Misrepresentation, Securities and Exchange Commission (SEC), Penalties

SEC Charges Investment Company, CEO and Board Member for Alleged Misleading Statements Regarding Use of Artificial Intelligence

Seward & Kissel LLP on 11/6/2024

Who may be interested: Registered Investment Companies; Boards of Directors; Compliance Staff; Registered Investment Advisers - Quick Take: The SEC recently settled charges against a registered investment adviser (Adviser)...more

U.S. Supreme Court Rules SEC Must Try Securities Fraud Cases in Federal Jury Trials Rather than In-House Courts

Foley & Lardner LLP on 7/1/2024

On June 27, 2024, the U.S. Supreme Court ruled that when the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial. In a 6–3 decision, Chief Justice...more

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action

Goodwin on 3/14/2022

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action; Delaware Chancery Court Dismisses Camping World Insider Trading Derivative Suit; California Federal Judge Certifies Class Of Apple Common-Stock...more

SEC Brings First Enforcement Action Against Alternative Data Provider

Proskauer Rose LLP on 9/15/2021

Yesterday, the Securities and Exchange Commission (“SEC”) filed a settled securities fraud action against App Annie Inc., one of the largest sellers of market data on how apps on mobile devices are performing, and its...more

U.S. SEC and Longfin CEO settle fraud action

Hogan Lovells on 1/21/2020

The SEC has settled its fraud action against Longfin CEO Venkata Meenavalli, who has agreed to pay $400,000 in disgorgement and penalties. The SEC's complaint alleged that Longfin and Meenavalli obtained qualification for...more

This Week In Securities Litigation

Dorsey & Whitney LLP on 10/16/2015

The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more