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SEC's new investor advisory committee holds first meeting and Commissioner Aguilar asks members to put individual retail investors foremost in their considerations

Porter Wright Morris & Arthur LLP
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USA
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June 18 2012

On June 12, 2012, the newly-formed Investor Advisory Committee of the SEC held its first meeting

Rajat Gupta convicted of conspiracy and insider trading

Porter Wright Morris & Arthur LLP
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USA
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June 15 2012

Rajat Gupta, the former Managing Director of McKinsey & Company and board member at Goldman Sachs and Procter & Gamble, was convicted on four of six counts by a federal jury in New York today for providing nonpublic material information to Raj Rajaratnam in 2008

And then there were none... the last U.S. defendant in the Carson FCPA case enters into plea agreement

Porter Wright Morris & Arthur LLP
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USA
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June 15 2012

On June 14, 2012, David Edmonds, the sole remaining U.S. defendant in the Carson FCPA case entered into a plea agreement

Federal Securities Law Blog's monthly review (June 15, 2012 edition)

Porter Wright Morris & Arthur LLP
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USA
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June 15 2012

Today, the Federal Securities Law Blog takes a look back at the last 30 days in the federal securities world in a regular feature which appears on approximately the 15th of each month

Stanford sentenced to 110 years in prison for his role in Ponzi scheme

Porter Wright Morris & Arthur LLP
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USA
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June 14 2012

This afternoon, Judge David Hittner sentenced R. Allen Stanford to 110 years in prison for his decades-long Ponzi scheme that bilked investors of over $7 billion

Supreme Court grants cert to determine if plaintiff must prove materiality before certifying class in securities fraud class action

Porter Wright Morris & Arthur LLP
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USA
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June 12 2012

On Monday, June 11, 2012, the Supreme Court granted a Writ of Certiorari in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (U.S. Jun. 11, 2012) to decide whether, in a misrepresentation case under SEC Rule l0b-5, the court must require proof of materiality before certifying a plaintiff class based on the fraud-on-the-market theory (and whether the court must allow the defendants to present evidence rebutting the applicability of the fraud-on-the-market theory before certifying the class

Mark Cuban continues his vigorous defense against the SEC, filing his third motion to compel production SEC interview notes and summaries

Porter Wright Morris & Arthur LLP
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USA
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June 11 2012

As we have previously mentioned, the developments in the SEC's insider trading case against Mark Cuban have been worth watching closely, particularly because Mr. Cuban is one of the rare individual defendants who has the financial ability to mount a defense in such litigation against the SEC, and his counsel has raised numerous interesting defenses and issues that could impact cases in the future, especially in the area of discovery

New Jersey judge sentences lawyer who pled guilty to a record-length twelve years for insider trading - longer than Raj Rajaratnam

Porter Wright Morris & Arthur LLP
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USA
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June 5 2012

On Monday, June 4, 2012, New Jersey Federal Judge Katharine Hayden sentenced Matthew Kluger (a former associate at several prominent law firms) to twelve years in prison for his role in a insider trading scheme

Class action complaint is filed in California based in Facebook IPO

Porter Wright Morris & Arthur LLP
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USA
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May 24 2012

On Tuesday, May 22, 2012, the law firm of Glancy Binkow & Goldberg LLP filed a class action complaint against Facebook, Mark Zuckerberg, nine other individuals defendants (Facebook directors and officers) and sixteen underwriters, alleging that Registration Statement for the Facebook IPO was inaccurate and misleading

Director of Enforcement Robert Khuzami testifies before Congress on the SEC's "neither-admit-nor-deny" settlement policy

Porter Wright Morris & Arthur LLP
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USA
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May 18 2012

The past week has been a busy one for those following the debate over the SEC's policy of accepting a settlement without an admission or denial of the facts

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