News & Analysis as of

Securities and Exchange Commission (SEC) Enforcement Actions Motion to Dismiss

Holland & Knight LLP

Court in SolarWinds Case Blows Down SEC's Cyber Enforcement Authority

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The U.S. District Court for the Southern District of New York on July 18, 2024, dismissed most of the SEC's landmark cyber enforcement litigation against SolarWinds Corp. (SolarWinds or the Company) and the Company's Chief...more

Katten Muchin Rosenman LLP

A Disagreement among Judges in the Same Courthouse Arises in Ruling Denying Motion to Dismiss SEC Enforcement Action against...

One US federal district court judge affirmatively challenged the analysis of another district court judge sitting in the same courthouse in denying defendants’ motion to dismiss in the Securities and Exchange Commission’s...more

Jones Day

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

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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

White & Case LLP

How to Manage the Risks of SPAC Securities Fraud Actions in 2022

White & Case LLP on

In March 2021, White & Case published a client alert entitled "How SPACs Can Manage the Risks of White Collar Scrutiny." The article discussed the surge in interest and publicity surrounding "SPACs" (Special Purpose...more

White & Case LLP

Time to Revisit Insider Trading Policies: The SEC’s Expansion of Insider Trading Enforcement to “Shadow Trading” Survives Motion...

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On January 14, 2022, in a closely watched decision, a federal judge in the Northern District of California denied a motion to dismiss a complaint brought by the US. Securities and Exchange Commission ("SEC") that presented a...more

Proskauer - The Capital Commitment

California District Court Upholds SEC’s Novel “Shadow Trading” Theory

The SEC prevailed on a motion to dismiss a closely watched lawsuit alleging that a company employee had engaged in insider trading based on news about a not-yet-public corporate acquisition when he purchased securities of a...more

Holland & Knight LLP

"Shadow Trading" Case Survives Defendant's Motion to Dismiss

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The U.S. District Court for the Northern District of California in SEC v. Panuwat, a case we discussed in a previous blog as having significant repercussions for insider trading enforcement in fiscal year (FY) 2022, just...more

Proskauer - Corporate Defense and Disputes

SEC Defeats Motion to Dismiss Insider-Trading Complaint Alleging Novel “Shadow Trading” Theory

The SEC prevailed on a motion to dismiss a closely watched lawsuit alleging that the defendant had engaged in insider trading based on news about a not-yet-public corporate acquisition when he purchased securities of a...more

Goodwin

Massachusetts Superior Court BLS Finds No Duty To Disclose Alleged Preliminary Merger Discussions

Goodwin on

Massachusetts Superior Court BLS Finds No Duty to Disclose Alleged Preliminary Merger Discussions, Northern District of California Declines to Dismiss Oracle Fraud Class Action Suit, SCOTUS Hears Oral Argument in Goldman...more

Mintz - Securities Litigation Viewpoints

How A Prior DOJ Settlement Doomed A SEC Enforcement Action: A Volkswagen Case Study

It is not uncommon for various government agencies and offices to investigate the same company, particularly following a major scandal. We have grown accustomed to seeing simultaneous investigations by the U.S. Department of...more

ArentFox Schiff

Investigations Newsletter: Third Circuit Holds False Claims Act Relator Lacks Standing and Right to Intervene in Related Criminal...

ArentFox Schiff on

Third Circuit Holds False Claims Act Relator Lacks Standing and Right to Intervene in Related Criminal Case - In a matter of first impression, the Third Circuit held last week that a relator who filed an action under the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - September 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May and August 2019....more

Akin Gump Strauss Hauer & Feld LLP

Developments in Cryptocurrency in 2018

• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Sheppard Mullin Richter & Hampton LLP

Recent Development in Regulatory Enforcement of Digital Securities

In a flurry of activity and confluence of developments, the SEC, FINRA and a Brooklyn federal judge have commenced actions and made rulings that continue to define the regulatory framework and obligations surrounding the sale...more

Goodwin

U.S. v. Zaslavskiy: DOJ and SEC Coordination in Enforcing the Securities Laws over Token Sales

Goodwin on

In the fall of 2017, the United States Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) each filed actions against Maksim Zaslavskiy for securities fraud in connection with two token offerings,...more

Proskauer - Corporate Defense and Disputes

Non-Use Agreement Need Not Precede Disclosure of Confidential Information

A Pennsylvania federal court held yesterday that an agreement not to use confidential inside information for trading purposes need not precede the receipt of that information in order to create liability under the...more

Patterson Belknap Webb & Tyler LLP

First Department Allows $45 Million Fraud Claim to Proceed Against Patriarch Partners

In Norddeutsche Landesbank Girozentrale v. Tilton, No. 651695/15, 2017 BL 55790 (App Div, 1st Dep’t Feb. 23, 2017), a divided panel of the Appellate Division, First Department, affirmed a Commercial Division order that denied...more

Dorsey & Whitney LLP

Insider Trading: Dirks, Newman, Salman and Payton – Part II

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This is the second of two posts on the personal benefit test for tipping and insider trading. The first appeared yesterday. ...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Manhattan U.S. Attorney announced the filing of motions to dismiss the insider trading conviction of Michael Steinberg, formerly a portfolio manager at SAC Capitol, and six others in the wake of the Second Circuit’s...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District Court...more

Dechert LLP

In What Circumstances Can Foreign Nationals Be Held Liable for Violating The Foreign Corrupt Practices Act?

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In the last two weeks, in two separate SEC enforcement actions, judges in the United States District Court for the Southern District of New York issued rulings addressing when the United States Securities and Exchange...more

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