The number of securities class actions filed in the first half of this year increased compared to the same period last year. During the same period the number of IPOs increased significantly, suggesting that in the future...more
Fragmented markets, alternative trading systems and dark pools are increasingly a focus of discussion in the wake of repeated market outages. Interest in these venues has been intensified by the publication of Flash Boys and...more
7/28/2014
/ Alternative Trading System (ATS) ,
Capital Markets ,
Citigroup ,
Corporate Counsel ,
Cybersecurity ,
Dark Pool ,
Data Breach ,
Electronic Communications ,
Flash Boys ,
SEC v Citigroup ,
Securities ,
Securities and Exchange Commission (SEC)
Microcap fraud is a continuing enforcement priority for the SEC. Last week, for example, the Commission brought an action centered on what would have been a pump and dump scheme but for the fact that the shell company was...more
The Commission filed another proceeding against an audit firm and its partners arising out of the audit of a PRC issuer. Unlike earlier actions involving audit firms for Chinese issuers, in this case the difficulties did not...more
The Supreme Court handed down its much anticipated decision in Halliburton. While the Court declined to overrule Basic and its presumption of reliance based on the fraud-on-the-market theory, it did alter existing practice....more
6/27/2014
/ Banks ,
Basic v Levinson ,
Class Certification ,
Dark Pool ,
Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Fraud-on-the-Market ,
Halliburton ,
Halliburton v Erica P. John Fund ,
Pay-To-Play ,
PCAOB ,
Presumption of Reliance ,
SCOTUS ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
Bitcoin has been a much discussed item recently. The virtual currency is a digital representation of value that is traded and can serve as a medium of exchange. There are websites that use it. At one time there was a stock...more
At the end of last month the Second Circuit clarified its position on the application of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) to RICO. Now the Circuit Court had resolved an open question regarding...more
Insider trading and fraudulent investment schemes were the focus of SEC enforcement this week. The Commission filed insider trading actions tied to the massive BP oil spill, clinical trials for a drug and the expert network...more
The SEC filed financial fraud actions against drug store giant CVS Caremark Corporation and its Retail Controller, Laird Daniels, CPA. CVS was charged with “intentional misconduct” based on alleged violations of Exchange Act...more
On Wednesday, March 5, 2014 the Supreme Court will hear argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This...more
Another example of the Commission’s new and evolving ad hoc admissions policy emerged from the settlement of an administrative proceeding with Credit Suisse Group AG. In the Matter of Credit Suisse Group AG, File No. 3-15763...more
The SEC prevailed in a jury trial against hedge fund manager Marlon Quan and his entities in a case tied to the massive Petters Ponzi scheme. Mr. Quan and Acorn Capital Group, LLC and Stewardship Investment Advisors, LLC...more
The Second Circuit Court of Appeals concluded that an Exchange Act Section 10(b) claim for insider trading in a private damage action is based on federal law and applies to the purchase of shares of a delisted company by...more
The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more
1/10/2014
/ Anti-Money Laundering ,
Australia ,
Banking Sector ,
Bernie Madoff ,
CFTC ,
Compliance ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Enforcement ,
FERC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Statements ,
Foreign Corrupt Practices Act (FCPA) ,
Fraud ,
George Canellos ,
Hong Kong ,
Insider Trading ,
Investment Funds ,
JPMorgan Chase ,
Libor ,
Martoma ,
Money Laundering ,
Ponzi Scheme ,
RBS ,
SAC Capital ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Short Sales ,
Suspicious Activity Reports (SARs) ,
UK