On February 24, 2026, the US Securities and Exchange Commission (SEC) announced major updates to its Enforcement Manual (Manual), a guidance document the SEC staff uses when conducting investigations of potential securities...more
3/2/2026
/ Compliance Monitoring ,
Enforcement Actions ,
Enforcement Guidance ,
Enforcement Priorities ,
Investigations ,
Investors ,
New Guidance ,
Regulatory Oversight ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement Agreements ,
Settlement Negotiations ,
Transparency ,
Waivers ,
Wells Notice
On Jan. 16, the U.S. Securities and Exchange Commission announced settled charges against two former executives of Spero Therapeutics LLC, a public biopharmaceutical company, for misleading investors about the regulatory...more
2/27/2026
/ C-Suite Executives ,
Confidential Information ,
Corporate Executives ,
Corporate Governance ,
Corporate Liability ,
Corporate Misconduct ,
Disclosure Requirements ,
Enforcement Actions ,
Investors ,
Misleading Statements ,
Pharmaceutical Industry ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation
Two leading consulting and expert firms – Cornerstone and NERA – recently released their reports on securities class action filings in 2025. Both observed a decline in new filings, driven largely by fewer Section 10(b) cases....more
2/27/2026
/ Artificial Intelligence ,
Capital Markets ,
Class Action ,
Disclosure Requirements ,
Healthcare ,
Initial Public Offering (IPO) ,
Investors ,
Rule 10b-5 ,
Section 11 ,
Securities Act of 1933 ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Litigation ,
Settlement ,
Special Purpose Acquisition Companies (SPACs) ,
Tariffs
2026 is off to a rousing start for the US Securities and Exchange Commission (SEC), with two notable developments related to the agency’s civil enforcement authority....more
1/30/2026
/ Administrative Procedure Act ,
Administrative Proceedings ,
Appeals ,
Appellate Courts ,
Article III ,
Constitutional Challenges ,
Disgorgement ,
Due Process ,
Enforcement Actions ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Litigation ,
Securities Regulation ,
Statutory Interpretation
When Paul Atkins became the new chairman of the Securities and Exchange Commission (SEC) in April 2025, the market expected enforcement actions against public companies to decrease....more
12/26/2025
/ Biotechnology ,
Corporate Misconduct ,
Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Foreign Issuers ,
Foreign Private Issuers ,
Individual Accountability ,
Insider Trading ,
Investor Protection ,
Market Manipulation ,
Penalties ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Regulation ,
Special Purpose Acquisition Companies (SPACs)
Government investigations can be costly. A simple subpoena for documents could entail collecting hundreds of thousands of documents from your email servers and personal devices, hiring attorneys to review and produce...more
According to NERA, a leading consulting and expert firm, the share of foreign-based companies listed on U.S. stock exchanges has risen steadily in the last decade, from 17.4% in 2016 to 26.9% in 2025. As noted in our...more
10/29/2025
/ Cross-Border Transactions ,
Disclosure Requirements ,
Enforcement Actions ,
Foreign Corporations ,
Foreign Private Issuers ,
Market Manipulation ,
Nasdaq ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On August 29, 2025, the US Department of Justice (DOJ) announced the formation of a cross-agency Trade Fraud Task Force to “identify and combat trade fraud that threatens [US] economic and national security interests.”...more
In a closely watched case, the US Court of Appeals for the Sixth Circuit recently took a significant step to protect the attorney-client privilege over materials produced during internal investigations by companies. On August...more
Two leading consulting and expert firms – Cornerstone Research and NERA – recently issued their midyear reports on securities class actions. Both reports noted that the number of filings in H1 2025 remained steady, but...more
8/29/2025
/ Artificial Intelligence ,
Class Action ,
Cryptocurrency ,
Financial Markets ,
Life Sciences ,
Pharmaceutical Industry ,
Popular ,
Securities Fraud ,
Securities Litigation ,
Securities Regulation ,
Settlement
