Cornerstone Research Experts in Focus: Jules van Binsbergen
What Is a Direct Listing?
Bill on Bankruptcy: US Airways Need a Merger More than AMR
Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock
Bill on Bankruptcy: Why is Kodak's Stock Soaring?
Virgin Media's Lawyer on Liberty Global Deal
In November 2023, in Issue Lines Drawn in SEC Shadow Trading Case, we revisited the case Securities and Exchange Commission v. Panuwat, the SEC’s first enforcement action brought on the theory of “shadow trading.”...more
In February 2022, in SEC Shadow Trading Case Breaks Ground, we discussed Securities and Exchange Commission v. Panuwat, the SEC’s first enforcement action brought on the theory of “shadow trading.”...more
On December 27, 2022, the Second Circuit called into question the government’s theory of insider trading of confidential government agency information, potentially undercutting the DOJ’s enforcement of various white-collar...more
To address what the SEC characterizes as "critical gaps" in its insider trading regime, on December 15, 2021, the Securities and Exchange Commission (the "SEC") voted unanimously to propose amendments to Rule 10b5-1 under the...more
Today the SEC and the DOJ announced civil and criminal charges involving an alleged brazen $8 million insider-trading scheme. The trader, Dayakar Mallu, allegedly traded ahead of four public announcements by his former...more
On August 17, 2021, the U.S. Securities and Exchange Commission (SEC) filed a first-of-its-kind complaint, alleging insider trading against a former employee of Medivation Inc. (Medivation), a California-based...more
Directors, officers, and other company insiders often receive a meaningful portion of their overall compensation through equity awards. As these awards vest, these insiders may seek to liquidate some or all of their...more
The Securities and Exchange Commission (SEC) recently issued a strong warning to corporate insiders against trading based on nonpublic information related to COVID-19. This cautionary statement comes after public reports of...more
The Equifax hack has taken another twist – one that raises questions that every public company should consider....more
The Peltz/P&G drama continues, with the company suggesting that Trian has lost its bid for a Board seat and the fund arguing that it disagrees with the company’s counting of the ballots....more
As anticipated (and hinted-at forcefully by its officials), the Fed raised the benchmark interest rate yesterday to a range nearing 1 percent, a move that signals the slow end to the body’s nine-year stimulus effort....more
In what appears to be the first appellate decision since the Supreme Court’s December 2016 ruling in Salman v. United States, the U.S. Court of Appeals for the First Circuit affirmed an insider-trading conviction based on a...more
Theranos is “retreating” from its blood tests, cutting its workforce by 40 percent, and shuttering facilities—all signs that Elizabeth Holmes’ company may be shifting to developing products to sell to outside labs rather than...more
We learned yesterday that Twitter’s shopping itself around for a buyer. It’s facing one big complication, though—the sizeable amount of stock Twitter has doled out to its employees over the years. Last year, for example,...more
On September 7, 2015, a new study on the “8-K trading gap” conducted by researchers at Harvard and Columbia law schools was released. The “8-K trading gap” refers to the four business day period before SEC reporting...more
Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more
This week the SEC and the DOJ filed a settled FCPA action. The disgorgement paid by the issuer put the case at number ten on the list for the largest such amounts paid in an SEC FCPA case....more
On July 2, 2014, FINRA announced that it barred a former equity trader from the securities industry based on its finding that he violated Japanese insider trading law by trading in the securities of a Japanese company listed...more
The Internal Revenue Service recently published final regulations under Section 83 of the tax code. These regulations deal with the timing for taxation for grants of property (e.g., stock) that are subject to...more
Financial Industry Regulatory Authority (FINRA) rules require member firms to establish and maintain a system of written procedures to supervise the activities of its members. On December 23, 2013, the SEC approved new FINRA...more
Earlier this month, the US District Court for the Southern District of New York entered a $5.6 million judgment in favor of the Securities and Exchange Commission against Waldyr Da Silva Prado Neto (Prado), a Brazilian...more
Parts I and II of this series looked back at select cases brought by the Commission during 2013. Part III considered the projected path of SEC Enforcement based on remarks by members of the Commission and new initiatives....more
The high profile long-running saga between Mark Cuban -- entrepreneur, television personality, and billionaire owner of the Dallas Mavericks -- and the SEC has finally ended with Mr. Cuban emerging victorious. On October 16,...more
Look inside the desk drawer of many, if not most, community bank presidents and you will find a list of the names of individuals who want to buy or sell the bank’s stock. ...more
There has been renewed focus on Rule 10b5-1 Plans following an article in the Wall Street Journal, published on November 27, 2012, entitled “Executives’ Good Luck in Trading Own Stock,” which reported that executives who...more