Securities

Recent Posts

More Galleon Scalps
Posted on 10 Feb 2010 by Brian JM Quinn

Galleon takes yet another scalp. This one from Rajiv Goel - a 1993 Wharton classmate of Raj Rajaratnam and former executive at Intel. From the US Attorney’s Press Release announcing the guilty plea: Specifically, in April 2007, GOEL obtained... Read More

Fanto on Some Preliminary Lessons from the Madoff Scandal, with Supplemental Content
Posted on 11 Mar 2009 by James A. Fanto

Bernard Madoff used a Ponzi scheme to swindle the very wealthy, and particularly, rich foreigners, including some foreign aristocrats. Like other financial institutions and professionals, Madoff offered investors an illusory product and was unsatisfied... Read More

A Sea Change Comes to Securities Arbitration: Codifying the Practice of Motions to Dismiss
Posted on 18 Jun 2008 by David E. Robbins

The securities arbitration forum that administrators all cases in this country - the Financial Industry Regulatory Authority (FINRA) - has struck back at the seemingly inexorable morphing of the process into a litigation look-a-like. This Commentary provides... Read More

Insurers Sued By Madoff Victims Seeking To Recover Losses
Posted on 25 Aug 2009 by LexisNexis Corporate Securities & Antitrust Law Ce

A company on July 31 sued four insurance companies with which it has policies, alleging that the insurers have failed to provide the company with payment on the policies for theft loss as a result of the company's losses as part of the Bernard L.... Read More

Pharmaceutical Company Sues Insurers To Recover On Madoff Ponzi Scheme Losses
Posted on 25 Aug 2009 by LexisNexis Corporate Securities & Antitrust Law Ce

Pharmaceutical company Upsher-Smith Laboratories Inc. sued St. Paul Fire & Marine Insurance Co. and its affiliate Travelers Casualty and Surety Company of America on July 14 in Minnesota state court, seeking to recover $14 million on policies taken... Read More

New Siemens Securities Suit: Did the Company Misprepresent Its Ability to Hit Targets Without Bribery?
Posted on 11 Dec 2009 by Kevin M. LaCroix

More than three years have passed since the first blockbuster revelations about corrupt payments at Siemens, yet litigation arising from the scandal continues to emerge. On December 4, 2009, plaintiffs’ lawyers filed a securities class action lawsuit... Read More

Message To Investors: Do Not Ignore Losses in Your Accounts
Posted on 6 Jan 2010 by Jason M Kueser

According to a recent article on InvestmentNews.com, a study commissioned by Charles Schwab revealed that a significant percentage of investors are unaware of the losses sustained in their accounts. To make matters worse, more than one-third of the investors... Read More

The SEC’s Proposed Revisions to Money Market Fund Rules
Posted on 17 Nov 2009 by K & L Gates (Clair Pagnano et al.)

The Securities and Exchange Commission ("SEC'') has proposed amendments to the rules governing money market mutual funds (''money funds'') registered under the Investment Company Act of 1940 (the ''1940 Act''... Read More

Herrick, Feinstein LLP on the Madoff Litigation Landscape
Posted on 8 May 2009 by Therese Doherty, Howard Elisofon & John Oleske

Despite having several options for restitution, Madoff victims face a return of mere pennies and the possibility of years of litigation. In this Commentary, Therese M. Doherty, Howard R. Elisofon and John Oleske of the New York City-based law firm Herrick... Read More

Mealey’s Emerging Securities Litigation Report: No Due Diligence Provided Before Investment With Madoff, Investors Argue
Posted on 12 Mar 2009 by LexisNexis Corporate Securities & Antitrust Law Ce

From February Mealey’s Emerging Securities Litigation MIAMI — Two investors filed a class action lawsuit against a Spanish investment conglomerate, its subsidiary and investment manager, as well as the auditor, administrator and custodian... Read More

The SEC's Attack on In-House Counsel
Posted on 22 Jul 2008 by Marvin G. Pickholz

In this Commentary, author Marvin Pickholz notes that for almost 60 years after the federal securities laws were enacted, the SEC stayed its hand against lawyers, and compliance officers, except in the most egregious circumstances where the lawyer's... Read More

Codexis Files for IPO
Posted on 29 Dec 2009 by Jonathan Wilson

Bioproducts company Codexis yesterday filed papers with the SEC to proceed with an initial public offering of its shares. Credit Suisse Securities and Goldman Sachs will be acting as joint book-running managers, with RBC Capital Markets Corporation... Read More

Delibert on SEC’s Adoption of New Disclosure Requirements on Board Leadership
Posted on 25 Jan 2010 by Arthur C. Delibert

The Securities and Exchange Commission (SEC) via Release 33-9089 , effective February 28, 2010, adopted amendments which require investment companies to provide new or expanded disclosure on the leadership structure of the board, the board's oversight... Read More

Appealing Cuban: Aggressive Insider Trading Enforcement
Posted on 9 Oct 2009 by Thomas O. Gorman

The SEC appealed from the decision dismissing its insider trading case against Mark Cuban. SEC v. Cuban , No. 08-2050 (N.D. Tex. July 17, 2009). Previously, the Commission rejected an opportunity to amend its complaint. The decision to appeal Cuban is... Read More

Kardis on Antitfraud, the Internet and the Blogosphere
Posted on 23 Mar 2009 by Phillip J. Kardis II

In 2000, the Securities and Exchange Commission (the Commission) issued systematic guidance on the electronic delivery of disclosure documents and company liability for their Web sites content. Since the 2000 Electronic Release, company Web sites have... Read More