News & Analysis as of September 20, 2024

Securities Exchange Act › Social Media

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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 +

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FINRA imposes censure and $250,000 fine on “influencer” company for misconduct and privacy notice violations

Orrick, Herrington & Sutcliffe LLP on 6/18/2024

On June 10, FINRA agreed to a Letter of Acceptance, Waiver, and Consent (AWC) from a company, addressing various regulatory infractions for improper use of social media influencers in promotional activities. From 2020 to...more

Website & Social Media Archiving to Comply with FINRA Books & Records Rules

Pagefreezer on 4/2/2024

Investment firms and other financial institutions are subject to the strict recordkeeping and communication regulations laid out by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange...more

Northern District Of California Pares Claims In Putative Class Action Regarding Purchase Of Social Media Platform

A&O Shearman on 12/19/2023

On December 11, 2023, Judge Charles Breyer of the United States District Court for the Northern District of California narrowed a putative class action asserting claims under the Securities Exchange Act of 1934 against the...more

Southern District Of New York Denies In Part And Grants In Part Motion To Dismiss Securities Class Action Against Social Media...

A&O Shearman on 10/18/2023

On September 29, 2023, Judge Andrew L. Carter, Jr. of the United States District Court for the Southern District of New York denied in part and granted in part a motion to dismiss a putative securities class action against...more

The Supreme Court Update - September 29, 2023

Dorsey & Whitney LLP on 10/9/2023

Today, the Supreme Court of the United States granted certiorari in 12 cases: Moody v. NetChoice, LLC, No. 22-277: This case involves a First Amendment challenge to a Florida statute that restricts certain social media...more

Ninth Circuit Expands Securities Seller Liability to Social Media Promoters

Miller Nash LLP on 1/5/2023

On December 21, 2022, the Ninth Circuit sent a holiday gift to investor plaintiffs and a stocking full of coal to promoters advertising on social media. If you are thinking about touting your business plan on Instagram, think...more

Ninth Circuit Holds that Social Media Communications Can Satisfy Statutory-Seller Requirement Under Securities Act

Proskauer - Corporate Defense and Disputes on 12/22/2022

The Court of Appeals for the Ninth Circuit held today that social media and other mass communications concerning securities can constitute solicitations potentially creating statutory-seller liability under § 12(a)(2) of the...more

Northern District Of California Grants In Part Summary Judgment In Securities Fraud Action Against Electric Carmaker Over Twitter...

A&O Shearman on 5/27/2022

On May 10, 2022, Judge Edward Chen of the United States District Court for the District of Northern California unsealed an April 1, 2022 order granting in part a motion for summary judgment in a securities class action...more

Ninth Circuit Affirms Decision Dismissing Investor Class Action Against Social Media Company Because The Company’s Statements Were...

A&O Shearman on 4/6/2022

On March 23, 2022, Judge Kenneth K. Lee of the United States Court of Appeals for the Ninth Circuit affirmed the United States District Court for the Northern District of California’s dismissal of claims brought under...more

The SEC’s Enforcement Interest in SPACs Continues as the Commission Announces Another SPAC Settlement; And Beware of Disclosure by...

Vinson & Elkins LLP on 12/22/2021

Earlier this week, the Securities and Exchange Commission (“SEC”) announced a $125 million settlement of charges against Nikola Corporation (“Nikola”), a publicly-traded company created through a special purpose acquisition...more

The Dangers of Tweeting at the Intersection of Social Media and Securities Laws

Pillsbury - Internet & Social Media Law Blog on 12/6/2018

In a time when information is increasingly shared through social media, companies—particularly publicly traded ones—must recognize and consider the potential legal ramifications that could arise from statements made by...more

Social Media Update: FINRA Releases Additional Guidance on Social Networking Websites and Business Communications

K&L Gates LLP on 5/9/2017

On April 25, 2017, the Financial Industry Regulatory Authority, Inc. (“FINRA”) released a Regulatory Notice titled Social Media and Digital Communications: Guidance on Social Networking Websites and Business Communications...more

SEC Publishes 11 Regulation A+ CD&Is

Stinson - Corporate & Securities Law Blog on 6/24/2015

The SEC has published 11 Compliance and Disclosure Interpretations related to Regulation A+ — numbered 182.01 through 182.11 under Securities Act Rules. Highlights are: - Twitter is allowed for testing the waters! ...more

New SEC Guidance Regarding Social Media; Proposed Clarifications to Delaware Law for Mergers Following a Tender Offer; Change in...

Davis Wright Tremaine LLP on 5/14/2014

Social media is becoming a desirable tool for companies to communicate with their shareholders and potential investors. Over the last few years, the Securities and Exchange Commission (“SEC”) has issued guidance on how SEC...more

Post Summer 2 of 5 - The Rush To Step Back on Facebook Demand Laws

Cozen O'Connor on 9/13/2013

Yesterday began this series of five posts to highlight five developments from this past summer in the area of social media and employment law....more

From Facebook to FD: SEC Releases Guidance on Use of Social Media

Bracewell LLP on 4/8/2013

On April 2, 2013, the Division of Enforcement of the U.S. Securities and Exchange Commission released guidance on the use of social media to disseminate material, nonpublic information under Regulation FD (Fair Disclosure)....more

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Securities Exchange Act › Social Media

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