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Recent FCPA opinions provide insight into the scope of personal jurisdiction over foreign nationals

Alston & Bird LLP
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USA
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March 1 2013

In recent years, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have demonstrated an increased commitment to

New ruling broadens “whistleblower” definition for Dodd-Frank anti-retaliation claims

Alston & Bird LLP
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USA
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October 3 2012

A U.S. district court judge from the District of Connecticut ruled last week that individuals who make disclosures that are required or protected under the Sarbanes-Oxley Act (SOX) or the Securities Exchange Act of 1934 (SEA) may also qualify as whistleblowers under the Dodd-Frank anti-retaliation provisions, regardless of how those disclosures were made

The Supreme Court to revisit the “fraud-on-the-market” presumption

Alston & Bird LLP
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USA
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June 28 2012

In 1988, in Basic Inc. v. Levinson, the Supreme Court first recognized that investors seeking to pursue claims under Section 10(b) of the Securities Exchange Act of 1934 may invoke in an appropriate case a rebuttable presumption of reliance based on the “fraud-on-the-market” theory

U.S. district court grants BankAtlantic’s post-trial motion for judgment as a matter of law for failure to prove loss causation

Alston & Bird LLP
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USA
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May 6 2011

In another significant federal court decision on the loss causation element of federal securities fraud claims, last week U.S. District Judge Ursula Ungaro (S.D. Florida) overturned a jury verdict for Plaintiffs in the securities fraud class action suit, In re BankAtlantic Bancorp, Inc. Sec. Litig., No. 07-Civ-61542 (UU

Greater scrutiny of confidential informants in a securities fraud complaint

Alston & Bird LLP
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USA
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August 2 2010

In a recent decision dismissing a Rule 10b-5 claim brought by investors, Local No. 38 IBEW Pension Fund v. American Express Co., 2010 WL 2834226 (S.D.N.Y. July 19, 2010), the Southern District of New York discussed at some length the role of confidential witnesses and the level of detail required for such witnesses

Supreme Court of the United States analyzes standard for statute of limitations for securities fraud actions

Alston & Bird LLP
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USA
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May 12 2010

The Supreme Court of the United States recently issued a decision regarding application of the statute of limitations for securities fraud actions

Goldman settles "naked shorting" allegations

Alston & Bird LLP
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USA
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May 5 2010

Yesterday, a Goldman, Sachs & Co. subsidiary, Goldman Sachs Execution & Clearing, L.P. (GSEC), settled allegations by NYSE Regulation and the Securities and Exchange Commission that GSEC violated Rule 204T of Regulation SHO by "failing to timely close out fail to deliver positions."

Alston & Bird prevails at summary judgment in Section 10(b)(5) claims by attacking plaintiffs’ expert opinion

Alston & Bird LLP
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USA
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September 15 2009

In a recent decision, the United States District Court for the Middle District of Florida ruled in favor of Defendants’ motion for summary judgment in a securities fraud class action in favor of Alston & Bird’s clients

SEC charges Hank Greenberg and Howard Smith for roles in alleged AIG accounting violations

Alston & Bird LLP
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USA
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August 6 2009

Today, the SEC announced that it had filed charges in the U.S. District Court for the Southern District of New York against former AIG Chairman and Chief Executive Officer Maurice “Hank” Greenberg and former Vice Chairman and Chief Financial Officer Howard Smith for their alleged involvement in “numerous improper accounting transactions that inflated AIG's reported financial results between 2000 and 2005.”

Texas district court rebuffs SEC's attempt to expand misappropriation theory of insider trading liability in case involving Mark Cuban

Alston & Bird LLP
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USA
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July 27 2009

In an insider trading case against Mark Cuban, the high-profile self-made billionaire and owner of the NBA Dallas Mavericks, the SEC was rebuffed in its latest effort to expand by enforcement action and rule-making authority the scope of insider trading liability under the so-called misappropriation theory