As discussed in our September 1, 2021 post, the SEC brought its first “shadow insider trading” case against Matthew Panuwat, a company employee who purchased options in a competitor’s shares shortly after learning his...more
6/14/2024
/ Confidential Information ,
Corporate Governance ,
Criminal Convictions ,
Criminal Prosecution ,
Enforcement Actions ,
Insider Trading ,
Material Nonpublic Information ,
Materiality ,
Misappropriation ,
Publicly-Traded Companies ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
The SEC’s filing of its first shadow trading case earlier this month signals the agency’s willingness to pursue actions based on expanded theories of insider trading liability.
In a federal court complaint, the SEC on...more
A recent decision by the U.S. Court of Appeals for the Second Circuit shows how an investor’s entering into a confidentiality agreement with an issuer of securities may support insider trading charges against the...more
A decision last week from the U.S. District Court for the Southern District of New York illustrates the broad reach of prosecutors and regulators in pursuing recipients of insider trading tips, despite the case-law...more
12/14/2018
/ Appeals ,
Breach of Duty ,
Dirks v SEC ,
Embezzlement ,
Fraud ,
Illegal Tipping ,
Insider Trading ,
Judge Rakoff ,
Motion to Dismiss ,
Personal Benefit ,
Rule 10b-5 ,
Securities Act of 1933 ,
Securities Fraud ,
US v Newman ,
US v Salman
Stock traders who thought they could trade freely on gifts of inside information so long as the givers were not their close friends should rethink their strategy. The U.S. Court of Appeals for the Second Circuit this week...more
The U.S. Supreme Court earlier today rejected an attempt to cut back on liability for insider trading where people give inside tips to family members and friends. In Salman v. United States, the Court unanimously held that...more
A case heading to the Supreme Court could dramatically change insider trading law that bars trades by recipients of stock tips. In consenting earlier this year to hear the defendant’s appeal in United States v. Salman, 792...more