleading statements made outside of the municipality's securities disclosure documents....more

Corporate and Financial Weekly Digest - May 3, 2013

by Katten Muchin Rosenman LLP on 5/6/2013

In this issue: - SEC Issues Proposal Regarding Cross-Border Security-Based Swap Activities - CFTC Staff Issues No-Action Letters - Delaware Court Dismisses Securities Fraud Action Against Power Plant...more

Using the Privilege: Fifth Amendment Fundamentals for Corporations

by Jonathan Cavalier, Hayes Hunt | Cozen O'Connor on 4/24/2013

Most in-house lawyers, if they're fortunate, haven't bumped up against the Fifth Amendment and its related issues since the bar exam. After all, the so-called "nickel" typically arises solely in the criminal context, and...more

Judging The SEC’s Division Of Enforcement With 20/20 Foresight

by Lawrence Bader | Morvillo Abramowitz Grand Iason & Anello P.C.... on 4/23/2013

I almost feel sorry for Mary Jo White, the Chairman of the SEC, and Andrew Ceresney and George Canellos, soon to be Co-Directors of the SEC’s Division of Enforcement. Four days after Ms. White was sworn in, Gretchen Morgenson...more

In The SDNY, Hindsight Is No Substitute For Red Flags When Alleging Scienter

by George E. Greer, Christine Louie, Danielle Van Wert | Orrick - Securities Litigation and Regulatory... on 4/16/2013

On April 8, 2013, Judge Shira A. Scheindlin of the Southern District of New York granted auditor Deloitte Touche Tohmatsu CPA’s (“DTTC”) motion to dismiss a shareholder class action, finding that plaintiffs failed to...more

Sunshine May Be Free But It May Take A Security To Harvest It

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 3/29/2013

Harvesting the sunlight as a source of “clean” energy is the dream of many. Although the energy provided by the sun is free, converting that energy into electricity continues to require significant financial resources. One...more

Gabelli v. SEC: The Supreme Court Limits the Statute of Limitations for SEC Actions

by Andrea Cortland, Angelo Savino | Cozen O'Connor on 3/20/2013

In a recent unanimous decision, the U.S. Supreme Court held that the Securities Exchange Commission (SEC) has five years from the date when an alleged fraud begins – not from the date when the SEC uncovers the fraud – to...more

Supreme Court Denies SEC Extra Time to Bring Enforcement Actions for Civil Penalties

by Tenley Mochizuki, Bruce Sabados | Katten Muchin Rosenman LLP on 3/13/2013

The US Supreme Court recently held that the Securities and Exchange Commission has five years from the date an alleged fraud occurs, not from the date of its discovery, to bring an enforcement action for civil penalties....more

United States Supreme Court Holds that Class Action Securities Fraud Plaintiffs Need Not Prove the Materiality of the Alleged...

by Steven Kramer, John M. Landry, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/8/2013

In Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085, ___ WL ______ (U.S. Feb. 27, 2013), the United States Supreme Court affirmed the decision of the United States Court of Appeals for the Ninth Circuit...more

Eleventh Circuit Affirms Dismissal of a Securities Fraud Claim for Failure to Adequately Plead Loss Causation Against a Publicly...

by Alissa M. Del Riego | Holland & Knight LLP on 3/8/2013

On February 25, 2013, the U.S. Court of Appeals for the Eleventh Circuit affirmed the U.S. District Court for the Northern District of Florida's dismissal of a securities fraud claim for failure to adequately plead loss...more

Supreme Court Update: Two Securities Law Decisions This Week, and Another to Come

by Jeffrey Cook, Brian Miller | Akerman Senterfitt on 3/1/2013

The United States Supreme Court has taken a keen interest in the securities arena this current term, agreeing to hear at least three cases (of only approximately 70 in total). This week, the Supreme Court announced decisions...more

Use It or Lose It: U.S. Supreme Court Holds the SEC Must Bring Civil Enforcement Actions Within Five Years of Wrongful Conduct

by Eric Breslin, Melissa Geller, Marvin G. Pickholz, Mauro Wolfe | Duane Morris LLP on 3/1/2013

On February 27, 2013, the United States Supreme Court put a stop to the Securities and Exchange Commission's (SEC) practice of bringing civil enforcement actions outside the five-year statute of limitations. In an opinion by...more

Supreme Court Knocks Out Last Prop of OSHA Rule on Statute of Limitations

by James Lastowka, Arthur Sapper | McDermott Will & Emery on 3/1/2013

On February 27, 2013, the Supreme Court of the United States in Gabelli v. SEC unanimously disapproved of the so-called discovery rule for postponing the running of a statute of limitations when a federal government agency...more

Supreme Court Rules SEC Has Five Years to Seek Penalties

by Fredric Firestone, Eugene Goldman, Michael Ungar | McDermott Will & Emery on 3/1/2013

In an important decision, the Supreme Court held that the SEC has five years from when a fraud occurred to file an action to seek civil penalties. Although the ruling was limited to civil penalties, the decision might prompt...more

Amgen Inc. v. Connecticut Retirement Plans And Trust Funds: Does Supreme Court Put “Cart Before The Horse” To Satisfy Predominance...

by Joshua E. Roberts | Carlton Fields on 2/28/2013

To best understand this decision, we need to look at the rules concerning both class actions and securities: - According to Rule 23(b)(3), a class action may be maintained if the court finds that questions of law or...more

Supreme Court: Statute of Limitations in SEC Fraud Cases Begins to Run When Fraud Occurs, not When Discovered

by Jay G. Baris, Randall Fons, Kelley A. Howes | Morrison & Foerster LLP on 2/28/2013

The Supreme Court today ruled that in an SEC action to recover civil penalties, the five-year statute of limitations begins to run when fraud occurs, not when it is discovered. The Court held in Gabelli et al. v. Securities...more

Supreme Court in Gabelli: Clock Starts Ticking When Fraud Occurs, Not When It's Discovered

by Robert J. Anello | Morvillo Abramowitz Grand Iason & Anello P.C.... on 2/27/2013

The law requires the SEC to bring enforcement actions seeking penalties against individuals who violate the securities laws within five years. The Supreme Court issued a unanimous ruling today that rejects the SEC’s argument...more

"Supreme Court Rejects Discovery Rule on Statute of Limitations for SEC Civil Penalty Enforcement Actions"

by Jay Kasner, Matthew Matule, Edward Micheletti, Peter Morrison, Charles Smith | Skadden, Arps, Slate, Meagher & Flom LLP on 2/27/2013

Gabelli v. Sec. & Exch. Comm'n, No. 11-1274 (U.S. Feb. 27, 2013) - In a unanimous opinion authored by Chief Justice Roberts, the U.S. Supreme Court today held that the five-year limitations period that governs SEC...more

Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May...

by Christopher R. Hall, Brian Simons | Saul Ewing LLP on 1/25/2013

On January 8, the Supreme Court of the United States heard oral arguments in Gabelli v. S.E.C., 133 S. Ct. 97 (2012) on the question: By when must the government initiate an action to enforce a civil fine, penalty, or...more

District of Colorado Dismisses, in Part, Securities Fraud Claims in Ponzi Scheme Suit

by Michael S. Gordon, Allison Wuertz | Katten Muchin Rosenman LLP on 1/10/2013

The US District Court for the District of Colorado considered several motions to dismiss a class-action suit filed by plaintiff Touchtone Group, LLC to recover damages resulting from a Ponzi scheme devised by Mantria...more

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Securities Fraud › Securities & Exchange Commission