News & Analysis as of

Securities Fraud Investors Securities and Exchange Commission (SEC)

Morrison & Foerster LLP

Recent Enforcement Action Serves as Reminder of SEC’s Active Enforcement of Tender Offer Rules

On September 6, 2024, the United States Securities and Exchange Commission (the SEC) charged Esmark Inc. (“Esmark”) and its Founder/Chairman and former CEO James Bouchard under Section 14(e) of the Securities Exchange Act of...more

Orrick, Herrington & Sutcliffe LLP

SEC’s Gensler discussed recent enforcement actions and artificial intelligence risks

On August 1, the Chair of the SEC, Gary Gensler, addressed the Strike Force on Unfair and Illegal Pricing emphasized the agency’s commitment to combating deceptive, fraudulent and anticompetitive practices. The Chair...more

Orrick, Herrington & Sutcliffe LLP

SEC launches new council to coordinate securities enforcement

On July 19, the SEC announced the creation of a new council to combat securities fraud across federal, state, and local agencies. The new council, named the Interagency Securities Council, will hold quarterly meetings to...more

Seward & Kissel LLP

SEC Charges Short Publisher for Manipulation Scheme Targeting Retail Investors

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On July 26, 2024, the Securities and Exchange Commission (SEC) filed a Complaint in the U.S. District Court in Los Angeles charging activist short publisher Andrew Left and Citron Capital, LLC, an investment adviser he...more

Vinson & Elkins LLP

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

Vinson & Elkins LLP on

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

K&L Gates LLP

Supreme Court Limits Shareholder Suits based on "Pure Omissions" in Corporate Disclosures

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On Friday, 12 April 2024, the United States Supreme Court unanimously ruled that a corporation’s failure to disclose certain information about its future business risks, without more, cannot form the basis of a private...more

Mintz

Supreme Court Narrows the Reach of Omission Liability Claims Under Section 10(b) of the Exchange Act

Mintz on

Last week, the U.S. Supreme Court, in Macquarie Infrastructure Corporation v. Moab Partners, L.P., held that omissions of supposedly material information allegedly required to be disclosed under Item 303 of SEC Regulation S-K...more

Patterson Belknap Webb & Tyler LLP

Increase in Securities Litigation and Regulatory Scrutiny Concerning Artificial Intelligence

Several recent lawsuits, and comments by the U.S. Securities and Exchange Commission (“SEC”) and Federal Trade Commission (“FTC”), underscore the increasing litigation and regulatory scrutiny concerning the use of artificial...more

McGuireWoods LLP

Ponzi Perspectives: 2023 Year-End Roundup

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McGuireWoods’ Ponzi Litigation team launched its Ponzi Perspectives blog in early 2021. Since that time, we’ve posted detailed case alerts of Ponzi-related complaints filed throughout the country and posted key decisions that...more

Kohn, Kohn & Colapinto LLP

Roundup of SEC Whistleblower Office’s January Notices of Covered Actions

On January 31, the U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower posted six new Notices of Covered Actions (NoCAs). These NoCAs signal that the SEC is now accepting whistleblower award claims for...more

Dechert LLP

Securities and Derivative Litigation: Quarterly Update - February 2024

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As we close out 2023 and begin the first quarter of 2024, securities and derivative litigation continues to evolve. In this quarterly update, we examine trends in federal securities class action filings, which saw an uptick...more

McGuireWoods LLP

Notable Litigation – September 2023

McGuireWoods LLP on

September was an active month for Ponzi litigation with nearly a dozen new complaints filed alleging fraudulent investment activity. The SEC continues to drive Ponzi-related litigation; in addition to four enforcement actions...more

Katten Muchin Rosenman LLP

SEC Complaint Signals Aggressive Approach to Information Barriers Enforcement

On September 12, the Securities and Exchange Commission (SEC) filed a complaint in the Southern District of New York (SDNY) charging a large proprietary trading firm with making materially false and misleading statements and...more

Proskauer - Minding Your Business

Without Merit: A Cautionary Tale About Boilerplate Litigation Disclosures in Public Company Filings

Counsel for public companies—it may be time to take another look at your litigation disclosures. A recent federal district court opinion held that one company’s use of the phrase “without merit” to describe ongoing litigation...more

Mintz - Securities Litigation Viewpoints

Second Circuit Clarifies the Circumstances in Which Presumptions Can Be Used To Support Federal Securities Fraud Class Action...

