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Confidential Information › Material Nonpublic Information › Breach of Duty

Holland & Knight LLP

Shady Days: SEC Secures Another Insider Trading Stat on Shadow Trading Theory

Holland & Knight LLP on

The U.S. District Court for the Northern District of California on May 30, 2024, approved a settled final judgment against technology company Arista Networks' former chairman and CEO, Andreas "Andy" Bechtolsheim based on...more

Venable LLP

Novel SEC "Shadow Trading" Theory Expands Insider Trading Liability

Venable LLP on

The SEC recently unveiled a novel "Shadow Trading" theory that expands insider trading liability. "Shadow Trading" describes when an insider with material, non-public information regarding their own company uses that...more

Proskauer - Corporate Defense and Disputes

Second Circuit Holds that a “Personal Benefit” Is Not Required for Insider Trading Under Criminal Securities Statute

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The Second Circuit held earlier this week that the criminal statute proscribing securities fraud permits convictions for insider trading without proof that the provider of material, nonpublic information received a personal...more

Proskauer - Corporate Defense and Disputes

Wine, Steak, and Massage Parlors Are Personal Benefits for Insider Trading

Proskauer - Corporate Defense and Disputes on

On May 26, 2016, the U.S. Court of Appeals for the First Circuit held that friends’ gifts of wine, steak dinners, and other luxury items can constitute the types of personal benefit needed to establish a breach of duty in...more

King & Spalding

Post-Newman Reality: Investigations Involving Unwitting “Tips” to Close Friends and Relatives Will Continue

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Earlier this week, the United States Supreme Court declined to hear the federal government’s appeal of the ruling by the Court of Appeals for the Second Circuit in U.S. v. Newman. This leaves intact the Second Circuit’s quid...more

Proskauer - Corporate Defense and Disputes

Supreme Court Denies Review of Second Circuit Insider-Trading Case

Proskauer - Corporate Defense and Disputes on

On October 5, 2015, the Supreme Court refused to grant review of the Second Circuit’s restrictive insider-trading decision in United States v. Newman. The Government, through the Solicitor General, had asked the Supreme...more

Proskauer Rose LLP

Ninth Circuit Disagrees with Second Circuit on Personal-Benefit Requirement for Insider Trading

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The U.S. Court of Appeals for the Ninth Circuit appears to have rebuffed aspects of the Second Circuit's recent effort to narrow liability for insider trading. The Ninth Circuit's decision today in United States v. Salman...more

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