On September 26, the SEC announced that it had charged public company DraftKings Inc. with violating Regulation FD, or “Fair Disclosure,” under the Exchange Act. The SEC alleged that the company selectively disclosed...more
On February 10, 2022, the Securities and Exchange Commission (SEC) proposed amendments to Exchange Act Rules 21F-3 and 6, which govern the implementation of its whistleblower program. These amendments increase the SEC’s...more
The SEC recently filed a civil suit in federal district court against AT&T, Inc. charging the company with violating Regulation FD in 2016 by selectively disclosing nonpublic financial estimates and results to sell-side...more
On March 27, the Supreme Court issued its much-anticipated decision addressing whether someone who is not the "maker" of a misstatement can nonetheless be primarily liable for fraud under the federal securities laws, when the...more
4/12/2019
/ Appeals ,
Enforcement Actions ,
False Statements ,
Fines ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Material Dissemination ,
Misleading Statements ,
Reaffirmation ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspensions
The SEC’s Division of Enforcement recently instituted cease-and-desist proceedings against a company for violating Section 13(a) of the Exchange Act and Rule 13a-11 by including non-GAAP financial measures in two of its...more
1/30/2019
/ Accounting Standards ,
EBITDA ,
Enforcement Actions ,
Financial Reporting ,
GAAP ,
Internal Controls ,
Non-GAAP Financial Measures ,
Publicly-Traded Companies ,
Regulation S-K ,
Regulatory Violations ,
Securities and Exchange Commission (SEC)
On July 25, the SEC announced that it would grant $2.5 million “to an employee of a domestic government agency whose tip helped launch an SEC investigation and whose continued assistance enabled the SEC to address a company’s...more
Recently, the Supreme Court unanimously held in Kokesh v. SEC that disgorgement orders in enforcement actions by the Securities and Exchange Commission are subject to the same five-year statute of limitations as monetary...more
6/8/2017
/ Disgorgement ,
Enforcement Actions ,
Financial Services Industry ,
Investment Management ,
Kokesh v SEC ,
Misappropriation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Statute of Limitations ,
White Collar Crimes