On August 10, 2023, the U.S. Court of Appeals for the Second Circuit took an important step in Arkansas Teacher Retirement System v. Goldman Sachs Group toward clarifying the circumstances in which federal class action...more

Cooley LLP

Eleventh Circuit Reiterates Loss Causation not a Given at Pleading Stage

Cooley LLP on

Securities class action plaintiffs and defendants often disagree about the degree of difficulty to plead loss causation at the motion to dismiss phase. The US Court of Appeals for the Eleventh Circuit recently shed some light...more

Katten Muchin Rosenman LLP

ESG Guidepost | Issue 1

Welcome to the inaugural issue of Katten ESG Guidepost. Each month, ESG Guidepost will highlight the latest news, legal and regulatory developments involving environmental, social and governance matters. ...more

A&O Shearman

Fifth Circuit Securities Litigation Quarterly Q1 2023

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Shearman & Sterling is pleased to announce our the publication of our Fifth Circuit Securities Litigation Quarterly. Given the many public companies and financial institutions that are moving to Texas, our Texas-based...more

McGuireWoods LLP

Notable Litigation – March 2023

McGuireWoods LLP on

Notable litigation filed during March 2023 includes: (1) SEC v. Woodard; (2) SEC v. Kaplan; (3) James Bay Resources Limited, et al. v. Lockett & Horwitz, et al.; (4) Miklos v. McNamara, et al.; and (5) Scura, et al. v....more

Goodwin

Jury Acquits Tesla and Musk of Securities Fraud for 2018 Tweets Regarding Going Private

Goodwin on

On February 3, 2023, in the matter In re Tesla Inc. Securities Litigation, Case No. 3:18-cv-04865, a California federal jury cleared Tesla, Inc. (Tesla), and CEO Elon Musk of claims that they committed securities fraud,...more

Katten Muchin Rosenman LLP

SEC Announces Year-End Enforcement Results, Highlighting Record-Breaking Penalties - Capital Markets Compass | Issue 4

On November 15, the Securities and Exchange Commission (the SEC) released its summary of enforcement actions brought during the 2022 fiscal year, announcing that in 2022 the SEC filed 760 enforcement actions and recovered an...more

Fenwick & West LLP

Pump-and-Dumpers Take Their Lumps: Influencer Liability Catches the Eye of Federal Regulators

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Influencers and their large and impressionable followings have become a valuable marketing tool for brands big and small. However, brands and influencers alike should proceed with caution as regulators continue to scrutinize...more

Goodwin

Grayscale Investments Petitions D.C. Circuit For Review Of SEC’s Decision To Disapprove Proposed Bitcoin Exchange-Traded Product

Goodwin on

On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more

Patterson Belknap Webb & Tyler LLP

SEC Reaches Settlement with App Annie: Alternative Data and Implications for Investors

On September 14, 2021, the SEC announced it had reached a settlement with “a leading alternative data provider,” App Annie, and its co-founder and CEO, Bertrand Schmitt, to settle securities fraud charges related to their...more

Goodwin

SEC Proposes Rule Amendments Requiring Climate — Related Disclosures

Goodwin on

SEC Proposes Rule Amendments Requiring Climate-Related Disclosures; Southern District of New York Dismisses Securities Fraud Claims Against U.S. Stock Exchanges for Lack of Standing; Southern District of New York Dismisses...more

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