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Securities Exchange Act › Disgorgement

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +
The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -
Holland & Knight LLP

Watts What You Say? SEC Brings a Battery of Charges Against EV Startup Company

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The SEC on Feb. 29, 2024, announced settled charges against Lordstown Motors Corp. (Lordstown) for allegedly misleading investors about sales prospects for the Endurance, Lordstown's flagship pickup truck for the electric...more

Morrison & Foerster LLP

Top 10 International Anti-Corruption Developments for November 2023

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Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past...more

Vinson & Elkins LLP

The SEC Aces Its Report Card: Enforcement Activity Maintains Record Pace in 2023

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On November 14, the Securities and Exchange Commission (“SEC”) published its 2023 annual enforcement report which revealed a continuation of 2022’s record-setting enforcement activity.1 The SEC imposed $4.95 billion in...more

Venable LLP

SEC v. Govil: Circuit Split Creates Uncertainty - and Opportunity - for Defendants in Enforcement Actions

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In SEC v. Govil, No. 22-1658, 2023 WL 7137291 (2d Cir. Oct. 31, 2023), the United States Court of Appeals for the Second Circuit made clear that, in the Second Circuit, the disgorgement remedy available to the SEC pursuant to...more

Davies Ward Phillips & Vineberg LLP

Canadian Dual-Listed Company Insiders May Become Subject to U.S. Short-Swing Profit and Insider Reporting Rules

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Buried in the National Defense Authorization Act for Fiscal Year 2024, which the U.S. Senate passed earlier this year, is a provision that, if enacted, will eliminate exemptions relied upon by insiders of dual-listed Canadian...more

Seward & Kissel LLP

SEC Charges Adviser and its Principal in Illegal Short Selling Scheme

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Who may be interested: Investment advisers, broker-dealers. Quick Take: The SEC recently filed a lawsuit charging an investment adviser and its managing partner (collectively, the Adviser) with allegedly engaging in a...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for February 2023

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In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for January 2023

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In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources. This...more

McGuireWoods LLP

Notable Litigation – January 2023

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Notable litigation filed during January 2023 includes: (1) SEC v. Engel; (2) Firestone, et al. v. Residential Properties Resources Fund II, LLC, et al.; (3) Ellusionist Cash Balance Plan and Trust, et al. v. Spiegel...more

Vinson & Elkins LLP

The SEC Continues to Ramp-up Enforcement Activity; Reports Record Penalties in 2022

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On November 15, 2022, the Securities and Exchange Commission (“SEC”) announced its 2022 enforcement statistics. Notable amongst the data was the news that the SEC had filed 760 total enforcement actions in fiscal year 2022, a...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: October 1, 2022

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The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

King & Spalding

Mid-Year Report: FINRA Enforcement Builds Momentum After Historic Penalties

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After collecting near-record amounts in fines, restitution, and disgorgement in 2021 – which included a $70 million monetary penalty against a financial institution in a single action – FINRA continues to raise the bar on...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: August 1, 2022

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The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

Dorsey & Whitney LLP

Cooperation with the SEC - Value?

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Cooperation is frequently touted as the “secret sauce” that can help an issuer or individual facing potentially harsh regulatory scrutiny and sanctions for wrongful conduct mitigate the resolution of the action. Different...more

Winstead PC

SEC Charges Case Featuring Alleged Wash Sales Involving Options of “Meme Stocks”

Winstead PC on

The United States Securities and Exchange Commission recently charged two individuals— Florida residents, Suyun Gu, and his friend, Yong Lee—for their involvement in allegedly fraudulent wash sales involving out-of-the-money...more

Akin Gump Strauss Hauer & Feld LLP

National Defense Authorization Act Boosts SEC’s Disgorgement Authority and Ability to Seek Other Equitable Relief

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Amendments Come on the Heels of Supreme Court Decisions on SEC Disgorgement - On January 1, 2021, Congress passed the National Defense Authorization Act (NDAA). Embedded in the NDAA’s more than 1,400 pages is Section...more

BCLP

Defense Bill Significantly Bolsters SEC’s Disgorgement Authority

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The National Defense Authorization Act (“NDAA”) became law on January 1, 2021 after Congress overrode a presidential veto of the legislation. While the NDAA appropriates funds for defense-related activities and the...more

Lowenstein Sandler LLP

Recent Amendments To The Securities Exchange Act Of 1934 Strengthen The SEC’s Disgorgement Powers

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On Jan. 1, 2021, the U.S. Congress passed amendments to the Securities Exchange Act of 1934 (Exchange Act) that significantly expand the U.S. Securities and Exchange Commission’s (SEC) authority to recover disgorgement of any...more

Vinson & Elkins LLP

Congress Expands SEC Enforcement Authority In Annual Defense Spending Bill

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NDAA- Provisions On January 1, 2021, the National Defense Authorization Act (NDAA) for Fiscal Year 2021 became law. Section 6501 of the NDAA includes amendments to the Securities Exchange Act of 1934 (the “Exchange Act”),...more

McGuireWoods LLP

Congress Affirms and Extends SEC’s Disgorgement Powers

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On January 1, 2021, the United States Senate joined the House of Representatives in overriding President Trump’s veto, and the National Defense Authorization Act (NDAA) became law. The NDAA was passed chiefly to authorize...more

Faegre Drinker Biddle & Reath LLP

Congress Extending the SEC Statute of Limitations to 10 Years?!!

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Congress recently overrode President Trump’s veto of the $740 billion 2021 National Defense Authorization Act (“NDAA”) and signed it into law. While the focus of the NDAA is not on the U.S. Securities and Exchange Commission...more

Foley Hoag LLP - White Collar Law &...

Congress Expands SEC’s Disgorgement Power in Defense Spending Bill

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On January 1, 2021, Congress significantly expanded the SEC’s authority to seek disgorgement as a remedy for violations of the federal securities laws, responding to recent decisions by the U.S. Supreme Court that had limited...more

Troutman Pepper

Congress Passes Law Expanding the SEC's Ability to Seek Disgorgement

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On Friday January 1, with the Senate’s floor vote to override the president’s veto, Congress passed the 60th annual National Defense Authorization Act (NDAA). Encompassed within the $740.5 billion military spending bill is an...more

WilmerHale

Congress Amends Exchange Act, Expanding SEC Enforcement Power

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On January 1, 2021, amendments to Section 21(d) of the Securities Exchange Act of 1934 (Exchange Act) codifying and expanding the power of the Securities and Exchange Commission (SEC or Commission) to obtain disgorgement in...more

Latham & Watkins LLP

US Congress Affirms and Expands SEC’s Disgorgement Authority in Annual Defense Spending Bill

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The legislation - passed via the first congressional override of the Trump presidency - extends the SEC’s ability to obtain disgorgement for violations of federal securities laws. Key Points: ..As amended, the...more

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