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Failure to Act: SEC Brings Individual Charges Against CFO and Audit Committee Chair in Corporate AI Fraud Case

On September 16, 2024, the United States Securities and Exchange Commission (“SEC” or the “Commission”) brought charges against Kubient, Inc.’s (“Kubient”) former chairman and chief executive officer (“CEO”) for allegedly...more

SEC Eliminates ESG Task Force

Over the last few months, the U.S. Securities and Exchange Commission (“SEC”) discretely disbanded the Climate and ESG Taskforce (“ESG Task Force”) of its Division of Enforcement. The move follows a wave of recent pushback...more

The Supreme Court Strips SEC of Fraud-Fighting Forum, Sparking Debate on Broader Implications for Federal Enforcement

For more than a decade, the U.S. Securities and Exchange Commission (the “SEC”) has been able to bring enforcement actions in either federal court or the agency’s internal venue. Not anymore. On June 27, 2024, the U.S....more

Oversold and Underdelivered: SEC Charges Former Startup CEO with “AI Washing” Securities Fraud

On June 11, 2024, the United States Securities and Exchange Commission (the “SEC”) charged Illit Raz, the former CEO and founder of the since-shut-down artificial intelligence recruiting startup Joonko Diversity Inc....more

Cooperation and Compliance: Navigating Artificial Intelligence at the Securities Enforcement Forum

On May 23, 2024, the Securities Enforcement Forum West debuted its first-ever panel on the impact of artificial intelligence (“AI”) on securities enforcement, regulation, compliance, and practice, signaling an increased focus...more

Securing Integrity: The SEC and DOJ’s Unified Front and Pursuit of Novel Legal Tactics Against Insider Trading and Corporate...

The U.S. Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) have been working increasingly collaboratively to combat unlawful trading practices and hold wrongdoers accountable, demonstrating...more

Inside(r) Scoop: The DOJ Struggles to Prosecute Insider Trading

Amidst the government’s ongoing efforts to combat insider trading, a recent dismissal of criminal charges for insider trading gives new insight into this constantly evolving area of law. A federal judge recently dismissed...more

Out from the Shadows: The SEC Succeeds on Shadow Insider Trading Theory

The Securities and Exchange Commission obtained a victory in a closely-watched trial when a jury found Matthew Panuwat liable for insider trading based on a “shadow trading” theory. The jury’s verdict, as well as increased...more

Another Notch in the SEC’s Belt: SEC v. Coinbase, Inc.

Another Southern District of New York (“SDNY”) court has sided with the Securities and Exchange Commission (“SEC”) in its enforcement campaign against the unregistered sale of cryptocurrency assets. On March 27, 2024, in SEC...more

SEC’s Final Climate-Related Disclosure Rules

After much anticipation, on March 6, 2024, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—mandating...more

Game Over: Robinhood Pays $7.5 Million to Resolve “Gamification” Securities Violations

After more than three years of regulatory investigation and litigation, Robinhood Financial LLC (“Robinhood”) recently agreed to overhaul its digital engagement practices and pay a $7.5 million fine to settle charges with the...more

SEC Postpones Effective Date of Share Repurchase Disclosure Rule

The SEC announced on November 22, 2023, an order staying its share repurchase disclosure rule pending further SEC action. Companies therefore do not need to comply with the rule’s previous compliance date subject to further...more

The SEC Aces Its Report Card: Enforcement Activity Maintains Record Pace in 2023

On November 14, the Securities and Exchange Commission (“SEC”) published its 2023 annual enforcement report which revealed a continuation of 2022’s record-setting enforcement activity.1 The SEC imposed $4.95 billion in...more

Repurchase Redo: Fifth Circuit Court of Appeals Orders SEC to Correct Share Repurchase Rule Defects

Evaluating a broad spectrum of challenges raised by the U.S. Chamber of Commerce and others, a unanimous panel of the U.S. Court of Appeals for the Fifth Circuit recently held that the SEC failed to provide a sufficient...more

Get the Numbers Right — SEC Enforcement Activity Highlights Focus on Accounting Violations, Non-GAAP Disclosures and Executive...

Recent enforcement actions brought by the Securities and Exchange Commission (“SEC”) signal that the SEC is paying close attention to public company financial reporting and will continue to punish misleading accounting and...more

Shorter Schedule 13D and Schedule 13G Filing Deadlines and New Guidance: SEC Adopts Final Rules Amending Beneficial Ownership...

On October 10, 2023, the Securities and Exchange Commission (“SEC”) adopted amendments to the rules governing beneficial ownership1 reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (the...more

New SEC Private Equity Rules

On February 9, 2022, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940 regarding the regulation of private funds.1 A private fund is an investment company, usually a...more

[Hybrid Event] Navigating the SEC: A 2023 Look Back and Look Forward - August 31st, Houston, TX

Sarah Morgan, M&A and Capital Markets partner, and Rebecca Fike, Securities Litigation and Government Investigations partner will give a look back at the first half of 2023 through SEC Enforcement actions, public speeches,...more

Algorithmic Allegiances: Proposed SEC Rule to Regulate Conflicts of Interest in Technology

In a move to address the implications of integrating emerging technologies into the financial markets, the U.S. Securities and Exchange Commission (the “SEC”) recently proposed new rules aimed at regulating potential...more

‘Forming’ a Rift: District Judge Rejects Decision in Ripple Labs, Inc.

On July 31, 2023, Judge Jed Rakoff of the Southern District of New York (“SDNY”) sided with the Securities Exchange Commission in SEC v. Terraform Labs Pte. Ltd. by holding that sales of crypto assets to retail investors on...more

Supreme Court Set to Review Burden of Proving Retaliatory Intent in SOX Whistleblower Suits: Employee or Employer?

On May 1, 2023, the United States Supreme Court agreed to hear an appeal in Murray v. UBS Securities, LLC.1 There, the United States Court of Appeals for the Second Circuit held that an employee whistleblower suing under the...more

A Stumbling Block in the SEC’s Crypto Crackdown: SEC v. Ripple Labs, Inc.

On July 13, 2023, a decision by Federal District Judge Analisa Torres of the Southern District of New York dealt a significant blow to the Securities and Exchange Commission’s enforcement efforts in the crypto space by...more

Securities Enforcement Forum West: Remarks by Gurbir S. Grewal

Director of the Securities and Exchange Commission’s (“SEC”) Enforcement Division reemphasizes robust enforcement, robust remedies, and robust compliance as key priorities for the rest of 2023, while signaling an upcoming...more

Utilizing Data Analytics: SEC Harnesses the Power to Unveil Insider Trading Patterns and Prioritizes Egregious Cases

On May 23, 2023, Rahul Kohlhatkar, Assistant Regional Director in the Division of Enforcement at the San Francisco Regional Office of the U.S. Securities and Exchange Commission (“SEC”), shared the stage with a group of...more

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