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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWill the SEC’s Record Whistleblower Awards and COVID-19 Lead to More Whistleblower Complaints? | BakerHostetler
On April 16, 2020, the Securities and Exchange Commission (“SEC”) announced a $27 million whistleblower award, its largest award of 2020 and the sixth-highest whistleblower award since the inception of its whistleblower program in 2012.[1] Twelve days later, the SEC announced another large whistleblower award of $18 million.[2] With more than $450 million awarded to […]
Judge shelves Tesla shareholder lawsuit to stop Elon Musk from tweeting – MarketWatch
A Delaware judge has denied a request by attorneys for Tesla shareholders to pursue a lawsuit seeking to prevent CEO Elon Musk from using his personal Twitter account to disseminate information regarding the electric vehicle and solar panel manufacturer. Vice Chancellor Joseph Slights III ruled Tuesday that shareholder attorneys had not demonstrated a sufficient reason […]
SEC Enforcement Division: “Business as Usual” as Securities Enforcement Leaders Gather Virtually for Securities Enforcement Forum West 2020
Like most of the rest of the world, the speakers and attendees at Securities Enforcement Forum West 2020 last week had to adapt this year by trading in their microphones on the stage of a grand ballroom for an array of home offices and Zoom backgrounds. But the panels themselves, several of which have become […]
Board Oversight of Human Capital Risk—Is it Time to Appoint a Chief Covid Officer?
The coronavirus pandemic has brought many board responsibilities into sharp relief but the board’s responsibility to ensure that management appropriately address and respond to human capital risks takes on particular emphasis. While the responsibility to manage risk in general is inarguable, the unique risks to business performance that a worldwide pandemic poses to human capital […]
Why We’re Suing the SEC – WSJ
Our organization hoped the SEC would change course, but the new database has left us with a choice: expose our customers to identity theft or protect their right to privacy. We choose the latter. On Monday the American Securities Association will file a lawsuit against the SEC. We take no pleasure in suing our regulator, […]
SEC Enforcement Division: COVID-19-Related Enforcement Matters and What Lies Ahead | Morgan Lewis – JDSupra
In a recent keynote speech, Co-Director of the US Securities and Exchange Commission’s Division of Enforcement Steven Peikin made it clear that the Division has made coronavirus (COVID-19) related enforcement matters a top priority and is dedicating significant time and resources to respond to such issues. Co-Director Peikin, speaking on May 12 at the virtual […]
Operating in a Pandemic: Securities Litigation Risk and Navigating Disclosure Concerns
The COVID-19 pandemic has introduced new corporate disclosure issues and increased the attendant risk of securities fraud actions, as evidenced by plaintiffs’ initial filings across the country in the past few weeks. This article discusses the significance of those initial suits to public reporting companies and how companies can tailor and update their disclosures to […]
SEC, DOJ told to review RBS whistleblower case | Business Insurance
The U.S. Justice Department and Securities and Exchange Commission must review whether an ex-Royal Bank of Scotland employee is owed a whistleblower payout and provide documents relating to his case, a federal U.S. court said on Tuesday. The U.S. Second Circuit Appeals Court decision could set an important precedent for other whistleblowers who say they […]
SEC Charges Companies and CEO for Misleading COVID-19 Claims
According to the SEC’s complaint against Applied BioSciences, filed in federal court in the Southern District of New York, the company issued a press release on March 31 stating that it had begun offering and shipping supposed finger-prick COVID-19 tests to the general public that could be used for “Homes, Schools, Hospitals, Law Enforcement, Military, […]
FBI serves search warrant on Sen. Richard Burr amid stock trading controversy: report | TheHill
The FBI served a search warrant on Sen. Richard Burr (R-N.C.) Wednesday as an investigation pushes forward on whether or not the senator violated a law that prevents members of Congress from trading on insider information they learn from their work, The Los Angeles Times reported. Federal agents seized Burr’s cellphone after they served a […]