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2023 Securities Litigation Year in Review

During 2023, securities lawsuit filings rose for the first time in four years. Settlements declined last year; there were nine mega-settlements of more than $100 million, including a $1 billion settlement. Case filings...more

2021 Securities Litigation Year in Review

During 2021, securities case filings fell for the second consecutive year and, for the first time since 2016, fewer than 300 federal securities class actions were filed. Despite the ongoing pandemic, the number of announced...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 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

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 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

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