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Results: 1-10 of 21

Brocade executives seek reversal of backdating convictions

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • May 18 2009

On August 7, 2007, a jury in a federal court in California convicted the former CEO of Brocade Communications Systems, Inc., Greg Reyes, of securities fraud in connection with the company’s failure properly to account for backdated stock options

DOL provides plan fiduciaries guidance involving Bernard Madoff

  • Masuda Funai Eifert & Mitchell Ltd
  • -
  • USA
  • -
  • February 23 2009

In 1960, Bernard Madoff founded Bernard L. Madoff Investment Securities LLC

Fee disclosure requirements

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 7 2009

On November 25th, the Second and Eighth Circuits released opinions on investment professionals' duties to disclose fee payments

9th Circuit: CFO’s statements to counsel in an internal investigation can be used at trial

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • October 8 2009

In highlighting the "treacherous path which corporate counsel must tread under the attorney-client privilege when conducting an internal investigation," the Ninth Circuit recently held that statements made by a chief financial officer to outside counsel could be used in a subsequent criminal action against the officer because he knew his statements would be disclosed to the company’s outside auditors

SEC starts pension fund group to prosecute for "pay to play"

  • Duane Morris LLP
  • -
  • USA
  • -
  • October 19 2009

On October 15, 2009, at the American Bar Association's Fourth Annual National Institute on Securities Fraud, David Rosenfeld, associate regional director for the Northeast Regional Office of the U.S. Securities and Exchange Commission (SEC), revealed that the SEC has established a nationwide Pension Fund Working Group to civilly and criminally prosecute pension fund managers, advisors, administrators and "the like" where "pay to play" contributions occur

New York Attorney General issues 100 subpoenas in pension investigation

  • Sidley Austin LLP
  • -
  • USA
  • -
  • May 6 2009

The New York State Attorney General, Andrew Cuomo, has broadened and intensified his investigation into alleged corruption involving New York State and City pension funds

Eleventh Circuit affirms dismissal of options backdating securities fraud class action for failure to meet Reform Act's heightened pleading standards

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • February 12 2010

In Edward J. Goodman Life Income Trust v. Jabil Circuit, Inc., No. 09-10954, 2010 WL 154519 (11th Cir. Jan. 19, 2010), the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of securities fraud and insider trading claims arising out of options backdating

Shareholders sue Beazer's directors over executive compensation

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • March 21 2011

On March 15th, Bloomberg reported that two pension funds have sued the directors of Beazer Homes USA Inc. alleging that the directors failed to act in the best interest of shareholders when the directors approved pay raises for the company's executives while Beazer had $34 million in losses

Court refuses to lift PSLRA discovery stay

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • April 18 2008

Plaintiffs brought a shareholder derivative action, claiming the officers and directors of Asyst Technologies, Inc. (Asyst) violated federal and state securities law by backdating stock options and making false filings with the Securities and Exchange Commission

Brocade: former Human Resources Director sentenced on backdating-related conviction

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • March 21 2008

On March 18, 2008, Stephanie Jensen, Brocade's former Human Resources Director, was sentenced to four months in prison and three months in a halfway house and ordered to pay a $1.25 million fine based upon her December 2007 conviction on charges of conspiracy and falsifying corporate records related to stock option backdating

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