A California district court recently dismissed Mellanox Technologies Ltd. investors’ claims that the company made false statements about both its prominence in the interconnect market and its revenue and growth prospects. The...more
In this issue:
- SEC Requests Comment on FINRA Rules
- CFTC Issues Interpretation Regarding Auditor Independence Standards
- OTC Derivatives Regulators Group Issues Report to G20
- NFA...more
On March 25, the Internal Revenue Service (IRS) issued Notice 2014-21 (notice) containing guidance and frequently asked questions relating to virtual currencies such as bitcoins. Among other clarifications, the notice states...more
On January 30, the Financial Crimes Enforcement Network (FinCEN) published two administrative rulings (Administrative Rulings) clarifying that certain participants in the Bitcoin economy (and other convertible virtual...more
In this issue:
- FTC Announces New Filing Thresholds for Hart-Scott-Rodino Pre-Merger Notifications
- SEC Division of Corporation Finance Issues Three C&DIs Relating to “Unbundling Rule”
- NFA Members...more
2/4/2014
/ Bitcoin ,
Bundling Rules ,
CFTC ,
Derivative Suit ,
Federal Trade Commission (FTC) ,
FinCEN ,
Hart-Scott-Rodino Act ,
Insider Trading ,
NFA ,
Pre-Merger Filing Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Litigation ,
Shareholders ,
The Clayton Act ,
Virtual Currency
On January 7, Texas-based surgical instrument maker ArthroCare Corp. entered into a deferred prosecution agreement (DPA) to resolve a six-year-long US Department of Justice (DOJ) investigation into allegations of a $400...more
On January 9, Alcoa World Alumina LLC, a majority-owned and controlled global alumina sales company of Alcoa Inc., agreed to plead guilty and to pay $223 million in criminal fines and forfeitures to resolve charges that it...more
On November 26, the Department of Justice (DOJ) and the Securities and Exchange Commission announced an agreement with three subsidiaries of Swiss oil services company Weatherford International Ltd. to settle Foreign Corrupt...more
A US District Court in the Southern District of New York recently ordered Bank of China Limited (BOC) to produce thousands of documents that the court found not to be protected by the attorney-client privilege or work-product...more
The Commodity Futures Trading Commission has proposed rules requiring that all registered introducing brokers (IBs), commodity pool operators (CPOs) and commodity trading advisors (CTAs) become members of at least one...more
On October 30, the Securities and Exchange Commission announced an award of nearly $150,000 to an unnamed whistleblower whose tips helped the agency stop a scheme that was defrauding investors. The tips provided by the...more
The Securities and Exchange Commission recently charged a North Carolina-based investment adviser and its former owner with making false statements about the firm’s ability to engage in algorithmic currency trading....more
Reversing its longstanding policy, the Securities and Exchange Commission recently required hedge-fund adviser Philip Falcone and his firm Harbinger Capital Partners LLC (Harbinger) to admit multiple acts of misconduct in...more
9/3/2013
The US District Court for the Middle District of Florida recently ordered one participant in a sophisticated investment fraud and money laundering scheme to forfeit $137 million in assets including cash, real property,...more
The US Court of Appeals for the Ninth Circuit upheld summary judgment in favor of the Securities and Exchange Commission, finding that managers of unregistered broker-dealer Radical Bunny LLC (Radical Bunny) failed to raise...more
The Delaware Court of Chancery recently determined that the appropriate remedy for a corporation’s failure to comply with court orders to hold a long overdue stockholders’ meeting was to appoint a receiver with authority to...more
The US Supreme Court affirmed a ruling by the US Court of Appeals for the Third Circuit upholding an arbitrator’s decision that a contract provided for class arbitration. The Court held that where parties consent to arbitrate...more
The US District Court for the Northern District of Illinois recently granted defendants’ motion to dismiss one count of a Securities and Exchange Commission complaint, finding that the registration requirement under Section...more
The US Court of Appeals for the Second Circuit recently upheld a district court’s refusal to release nearly $4 million in assets frozen by the Securities and Exchange Commission and the Commodity Futures Trading Commission to...more
A securities class action lawsuit against Canadian Solar, Inc. (CSI) was recently dismissed in the US District Court for the Southern District of New York for failing to adequately plead the required elements of a federal...more
A class-action complaint filed against Travelzoo, Inc. (Travelzoo) in the US District Court for the Southern District of New York was recently dismissed. The complaint alleged that Travelzoo made misstatements in its...more
On February 22, the US Court of Appeals for the Eleventh Circuit held that an indictment charging the unlawful importation of goods into the United States, in violation of 18 U.S.C. §§ 545 and 371, failed to state an offense...more
On February 27, the Supreme Court upheld a lower court’s determination that proof of materiality is not required before certifying a securities fraud class action....more
On January 23, Cornerstone Research and Stanford Law School’s Securities Class Action Clearinghouse released their “2012 Year in Review” report, which analyzes the federal securities fraud class action filings over the past...more
The US Court of Appeals for the Eleventh Circuit recently affirmed a judgment against three individual defendants finding that the district court correctly used net revenue to calculate damages. Defendant-appellants were...more