On September 23, the Delaware Supreme Court issued a decision replacing the long-standing Aronson test for demand futility and instead adopts and affirms a new universal Rales-like test applied below by Vice Chancellor...more
On June 22, 2020, the U.S. Supreme Court in Liu v. Securities and Exchange Commission, ruled that the U.S. Securities and Exchange Commission (SEC) can seek the remedy of disgorgement in civil enforcement proceedings for...more
6/25/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
On March 18, 2020, the Delaware Supreme Court reversed a Chancery Court decision invalidating federal forum selection provisions contained in the certificates of incorporation of three Delaware corporations – Blue Apron...more
Public companies are facing their newest and potentially inevitable challenge: the risk of securities litigation over the impact of the coronavirus (COVID-19).
The recent market volatility driven by the viral outbreak –...more
On March 27, 2019, the United States Supreme Court issued a significant decision in the securities liability space. Justice Stephen Breyer’s opinion in Lorenzo v. Securities and Exchange Commission — joined by five of the...more
4/1/2019
/ Appeals ,
Enforcement Actions ,
False Statements ,
Fines ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Material Dissemination ,
Misleading Statements ,
Reaffirmation ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspensions
Marking the fifth anniversary of the formation of the SEC Enforcement Division’s Asset Management Unit (the 'AMU'), unit co-chief, Julie Riewe, highlighted the AMU's enforcement priorities for 2015 and reiterated that...more
On June 23, 2014, in Halliburton v. Erica P. John Fund, No. 13-317 (June 23, 2014) ("Halliburton II"), in an opinion authored by Justice Roberts, the Supreme Court unanimously declined to overturn its ruling in Basic v....more
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
3/1/2013
/ Amgen ,
Amgen Inc. v Connecticut Retirement Plans ,
Chadbourne & Parke LLP v Troice ,
Civil Monetary Penalty ,
Class Action ,
Class Certification ,
Discovery Rule ,
Fraud ,
Fraud-on-the-Market ,
Gabelli v SEC ,
Rebuttable Presumptions ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
SLUSA ,
Statute of Limitations