Inc. , Exchange Act Rel. 64481, May 12, 2011
FINRA sanctioned Gremo for filing an annual report that was audited by an
accounting firm that was not registered with the Public Company Accounting
Oversight Board. FINRA suspended...
Earlier this year the Securities and Exchange Commission
announced a new initiative encouraging cooperation. They wanted to start using Cooperation
Agreements, Deferred Prosecution Agreements, and Non-prosecution Agreements.
They finally got use...
Spartis and Elias were reps at Salomon Smith Barney. NYSE
found that they violated exchange rules by sending misleading communications to
customers that omitted material facts or were misleading.NYSE Rule 472.30
prohibits the making of misleading communications...
One of the ways in which the current wave of bank
failures is different from the failures during the S&L crisis is that this
time around, by comparison to that prior period, a number of the bank closures
have been accompanied by shareholder lawsuits...
SEC v. Knight ,
Civ. 2:11-cv-00973 (D. Ariz. Filed May 18, 2011) is a a settled insider trading
case against a corporate official and her tippee friend. At first glance the
case is a routine insider trading case. A closer reading of the facts suggests...
In the face of some pay-to-play scandals involving
investment advisers and government sponsored investment fund officials, the
Securities and Exchange Commission slapped restrictions on the ability of
investment advisers and fund managers to make political...
Questions about what many claim is the sparse number of
market crisis cases continued to swirl on Capital Hill. A subpoena from the
Manhattan DA to an icon of Wall Street bank only intensified the buzz. Yet on
Capital Hill a House committee is considering...
I don't take pleasure from others' failings, but I do try
to learn lessons. The recent settlement between Wunderlich Securities and the
Securities and Exchange Commission is full of lessons to be learned.
Discussions about whether DOJ and the SEC have
effectively investigated the origins and causes of the market crisis and
brought the appropriate criminal and civil enforcement actions usually focus on
what Main Street views as "Wall Street Titans...
observers had expected, the U.S. Supreme Court has reversed the Fifth
Circuit's opinion in the Halliburton case. In a brief June 6, 2011 opinion from
Chief Justice John
Roberts , writing for a unanimous court, the Court held that securities...
Plaintiffs in a securities class action are not required
to prove loss causation as part of the class certification process, the Supreme
Court held in a unanimous decision handed down on Monday. Erica P. Hon Fund,
Inc. v. Halliburton Co., No. 09-1403...
Insider trading continues to be a key enforcement
priority for the SEC as reflected in the two recently filed cases. One is a
"suspicious trading" case filed against unknown purchasers. The other is a
"friends and family" against...
In a decision that largely turned on detailed
confidential witness statements, on June 7, 2011, Northern District of Alabama
Judge Inge Prytz Johnson
denied the motions to dismiss in the Regions Financial Corporation
subprime-related securities lawsuit...
Defending a company or an individual in an SEC
investigation is, like representing a client in court, more often than not
about credibility. The approach and tactics must be credible. Counsel and the
client must be credible. Good, well prepared and...
One of the most distinct securities
litigation filing trends during the last twelve months has been the filing
of securities class action law suits against U.S.-listed companies based or
operating in China. With a phenomenon this well-established,...
The Supreme Court handed its second ruling this Term
which favors plaintiffs in securities class actions. What may well be the most
important securities decision by the Court this term has yet to be decided.
SEC enforcement brought additional insider...
Sometimes the hardest thing is to follow your own advice.
Its also easier to give advice that to follow it. Could this be the dilemma of
The Commission is a disclosure agency which tells issuers
to furnish investors all of the material...
The Supreme Court drew the line between primary and
secondary liability, resolving a debate which has swirled since its 1994
decision in Central Bank v. First Interstate, 511 U.S. 164 [ an enhanced version of this opinion is available to lexis.com
In an unpublished per curiam opinion dated May 24, 2011,
the United States Court of Appeals for the Eleventh Circuit affirmed the
district court's dismissal of the credit crisis-related securities class action
lawsuit pending against certain former...
The second Galleon related jury trial ended with the
conviction of three more defendants. On Monday a jury in Manhattan returned
guilty verdicts against Zvi Goffer, formerly of Schottenfeld Group LLC, Emanuel
Goffer, formerly of Spectrum Trading LLC...
Even though the story has been brewing
for months , the mainstream media and the SEC suddenly seem to have decided
that the alleged accounting frauds involving certain U.S.-traded Chinese
companies are the central story of the moment. You can hardly...
The Supreme Court drew what it called a clear line
between primary and secondary liability in private damage actions under
Exchange Act Section 10(b) in a 5-4 decision. This is the last of the
securities cases on the Court's docket this term. ...
The Commission took another step last week in its
continuing efforts to speed up the investigative process. The SEC amended Rule
30-4(a)(14) concerning immunity requests. The summary section of Release
34-64649 states that the Commission is delegating...
I am on the ground in Palo Alto this week at the
annual Stanford Law School Directors' College ,
where the opening speaker on Sunday night was SEC Commissioner Troy Paredes ,
whose presentation was in the form of a dialog with Stanford Law Professor...
Blue collar tactics continue to yield results for the
Manhattan U.S. Attorney. This time taped conversations from other conspirators
help convict Winifred Jiau, formerly a consultant for expert networking firm
Primary Global Research LLC. A jury found...