On Oct. 22, 2024, the Securities and Exchange Commission announced that it charged four technology companies with making materially misleading disclosures about the effect the SolarWinds cyberattack had on these issuers. To...more
The New York Department of Financial Services (DFS) issued guidance recently concerning cybersecurity risks associated with artificial intelligence (AI) and measures that covered entities (generally, banks, insurers and other...more
The Delaware Supreme Court’s recent decision in In re Match Group, Inc. Derivative Litigation (April 4, 2024) addressed two issues of significance to transactions of Delaware corporations involving their controlling...more
In prepared remarks delivered on Sept. 23, 2024, at the Society of Corporate Compliance and Ethics conference in Grapevine, Texas, Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the U.S. Department...more
In this quarterly update, we review the latest developments in three subjects salient to corporate use of artificial intelligence (AI). First, we discuss the risks associated with AI, the case for board oversight and how the...more
9/27/2024
/ Algorithms ,
Artificial Intelligence ,
Board of Directors ,
Copyright ,
Copyright Infringement ,
Federal Trade Commission (FTC) ,
Innovative Technology ,
Intellectual Property Protection ,
Machine Learning ,
Patents ,
Popular ,
Technology Sector ,
Trademarks
On July 18, 2024, U.S. District Judge Paul A. Engelmayer of the Southern District of New York dismissed most of the charges that the Securities and Exchange Commission brought against SolarWinds and its chief information...more
On July 17, 2024, Delaware Governor John Carney signed into law amendments to the Delaware General Corporation Law (DGCL) from Senate Bill 313 that had sparked considerable controversy within the corporate law and governance...more
In this midyear update, we cover a number of significant corporate governance developments that have taken place over the first half of the year and since our Corporate Governance 2023 Year-End Review....more
On June 27, 2024, in Securities and Exchange Commission v. Jarkesy, the Supreme Court held that the Securities and Exchange Commission’s (SEC or the Commission) administrative process for adjudicating fraud-based enforcement...more
7/19/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Enforcement Actions ,
Jury Trial ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Seventh Amendment
On June 10, 2024, the Supreme Court granted certiorari in Facebook, Inc. v. Amalgamated Bank to review a decision by the Ninth Circuit Court of Appeals holding that Facebook could be held liable under Section 10(b) and Rule...more
On May 21, 2024, the director of the SEC’s Division of Corporation Finance, Erik Gerding, issued a statement regarding the new requirement to disclose material cybersecurity incidents on Form 8-K. The SEC’s latest...more
The long-awaited EU Corporate Sustainability Due Diligence Directive (CS3D or CSDDD) was adopted May 24, 2024, by decision of the European Council, following approval by the European Parliament one month earlier....more
On May 16, 2024, the Securities and Exchange Commission (SEC) adopted final amendments to Regulation S-P, one year after issuing the proposed amendments (discussed here). Regulation S-P is a set of privacy rules that govern...more
On May 13, 2024, the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department announced a joint notice of proposed rulemaking that would require investment...more
On April 30, 2024, the Delaware Court of Chancery dismissed a stockholder lawsuit against social media giant Meta Platforms, Inc., its board of directors and company founder, Mark Zuckerberg. The decision rejected novel...more
On April 7, 2024, Sen. Maria Cantwell, chair of the Senate Commerce Committee, and Rep. Cathy McMorris Rodgers, chair of the House Energy and Commerce Committee, advanced a new federal privacy bill to the House floor titled...more
On April 12, a unanimous Supreme Court held in Macquarie Infrastructure Corp. v. Moab Partners, L.P. that material omissions are actionable under Section 10(b) of the Exchange Act and its enabling SEC Rule 10b-5 only if the...more
4/23/2024
/ Disclosure Requirements ,
Failure To Disclose ,
Macquarie Infrastructure Corp v Moab Partners LP ,
Omissions ,
Rule 10(b) ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Securities Violations
On April 5, 2024, a federal jury in San Francisco returned a verdict in favor of the Securities and Exchange Commission (SEC) in Securities and Exchange Commission v. Panuwat. The jury found that a corporate executive had...more
On March 18, the Securities and Exchange Commission (SEC) announced that it settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about...more
After a 3-2 vote on March 6, 2024, the Securities and Exchange Commission (SEC) adopted final rules for public companies requiring disclosure of climate risk and greenhouse gas emissions. Although scaled back substantially...more
On Wednesday, March 13, the European Parliament approved the regulation harmonizing rules on artificial intelligence (AI) (the AI Act). Stakeholders must comply with the AI Act due to its global reach, when it takes effect...more
On Feb. 21, 2024, California’s Attorney General (AG) announced the second public settlement of an enforcement action under the California Consumer Privacy Act (CCPA). This settlement requires DoorDash to pay a $375,000 civil...more
The Fifth Circuit has vacated the opinion we discussed in our Oct. 30, 2023, client alert Diversity in the Boardroom: Fifth Circuit Rejects Challenge to the SEC Nasdaq Board Diversity Rules; En Banc Petition Quickly Filed and...more
The year 2023 saw continued expansion of public interest in privacy rights, data security and related legislation. Comprehensive privacy laws took effect in five states, while 12 more states enacted similar laws that will...more
Keeping abreast of the latest artificial intelligence (AI) developments in this rapidly changing area of law is critical. This newsletter highlights recent updates in AI regulation, covering major AI developments in the...more