News & Analysis as of

Securities Fraud

SEC Files Another Action Centered on Trading in Opaque Markets

by Dorsey & Whitney LLP on

The Commission filed another action centered misrepresentations made in opaque trading markets for mortgage backed securities. Unlike its earlier actions in this area, however, the case settled simultaneous with filing....more

District Of Minnesota Certifies Securities Fraud Class Action But Narrows The End Of Putative Class Period To The Date Of The...

by Shearman & Sterling LLP on

On January 30, 2018, Judge John R. Tunheim of the United States District Court for the District of Minnesota granted class certification in a consolidated securities fraud class action against Medtronic and certain of its...more

Second Circuit Clarifies How Price Impact Can Be Rebutted at the Class Certification Stage in Securities Fraud Class Actions

Last month, in Arkansas Teachers Retirement System v. Goldman Sachs Group, Inc., the Second Circuit vacated the Southern District of New York’s order certifying a class in a Rule 10b-5 securities fraud class action. At issue...more

Dechert survey: Developments in securities fraud class actions against U.S. life sciences companies

by Dechert LLP on

2017 was a record year for class action securities litigation, and life sciences companies continued to be popular targets of such lawsuits. During 2017, plaintiffs filed a total of 88 class action securities lawsuits against...more

Governance & Securities Law Focus: Asia Edition - February 2018

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see...more

Ninth Circuit Holds That Loss Causation Can Be Established Without Demonstrating That The Alleged Fraud Was Revealed To The Market...

by Shearman & Sterling LLP on

On January 31, 2018, the United States Court of Appeals for the Ninth Circuit affirmed in a per curiam decision a district court decision denying in part defendants’ motion for summary judgment on claims brought under...more

The ABCs of Investing in ICOs

by Pepper Hamilton LLP on

Initial coin offerings (ICOs) have recently become very popular, causing investors of all levels of sophistication to consider buying ICO tokens (or coins). Originally published in Crowdfund Insider - February 1,...more

SEC Charges Two Advisers With Fraud Tied to Retail Investors

by Dorsey & Whitney LLP on

The Commission filed another action centered on retail investors. In this case two employees of a well known Financial Institution took advantage of firm clients over a period of three years, defrauding them of thousands of...more

Second Circuit Reiterates: Defendants Must Satisfy Burden Of Persuasion Through A Preponderance Of The Evidence To Rebut Basic...

by Carlton Fields on

The Second Circuit, in keeping with its recent decision in Waggoner v. Barclays, reaffirmed that defendants must satisfy the burden of persuasion by a preponderance of the evidence to rebut the presumption established by the...more

2nd Circuit Reinforces Standard of Proof to Rebut Class Certification

When a plaintiff in a securities fraud class action seeks to support a motion for class certification using a presumption of reliance where the stock trades in an efficient market, what burden does a defendant have to rebut...more

HSBC Enters Into Deferred Prosecution Agreement To Settle Charges Arising From Traders' Alleged FX Front-Running

by Shearman & Sterling LLP on

On January 18, 2018, HSBC Holdings Plc (“HSBC”) entered into a deferred prosecution agreement with the Department of Justice, Criminal Division, Fraud Section (“DOJ”) pursuant to which it will pay $101.5 million in criminal...more

Securities Class Action Filings Reach Record High

As expected, securities class action filings reached a high-water mark in 2017. In fact, last year’s total of 400-plus filings was the second-highest on record, topped only by 2001, when the number was skewed by more than 300...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

ECB Chief Mario Draghi’s having none of the US Treasury Secretary’s recent weak-dollar talk, accusing the US official, in not so many words, of “violating agreements among nations against starting currency wars”....more

Investors Try To Buy Virtual Currency Expertise – CFTC Claims Fraud

by Dorsey & Whitney LLP on

U.S. regulators, such as the SEC and CFTC, continue to caution investors about virtual currencies. New stories recount significant price swings in the markets while Government enforcement actions illuminate the risks of...more

Bridging the Week - January 2018 #3

SEC Not Feeling Groovy About Cryptocurrencies – Tells Registered Investment Funds: Slow Down, You Move Too Fast: The Securities and Exchange Commission’s Division of Investment Management issued a letter to two industry...more

FINRA’s 2018 Regulatory and Examination Priorities: New Focus on Cryptocurrencies and Initial Coin Offerings

by Bryan Cave on

As in the past, the Financial Industry Regulatory Authority (“FINRA”) marked the beginning of the new year with the release of its 2018 Regulatory and Examination Priorities Letter (the “Letter”). Similar to prior letters,...more

SEC and CFTC Issue Joint Statement on Virtual Currency Enforcement Actions

by Ballard Spahr LLP on

The following joint statement was issued this last week from the Enforcement Directors of the Securities Exchange Commission and Commodity Futures Trading Commission...more

U.S. Courts Of Appeals For The Eighth And Ninth Circuits Each Rules That SLUSA Precludes Alleged Violations Of State Laws Based On...

by Shearman & Sterling LLP on

On December 29, 2017 and January 9, 2018, respectively, the United States Court of Appeals for the Ninth Circuit and the United States Court of Appeals for the Eighth Circuit each affirmed district court dismissals of...more

Second Circuit Vacates Class Certification Order And Reaffirms Standard For Defendants To Rebut The Basic Presumption Of Reliance

by Shearman & Sterling LLP on

On January 12, 2018, the United States Court of Appeals for the Second Circuit vacated a district court order certifying a securities fraud class action brought by purchasers of common stock in The Goldman Sachs Group, Inc....more

Seventh Circuit Affirms Grant of Summary Judgment on Terminated CEO’s SOX And DFA Claims

Last week, the Seventh Circuit Court of Appeals held that a terminated CEO’s complaints about his board of directors’ managerial decisions did not qualify as protected whistleblowing under the Sarbanes-Oxley Act of 2002...more

Chris Lazarini Comments on Qualifiers of Control Person Liability under Exchange Act §20(a)

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case involving alleged violations of federal and state securities laws and state common law in an alleged scheme to defraud customers and investors in several...more

2017 Year in Review: Securities Litigation and Regulation

The securities litigation and regulatory landscape in 2017 defies simple categorization. Plaintiffs filed 226 new federal class actions in the first half of 2017, more than double the average rate over the last 20 years, and...more

The Future of Financial Crime and Enforcement is Cyber-Based

by K&L Gates LLP on

On November 8, 2017, federal prosecutors in the Eastern District of New York indicted Joseph P. Willner—a securities trader from Pennsylvania—for securities fraud, money laundering, and associated conspiracy charges related...more

2017’s Bad Guys in Energy

by Gray Reed & McGraw on

Once again we look back at the continuing cavalcade of crooks, criminals, miscreants and, to put it kindly, morons the less intellectually gifted, who met justice face-to-face in 2017. This year’s class includes a preacher,...more

SEC Alerts On Initial Coin Offerings Are The Two Most Popular For 2017 (3 Of The Top 10 Overall)

by Goodwin on

The SEC Office of Investor Education and Advocacy recently issued a bulletin listing its 10 most popular Investor Alerts and Bulletins for 2017. Numbers 1 (Initial Coin Offerings) and 2 (Public Companies Making ICO-related...more

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Cybersecurity

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