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Morrison & Foerster LLP - Social Media

Social Links: August 2024

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Social media giant TikTok has been sued by the United States for allegedly collecting data on children under thirteen illegally. The suit claims the app, which is owned by China-based parent company ByteDance, allowed...more

Vinson & Elkins LLP

Inside(r) Scoop: The DOJ Struggles to Prosecute Insider Trading

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Amidst the government’s ongoing efforts to combat insider trading, a recent dismissal of criminal charges for insider trading gives new insight into this constantly evolving area of law. A federal judge recently dismissed...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Did The Southern District Of Texas Just Legalize Securities Fraud?

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In December 2022, the Department of Justice indicted eight individuals for securities fraud for allegedly operating a $114 million social media pump and dump scheme. United States v. Constantinescu, No. 4:22-CR-00612 (S.D....more

A&O Shearman

Northern District Of California Pares Claims In Putative Class Action Regarding Purchase Of Social Media Platform

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On December 11, 2023, Judge Charles Breyer of the United States District Court for the Northern District of California narrowed a putative class action asserting claims under the Securities Exchange Act of 1934 against the...more

A&O Shearman

Southern District Of New York Denies In Part And Grants In Part Motion To Dismiss Securities Class Action Against Social Media...

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On September 29, 2023, Judge Andrew L. Carter, Jr. of the United States District Court for the Southern District of New York denied in part and granted in part a motion to dismiss a putative securities class action against...more

Robinson+Cole Data Privacy + Security Insider

SEC Charges Social Media Influencers with Stock Manipulation and Warns Investors

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The Justice Department and the Security and Exchange Commission (SEC) have charged eight men of using their social media clout to manipulate investors in a stock pump-and-dump scheme. The defendants allegedly took to Twitter...more

Vinson & Elkins LLP

SEC Charges Eight Social Media Influencers: Takeaways for Companies and Individuals

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On December 14, 2022, the Securities and Exchange Commission (“SEC” or the “Commission”) announced charges against eight social media influencers in a $100 million securities fraud scheme, alleging that they manipulated the...more

Fenwick & West LLP

Pump-and-Dumpers Take Their Lumps: Influencer Liability Catches the Eye of Federal Regulators

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Influencers and their large and impressionable followings have become a valuable marketing tool for brands big and small. However, brands and influencers alike should proceed with caution as regulators continue to scrutinize...more

A&O Shearman

Northern District Of California Grants In Part Summary Judgment In Securities Fraud Action Against Electric Carmaker Over Twitter...

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On May 10, 2022, Judge Edward Chen of the United States District Court for the District of Northern California unsealed an April 1, 2022 order granting in part a motion for summary judgment in a securities class action...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

To the Moon or To the Jail? Social Media Stock Promoters Are Back in the Government’s Crosshairs

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Recent enforcement actions show that the federal government is once again clamping down on online boiler rooms. Last year, the Securities and Exchange Commission filed a civil complaint against Steven Gallagher, with the...more

A&O Shearman

Ninth Circuit Affirms Decision Dismissing Investor Class Action Against Social Media Company Because The Company’s Statements Were...

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On March 23, 2022, Judge Kenneth K. Lee of the United States Court of Appeals for the Ninth Circuit affirmed the United States District Court for the Northern District of California’s dismissal of claims brought under...more

Kohrman Jackson & Krantz LLP

The Ongoing Battle Between Musk And The Sec Heats Up Again

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ELON’S MUSK TUMULTUOUS HISTORY WITH THE SEC - Tesla’s colorful CEO, Elon Musk, has a history of feuding with the Securities and Exchange Commission (SEC), and it looks like the fight isn’t over. In 2018, the SEC...more

Robins Kaplan LLP

Financial Daily Dose 3.19.2021 | Top Story: NFL Inks 10-Year Media Deal Worth $110 Billion

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The NFL has scored a new media deal spread across outlets from CBS, NBC, and Fox to ESPN and Amazon worth nearly $110 billion over 11 years, “nearly doubling the value of its previous contracts” and “cement[ing]” the league’s...more

Robins Kaplan LLP

Financial Daily Dose 9.14.2020 | Top Story: Oracle Bests Microsoft In Pursuit of TikTok

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If not immune to surprise at this point in 2020, that might be the appropriate feeling at the apparent emergence of late-stage suitor Oracle as the winner of the TikTok sweepstakes. Though terms between ByteDance and Oracle...more

Robins Kaplan LLP

Financial Daily Dose 11.19.2019 | Top Story: T-Mobile Chief John Legere to Leave Company in April

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T-Mobile chief and fan-of-magenta John Legere has announced that he’ll be stepping down in April at the end of his current contract. Legere will be succeeded by Mike Sievert, the carrier’s current president and COO....more

Stinson - Corporate & Securities Law Blog

Musk: I did not Violate Court Order

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Elon Musk, in a court filing, offered the following reasons why he should not be held in contempt of court for violating a court Order a recent tweet...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Though expected after its earlier move to cut its revenue forecast, Apple’s official quarterly profits reporting yesterday still disappointed, as the company posted its “first holiday-quarter drop in both revenue and profit...more

Burr & Forman

Tweet Suit

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So maybe it’s not such a good idea for a volatile, impulsive chief executive to use his personal Twitter account to announce major policy shifts. No, no – not that one....more

Porter Hedges LLP

Business Litigation Alert: Elon Musk Tweets His Way Into The SEC’s Crosshairs

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As we have discussed in previous newsletters, Tesla is in a very difficult position based on the actions of CEO Elon Musk. With one tweet about the company going private, he put the company directly in the sights of the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Though he was apparently ready to go with his “verbal agreement with the Saudis” defense, Elon Musk capitulated to pressure “from his lawyers and investors of Tesla” and agreed to resolve all SEC allegations of wrongdoing,...more

Stinson - Corporate & Securities Law Blog

Elon Musk, Twitter and Disclosure Controls and Procedures

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In perhaps the fastest moving SEC enforcement action of all time, the SEC charged Elon Musk with securities fraud on September 27, 2018 after settlement agreements reportedly fell apart....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Markets are joining the American mid-Atlantic and East Coast in bracing for Hurricane Florence and the estimated $27 billion in damages it could bring with it....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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AT&T’s chief is weighing in the DOJ’s call to sell CNN in order to make its deal with Time Warner go through, and, as Randall sees it, “selling CNN makes no sense”....more

Stinson - Corporate & Securities Law Blog

SEC Busts Overseas Social Media Fraud

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A settled SEC enforcement action describes an alleged interesting social media fraud. Two defendants that reside in India were alleged to have been behind the fraud. According to the SEC the scheme was an online...more

Akin Gump Strauss Hauer & Feld LLP

SEC Investor Alert: How to Be a Smart Investor Online

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Earlier last week, the SEC’s Office of Investor Education and Advocacy issued an Investor Alert reminding investors seeking information and advice online to be wary of fraudulent investment schemes involving social media. In...more

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