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SEC gets five years to seek civil penalties for fraud

Holland & Knight LLP
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USA
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March 18 2013

On February 27, 2013, the U.S. Supreme Court decided that if the SEC wants to bring civil penalties against an investment adviser for fraud, there is

Federal court holds that stock trades pursuant to 10b5-1 plans are evidence of scienter

Holland & Knight LLP
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USA
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February 7 2012

On November 23, 2011, the U.S. District Court for the Southern District of California denied a motion for summary judgment made by defendants in a securities fraud class action based, in part, on the grounds that the defendants' 10b5-1 trading plans were evidence of scienter

Southern District of New York dismisses Madoff suit by foreign investors under SLUSA

Holland & Knight LLP
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USA
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December 12 2011

On November 29, 2011, the Southern District of New York (SDNY), dismissed claims by a class of foreign plaintiffs who invested in foreign feeder funds that invested in the ponzi scheme orchestrated by Bernard L. Madoff ("Madoff") and Bernard L. Madoff Investment Securities LLC ("Madoff Securities"

Supreme Court rules loss causation need not be proven at class certification

Holland & Knight LLP
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USA
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June 20 2011

On June 6, 2011, the U.S Supreme Court ruled that plaintiffs in securities fraud actions do not need to prove loss causation at the class certification stage

SEC charges corporate attorney and Wall Street trader in $32 million insider trading ring

Holland & Knight LLP
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USA
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May 2 2011

On April 6, 2011, the SEC charged a corporate attorney and a Wall Street trader with insider trading in advance of at least 11 merger and acquisition announcements between April 2006 and March 2011 involving clients of the law firm where the attorney worked

SEC will continue to allow defendants to settle without admitting or denying allegations

Holland & Knight LLP
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USA
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April 11 2011

The SEC routinely enters into settlement agreements in which defendants agree to sanctions without admitting or denying the SEC's allegations against them

SEC enters into its first non-prosecution agreement

Holland & Knight LLP
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USA
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January 24 2011

On December 20, 2010, the SEC announced that it entered into its first non-prosecution agreement and that the SEC was charging a former executive vice president of a company with financial fraud and insider trading

Massachusetts District Court approves SEC final judgment against company’s former controller

Holland & Knight LLP
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USA
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October 11 2010

The Massachusetts District Court entered a final consent judgment against the former controller of a public company for improperly inflating the company's revenue, misstating financial information and misleading investors as to the company's true financial condition over a two-year period

Supreme Court slams the U.S. courthouse doors on securities class action plaintiffs’ lawyers representing foreign investors

Holland & Knight LLP
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USA
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July 12 2010

In a continuing trend to limit Section 10(b) securities fraud actions, the U.S. Supreme Court held that there is no cause of action in the United States for plaintiffs who purchase securities on foreign exchanges

Court holds that CFO has no duty to correct statements made by another officer

Holland & Knight LLP
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USA
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June 7 2010

The Third Circuit Court of Appeals recently held that "the plain language of 10(b) and corresponding Rule 10b-5 do not contemplate the general failure to rectify misstatements of others."