On October 6, 2025, the U.S. Supreme Court denied a petition for certiorari in BDO USA,LLP v. New England Carpenters Guaranteed Annuity and Pension Funds, No. 24-1151, a closely watched case involving securities fraud claims...more
11/6/2025
/ Accountants ,
Accounting ,
Appellate Courts ,
Audit Reports ,
Audits ,
Class Action ,
Denial of Certiorari ,
Material Misstatements ,
PCAOB ,
Rule 10b-5 ,
SCOTUS ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Litigation
On August 27, 2025, the U.S. Court of Appeals for the Second Circuit issued an opinion highlighting that, when public companies disclose risks using hypothetical language, those disclosures may be deemed misleading if the...more
On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) brought enforcement actions against a public company and one of its executives for materially misleading statements. Although disclosure fraud cases are...more
9/17/2025
/ Corporate Counsel ,
Disclosure Requirements ,
Enforcement Actions ,
Publicly-Traded Companies ,
Rule 10b-5 ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Regulation ,
Settlement
On August 11, 2025, the U.S. Securities and Exchange Commission (SEC) brought two settled administrative proceedings against a broker-dealer and one of its registered representatives for violations of Regulation Best Interest...more
8/21/2025
/ Broker-Dealer ,
Cease and Desist Orders ,
Compliance ,
Conflicts of Interest ,
Enforcement Actions ,
Fiduciary Duty ,
Investors ,
Penalties ,
Policies and Procedures ,
Regulation Best Interest ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In May 2025, we summarized the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement activity during the first quarter of the new presidential administration. With the second quarter now concluded, and Paul...more
7/15/2025
/ Administrative Proceedings ,
Broker-Dealer ,
Corporate Counsel ,
Enforcement Actions ,
Financial Markets ,
Fraud ,
Insider Trading ,
Investment Adviser ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
On June 6, 2025, the U.S. Supreme Court denied a petition for certiorari in Navellier & Associates, Inc. v. SEC, declining to resolve a circuit split regarding the circumstances under which the U.S. Securities and Exchange...more
Although certain enforcement priorities of the U.S. Securities and Exchange Commission (SEC) have shifted under new Chairman Paul S. Atkins, the SEC continues to scrutinize investment advisers’ disclosures regarding the fees...more
On May 20, 2025, as part of the annual “SEC Speaks” program, the leadership of the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement publicly discussed the enforcement priorities under new Chairman Paul...more
5/22/2025
/ Corporate Governance ,
Enforcement Actions ,
Enforcement Priorities ,
Fiduciary Duty ,
Fraud and Abuse ,
Insider Trading ,
Investment Adviser ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Self-Disclosure Requirements ,
Voluntary Disclosure ,
Whistleblower Protection Policies ,
Whistleblowers
The new presidential administration began on January 20, 2025, and change came quickly to many federal agencies, including the U.S. Securities and Exchange Commission (SEC). On Inauguration Day, Paul S. Atkins was nominated...more
5/7/2025
/ Broker-Dealer ,
Corporate Counsel ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fraud ,
Insider Trading ,
Investment Adviser ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
White Collar Crimes