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SEC Enforcement in Financial Reporting and Disclosure: 2023 Year-End Update

We are pleased to present our latest update on financial reporting and issuer disclosure enforcement activity. This White Paper primarily focuses on the U.S. Securities and Exchange Commission’s (“SEC”) enforcement activity...more

Insider Trading Enforcement in 2022

Each year, the Department of Justice ("DOJ"), the Securities and Exchange Commission ("SEC"), and in recent years, the Commodity Futures Trading Commission ("CFTC") dedicate substantial resources to investigating and...more

SEC Enforcement in Financial Reporting and Disclosure: Summer 2022 Update

In the most recent editions of this publication, we predicted the SEC Enforcement Division would more aggressively enforce the federal securities law than the previous administration’s Enforcement Division. While the...more

Fifth Circuit Finds SEC Administrative Proceedings Unconstitutional

On May 18, 2022, the Court of Appeals for the Fifth Circuit ruled that key aspects of the SEC's in-house enforcement regime for securities fraud cases were unconstitutional. The decision, Jarkesy v. SEC, has significant...more

SEC Brings Landmark Suit Over Alleged Misrepresentations in ESG-Related Documents

The U.S. Securities and Exchange Commission's ("SEC") Climate and ESG Task Force has filed one of its most significant enforcement matters to date. On April 28, 2022, the SEC brought an action in the U.S. District Court for...more

SDNY Issues Two Rulings in Closely Watched Enforcement Action Against Ripple Labs

The SEC's Enforcement Action Against Ripple - In December 2020, the SEC commenced an enforcement action against Ripple and two of its senior executives alleging that the defendants violated Section 5 of the Securities Act...more

SDNY Issues Two Rulings in Closely Watched Enforcement Action Against Ripple Labs

The SEC's Enforcement Action Against Ripple - In December 2020, the SEC commenced an enforcement action against Ripple and two of its senior executives alleging that the defendants violated Section 5 of the Securities Act of...more

SEC Announces Settlement of Fraud Case Without Requiring Financial Penalty in Recognition of Company's Substantial Cooperation

On January 28, 2022, the U.S. Securities and Exchange Commission ("SEC") announced a settled fraud case with HeadSpin, Inc., a technology start-up, that allegedly engaged in a scheme to boost the company's valuation to more...more

SEC Announces Proposed Amendments to Whistleblower Program Rules

The proposed amendments to the rules governing the whistleblower program, if adopted, would reverse prior amendments and provide further and significant financial incentives for whistleblowers to report potential violations...more

SEC Enforcement in Financial Reporting and Disclosure: Year-End 2021 Update

We are pleased to present our year-end update on financial reporting and issuer disclosure enforcement activity. This White Paper primarily focuses on the U.S. Securities and Exchange Commission’s (“SEC”) enforcement activity...more

SEC Announces $110 Million Award to Whistleblower and $1.1 Billion in Total Awards to 214 Individuals Since 2012

The accelerated pace and size of awards to whistleblowers totaling more than $530 million in SEC Fiscal Year 2021 underscores the commitment to the whistleblower program under new SEC leadership. On September 15, 2021, the...more

SEC Enforcement in Financial Reporting and Disclosure: Summer 2021 Update

We are pleased to present our latest update on financial reporting and issuer disclosure enforcement activity. This White Paper primarily focuses on the U.S. Securities and Exchange Commission’s (“SEC”) enforcement activity...more

SPAC Founders, Beware: SEC Targets Founders Shares

The Securities and Exchange Commission ("SEC") charges a special purpose acquisition company ("SPAC"), its CEO, and sponsor, as well as the merger acquisition target, with securities law violations, resulting in significant...more

Recent SEC Enforcement Action Stresses Importance of Not Impeding Whistleblower Communications with Regulators

The Situation: The SEC has brought another in a growing list of whistleblower cases critical of entities for potentially attempting to impede an individual from communicating with the agency. In July 2010, the Dodd-Frank Wall...more

SEC Awards More Than $500,000 to Individual Whistleblower Under "Safe Harbor" for Prior Internal Reporting

SEC Whistleblower Awards to 40 individuals in 2021 surpass total awards in fiscal year 2020. On March 29, 2021, the Securities and Exchange Commission ("SEC") announced an award of more than $500,000 to a whistleblower who...more

SEC's Recent Charges Against AT&T Give Renewed Focus to Reg FD

A recent Reg FD SEC enforcement action against AT&T may signal a renewed focus by the SEC that warrants public companies to assess their disclosure processes. On March 5, 2021, the SEC charged AT&T and three executives...more

SEC Issues Largest-Ever Award of $114 Million to Individual Whistleblower

The highest award in the history of the SEC whistleblower program is issued to an employee who repeatedly reported misconduct internally before alerting the SEC. On October 22, 2020, the U.S. Securities and Exchange...more

SEC Approves Amendments to Whistleblower Program Rules and Issues Interpretive Guidance

Companies should consider review of their compliance programs and procedures for addressing internal complaints or tips of potential misconduct. On September 23, 2020, the Securities and Exchange Commission ("SEC") adopted...more

A New Frontier for Whistleblowers: The Model Whistleblower Award and Protection Act for the States

New efforts by states to incentivize whistleblowers financially underscore the importance of comprehensive corporate compliance programs that effectively address all internal reports of potential misconduct that may...more

SEC Enforcement in Financial Reporting and Disclosure: 2019 Year-End Update

We are pleased to present our annual year-end update on financial reporting and issuer disclosure enforcement activity for 2019. This White Paper focuses on the U.S. Securities and Exchange Commission's ("SEC") enforcement...more

Supreme Court to Review SEC's Authority to Obtain Disgorgement

The Situation: The U.S. Supreme Court has granted certiorari to consider whether the Securities and Exchange Commission ("SEC") has authority to obtain disgorgement in district court actions. The Significance: The SEC...more

Raising the Bar on "Willful" Securities Law Violations

The D.C. Circuit’s decision is significant because certain SEC statutes require a finding of willfulness. The U.S. Court of Appeals for the District of Columbia Circuit ("D.C. Circuit") is raising the bar on "willful"...more

SEC Highlights Need to Remediate ICFR Material Weaknesses

Disclosure alone is not sufficient; material weaknesses need to be actively remediated. While the SEC's Financial Reporting and Audit Group has been relatively quiet, it started 2019 with a bang, bringing four coordinated...more

SEC Enforcement in Financial Reporting and Disclosure—2018 Year-End Update

In 2018, the SEC continued to pursue many of the same initiatives and objectives it articulated in 2017, including emphasizing retail investor protections and keeping pace with technological change. While stand-alone...more

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