News & Analysis as of

Securities Exchange Act of 1934 Disgorgement

Cohen & Gresser LLP

Second Circuit Says that Insiders Are Still ‘Standing’ to Enforce Short-Swing Trading Under Section 16(b) of the Exchange Act

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On June 24, 2024, the U.S. Court of Appeals for the Second Circuit decided Packer ex rel. 1-800-Flowers.com, Inc. v. Raging Capital Management, LLC, reversing a district court decision that had held that a shareholder...more

Seward & Kissel LLP

Gotta Catch Them All? SEC Brings First Crypto Insider Trading Action

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On July 21, 2022, the Securities and Exchange Commission (“SEC”) announced insider trading charges against a former Coinbase product manager, Ishan Wahi, his brother, Nikhil Wahi, and a friend, Sameer Ramani, for trading...more

Goodwin

Delaware Chancery Court Dismisses Cigna Derivative Suit Over Failed Anthem Merger

Goodwin on

Delaware Chancery Court Dismisses Cigna Derivative Suit Over Failed Anthem Merger; The PCAOB Sanctions Former KPMG Vice Chair Of Audit For Failure To Supervise Senior Members Of KPMG's Audit Practice; Ninth Circuit Affirms...more

King & Spalding

Reviving the Holiday Gathering This Year? Avoid Adding Insider Trading Liability to the Mix.

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As we each cautiously approach the holidays with our own versions of in-person holiday parties and family gatherings, and with many of us now exploring the “hybrid” working environment, we are here to remind you that insider...more

Goodwin

When Perquisites Stop Being Fun And Create Serious Liability Risks To An Issuer

Goodwin on

Last week, the U.S. Securities and Exchange Commission (“SEC”) brought enforcement actions against a company and its former CEO for failure to adequately disclose certain compensation and related party transactions. The move...more

Polsinelli

Congress Amends Exchange Act Of 1934 To Address Disgorgement Penalties In Defense Spending Bill

Polsinelli on

The New Year is still young, but major changes are already afoot in securities enforcement as Congress amended the Securities Exchange Act of 1934 (“Exchange Act”) on January 1, 2021. It was easy to miss these changes to the...more

SECIL Law

Congress Confirms SEC's Disgorgement Power: Recovery for Investors or Revenue for Government?

SECIL Law on

Tucked into the 2021 National Defense Authorization Act (NDAA) passed over a presidential veto on January 1, 2021, on page 1,238 of the 1,480-page bill, was a modification to the Securities Exchange Act of 1934 (Exchange Act)...more

Winstead PC

Four Things You Need to Know About the Extended Limitations Period for SEC Disgorgement

Winstead PC on

The Securities and Exchange Commission’s disgorgement powers have made legal headlines a couple of times over the last few years – most notably, with the U.S. Supreme Court’s decisions in Kokesh v. SEC, 137 S. Ct. 1635 (2017)...more

BakerHostetler

Congress Grants SEC New Authority in Securities Fraud Cases

BakerHostetler on

Congress voted to give the Securities and Exchange Commission (SEC) sweeping new authority to prosecute violations by creating a 10-year statute of limitations for the agency to seek disgorgement of ill-gotten gains from...more

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