On July 16, 2025, the US District Court for the Eastern District of New York dismissed a scheme liability claim in an enforcement action brought by the US Securities and Exchange Commission (SEC) against a company’s former...more
On July 30, 2025, US Attorney General Pam Bondi released a memo to all federal agencies titled “Guidance for Recipients of Federal Funding Regarding Unlawful Discrimination.” This document clarifies how federal...more
When a company experiences an adverse event, it and its directors and officers are often subject to multiple shareholder lawsuits and demands. These matters proceed on different timelines, creating scenarios in which...more
On June 27, the Consumer Financial Protection Bureau (CFPB) issued a policy statement, “Guidance on Referrals for Potential Criminal Enforcement,” which outlines its plan to address criminal regulatory offenses within its...more
As we previously reported, in November 2023, two corporate executives were convicted of conspiracy and failure to report defective dehumidifiers in violation of the Consumer Product Safety Act (CPSA). This groundbreaking...more
6/26/2025
/ Consumer Product Safety Act (CPSA) ,
Consumer Product Safety Commission (CPSC) ,
Corporate Counsel ,
Corporate Crimes ,
Corporate Executives ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Penalties ,
Product Defects ,
Regulatory Requirements
On June 9, 2025, the Department of Justice (DOJ) issued new guidelines for investigations and enforcement of the Foreign Corrupt Practices Act (FCPA), following a four-month pause of new FCPA investigations per President...more
On April 10, 2025, the Delaware Court of Chancery granted a motion to dismiss in a breach of fiduciary duty action arising from BGC’s conversion from an Up-C corporation to a traditional full C corporation. While multiple...more
5/23/2025
/ Breach of Duty ,
Class Action ,
Controlling Stockholders ,
Delaware General Corporation Law ,
Derivative Suit ,
Dilution ,
Fiduciary Duty ,
Mergers ,
Motion to Dismiss ,
Reorganizations ,
Shareholder Litigation
As we discussed in this April 7 blog post, the US Department of Justice (DOJ) can pursue civil penalties for tariff evasion under the False Claims Act (FCA), including against companies that are aware of tariff evasion by...more
On April 2, 2025, President Donald Trump, citing national security concerns, used authority granted under the International Emergency Economic Powers Act of 1977 (IEEPA) to announce a sweeping new tariff regime, with a 10%...more
4/8/2025
/ Criminal Prosecution ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Claims Act (FCA) ,
Imports ,
International Emergency Economic Powers Act (IEEPA) ,
Supply Chain ,
Tariffs ,
Trump Administration ,
Whistleblowers
On March 25, 2025, the Delaware Legislature enacted Senate Bill 21, significantly amending the Delaware General Corporation Law. Among its notable changes is an effort to narrow document production under Section 220, which...more
On March 10, 2025, the US Securities and Exchange Commission (SEC) adopted a final rule that will require a majority of the Commissioners to agree before the SEC formally opens an investigation. For the past 15 years, that...more
In light of recent reports of cyberattacks on telecommunications companies, the FBI and the Cybersecurity and Infrastructure Security Agency (CISA) issued a series of reports and statements recommending secure communications,...more
1/16/2025
/ Cybersecurity ,
Cybersecurity Information Sharing Act (CISA) ,
Data Privacy ,
Department of Justice (DOJ) ,
Encryption ,
Enforcement Actions ,
FBI ,
Federal Trade Commission (FTC) ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Telecommunications
The Securities and Exchange Commission (SEC) recently announced its enforcement results for fiscal year 2024, during which the SEC obtained the highest amount of financial remedies in history—$8.2 billion, representing a 66%...more
On September 23, 2024, the Criminal Division of the US Department of Justice (DOJ) issued an updated Evaluation of Corporate Compliance Programs (ECCP). The updated ECCP emphasizes that companies should address risks...more
Recent Securities and Exchange Commission (SEC) enforcement action and statements by SEC officials show that the Commission remains focused on disclosures regarding cybersecurity incidents. On May 21, 2024, Erik Gerding,...more