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Shearman & Sterling LLP | USA | 21 Sep 2023
Senate Proposes to Extend Section 16 Requirements to Foreign Private Issuers
The U.S. Senate recently passed the National Defense Authorization Act for Fiscal Year 2024 (the “NDAA”), which, if enacted, would subject insiders…
Covington & Burling LLP | USA | 20 Sep 2023
Foreign Private Issuers and Insiders May Become Subject to Section 16 Stock Ownership Reporting
Under pending legislation, directors, officers and 10% shareholders of foreign private issuers would be required to file public stock ownership…
Mayer Brown | USA | 12 Sep 2023
SEC Staff Issues Sample Comment Letter Regarding XBRL Disclosures
On September 7, 2023, the Staff of the Division of Corporation Finance (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a…
Shearman & Sterling LLP | USA | 6 Sep 2023
Second Circuit Affirms In Part And Vacates In Part Decision Dismissing Securities Class Action Against Insurance Company, Its Officers, Directors, Underwriters, And Outside Auditor
On August 23, 2023, the United States Court of Appeals for the Second Circuit affirmed in part and vacated in part an order dismissing a putative…
Shearman & Sterling LLP | USA | 6 Sep 2023
District Of New Jersey Dismisses Securities Fraud Claims Against Blockchain Support Company With Prejudice After Twice Granting Leave To Amend
On August 25, 2023, Judge Georgette Castner of the United States District Court for the District of New Jersey dismissed with prejudice a putative…
Mayer Brown | USA | 6 Sep 2023
SEC Significantly Narrows Exemption from FINRA Membership for Proprietary Trading Firms
On August 23, 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments (the "Amendments")1 to Rule 15b9-1 ("Rule 15b9-1") under…
Shearman & Sterling LLP | USA | 6 Sep 2023
Ninth Circuit Revives Putative Class Action Against Computer Graphics Hardware Producer, Holding That Misleading Statements And Scienter Were Adequately Alleged
On August 25, 2023, a sharply divided panel of the United States Court of Appeals for the Ninth Circuit affirmed in part and reversed in part the…
Shearman & Sterling LLP | USA | 6 Sep 2023
Southern District Of New York Grants Motion For Reconsideration And Motion To Dismiss Class Action Against Pharmaceutical And Cannabis Company
On August 21, 2023, Judge Paul A. Crotty of the United States District Court for the Southern District of New York granted a motion for…
Shearman & Sterling LLP | China, USA | 6 Sep 2023
SEC Fines International Conglomerate $6.5 Million For FCPA Violations Related To Client Travel And Hospitality Expenses
On August 25, 2023, the Securities and Exchange Commission ("SEC") accepted an Offer of Settlement (the "settlement") from 3M Company ("3M"), related…
Shearman & Sterling LLP | USA | 6 Sep 2023
Split Tenth Circuit Affirms Dismissal Of Exchange Act Claims Against Aerostructures Manufacturing Company And Its Executives, Finding Plaintiffs Did Not Adequately Plead Scienter
On August 21, 2023, the United States Court of Appeals for the Tenth Circuit affirmed dismissal of a consolidated putative class action alleging…
