Nasdaq Hacking a Wake-Up Call for Boards

Don't you find it somewhat ironic that the one part of Nasdaq's website hackers were able to break into was the Directors Desk portal, an online application that allows directors to share confidential information about their boards and corporate governance? It's almost as if the hackers...

Nasdaq Buying NYSE Euronext?

Wow. Today the Nasdaq (technically Nasdaq OMX) made an $11.3 billion bid to buy NYSE Euronext, hoping to outbid Deutsche Boerse's friendly offer. So what happens next? Do we allow a German outfit to own the most famous stock exchange in the world, or create a near monopoly that would own the...

Small Sigh of Relief – Nasdaq “Seasoning” Proposal Exempts Underwritten Deals

Well you can never accuse me of being a good newsman! A short report in our industry trade publication surprised all. Nasdaq apparently was requesting a 6-month wait for all post-reverse merged companies to uplist to Nasdaq. During the 6 months they must trade over the counter at least at $4.00 a...

Humble Thoughts on Nasdaq Seasoning Proposal

At thesaurus.com, words like "color" and "enliven" are synonyms to the word "seasoning." Unfortunately I don't believe Nasdaq's extreme overreaction to a real, but relatively controlled issue, does either to the world of reverse mergers or the markets in general...

Nasdaq News: New BX Venture Market Approved

Well, OK. We've just learned that last Friday the SEC approved the Nasdaq's request to establish a new lower level stock exchange, to be dubbed the BX Venture Market. The Nasdaq's original proposal was back in September 2010. I am not an expert on the operation of stock markets, but...

Securities Litigation This Week: Looming Scandal, SEC Actions, Criminal Cases

The SEC is about to become entangled in another scandal, according to reports in the New York Times this week. The latest involves the destruction of documents, according to press reports. The Supreme Court's ruling on what constitutes primary liability in Janus does not apply to Securities Act...

More Developments in Proposed “Seasoning” Rules

As you know we previously reported that the Nasdaq has proposed requiring reverse merged companies to trade on the over-the-counter markets and meet other criteria for six months before being able to list on Nasdaq. The initial proposal in April said that the 6-month wait would not be required if...

SEC-Submitted Comment to Nasdaq’s “Seasoning” Proposal for Reverse Merged Companies

In addition to the comment I provided to the NYSE Amex's proposal to require reverse merged companies to "season" by trading over-the-counter for a period before applying to uplist (with an exception for a large public offering), I also submitted the comment below with regard to Nasdaq's...

Chinese Company Accuses Nasdaq of Racism

Greetings from somewhere above the Midwest on my way to speak at the OneMedPlace conference in San Francisco this week, with the latest RM news. Barron's reports that a lawsuit was filed this past Thursday against Nasdaq by CleanTech Innovations (CTEK) which was delisted from Nasdaq over a year...

Chinese Company Accuses Nasdaq of Racism

Greetings from somewhere above the Midwest on my way to speak at the OneMedPlace conference in San Francisco this week, with the latest RM news. Barron's reports that a lawsuit was filed this past Thursday against Nasdaq by CleanTech Innovations (CTEK) which was delisted from Nasdaq over a year...

New Nasdaq $2 / $3 Initial Price Listing Standards

As a quick follow up on this topic from a few months ago (prior post can be read here ), the SEC has approved alternatives to Nasdaq's historical $4 minimum bid price listing standard. Under the new alternative listing standards, a security may qualify for listing on the Nasdaq Capital Market...

Nasdaq to Pay $10M Penalty for Role in Facebook IPO, Secondary Market Trading

WASHINGTON, D.C. - (Mealey's) In what is being called the largest ever penalty against an exchange, Nasdaq will pay a $10 million penalty to the Securities and Exchange Commission to settle claims that it violated federal securities laws as a result of its poor decision making during the initial...

The Week In Securities Litigation: Record Payments, Potentially Significant MOU

Record payments and a potentially significant MOU were the focus in securities enforcement litigation this week. French oil and gas giant Total paid the DOJ and the SEC $398 million to settle FCPA charges, the fourth largest sum paid in settlement of corruption charges. NASDAQ paid $10 million, the largest...

Securities Litigation Update For Aug. 9 – 30, 2013: Recent Outage At NASDAQ Focus Of Regulators

The recent outage at NASDAQ, the latest difficulty at an exchange, is a current focus of regulators. The SEC is investigating, reportedly examining the reasons a system for distributing stock quotes and prices was not adequate, according to a Reuters report (Reuters.com, Aug. 27, 2013). SEC Chair Mary...

The Week in Securities Litigation: SEC Files Another Reg FD Action

The recent NASDAQ outage was a key focus this week. The SEC held a meeting attended by the leaders of the securities and options exchanges, FINRA, DTCC and the Options Clearing Corporation. At its conclusion the SEC Chair gave the participants a homework assignment: Come up with a list of concrete measures...

3 Key Takeaways from Securities Class Action Filings Report

Once again, Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse have prepared an annual report on the securities class action filings. And, once again, the report, Securities Class Action Filings—2013 Year in Review , has a plethora of information. We think...