News & Analysis as of

Enforcement Actions Securities Fraud Securities Exchange Act of 1934

Freiberger Haber LLP

Enforcement News: SEC Charges Wisconsin Resident and The LLCs That He Owns and Controls with Perpetrating a Real Estate Affinity...

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On August 1, 2025, the Securities and Exchange Commission (“SEC”) announced (here) that it charged a Wisconsin resident and three limited liability companies that he owns and controls – Investors Capital LLC, Global Investors...more

Cooley LLP

Dissemination of One’s Own Misstatements Does Not Create Scheme Liability, Says New York Court

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On July 16, 2025, the US District Court for the Eastern District of New York dismissed a scheme liability claim in an enforcement action brought by the US Securities and Exchange Commission (SEC) against a company’s former...more

Patterson Belknap Webb & Tyler LLP

Supreme Court Decision in SEC v. Jarkesy Limits the SEC’s Ability to Seek Civil Penalties

On June 26, 2024, the Supreme Court issued a decision in SEC v. Jarkesy, holding that “[w]hen the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury...more

Vinson & Elkins LLP

The Supreme Court Strips SEC of Fraud-Fighting Forum, Sparking Debate on Broader Implications for Federal Enforcement

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For more than a decade, the U.S. Securities and Exchange Commission (the “SEC”) has been able to bring enforcement actions in either federal court or the agency’s internal venue. Not anymore. On June 27, 2024, the U.S....more

Proskauer - Corporate Defense and Disputes

Supreme Court Bars SEC Administrative Proceedings for Civil Penalties

The U.S. Supreme Court held that the Seventh Amendment to the U.S. Constitution entitles a defendant to a jury trial when the Securities and Exchange Commission seeks to impose civil penalties for violations of the federal...more

Cooley LLP

SEC brings settled charges against Roadrunner—no, not the cartoon character—for accounting fraud

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Here’s another earnings management case from SEC Enforcement, this time against Roadrunner Transportation Systems, Inc., a shipping and logistics company formerly traded on the NYSE, involving a veritable pu pu platter of...more

Patterson Belknap Webb & Tyler LLP

Notable SEC Decisions: 2022 H1

Each year, the U.S. Securities and Exchange Commission (SEC) publishes its enforcement priorities – a reminder that, although the Division of Examinations (EXAMS) remains committed to monitoring compliance with (and...more

A&O Shearman

Southern District Of New York Dismisses Securities Short Selling Claims Against Broker-Dealers, Allowing Spoofing Claims To...

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On February 9, 2022, Judge Lorna G. Schofield of the Southern District of New York denied in part and granted in part a motion to dismiss a securities fraud action asserting claims related to alleged spoofing and short...more

A&O Shearman

Northern District Of California Denies Motion To Dismiss Exchange Act Claims Against Electric Vehicle Battery Development Company,...

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On January 14, 2022, Judge William H. Orrick of the Northern District of California denied a motion to dismiss a putative securities class action asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act...more

Allen Matkins

Could The SEC Have Made A Weaker Case For Mandating Enhanced Repurchase Disclosures?

Allen Matkins on

Earlier this month, the Securities and Exchange Commission proposed rule amendments that would require an issuer, including a foreign private issuer and certain registered closed-end funds, to report any purchase made by or...more

Wilson Sonsini Goodrich & Rosati

SEC Proposes Additional Disclosure for Share Repurchases and New Form SR

On December 15, 2021, the U.S. Securities and Exchange Commission (SEC) proposed rules governing issuers' equity share repurchases. Proposed Rule 13a-21 would require more detailed and significantly more frequent disclosure...more

Wilson Sonsini Goodrich & Rosati

SEC Proposes Amendments to Rule 10b5-1 and New Insider Trading Disclosure

On December 15, 2021, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 (Exchange Act) to introduce new requirements for Rule 10b5-1 trading plans...more

Goodwin

Delaware Court of Chancery Finds that Director’s Email on Outside Email System Remains Confidential

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Delaware Court of Chancery Finds that Director’s Email on Outside Email System Remains Confidential; Delaware Supreme Court Overrules Longstanding Precedent Regarding Derivative Versus Direct Standing; SEC Files Crowdfunding...more

Oberheiden P.C.

The SEC Investigation Process: An Overview

Oberheiden P.C. on

The U.S. Securities and Exchange Commission (SEC) investigates companies, brokerage firms, and individuals for a broad range of statutory and regulatory violations. These investigations can lead to civil or administrative...more

Goodwin

SEC Settles First-Of-Its-Kind $13m DeFi Tech Action

Goodwin on

SEC Settles First-Of-Its-Kind $13m DeFi Tech Action; NASDAQ Board Diversity Rules Challenged in Fifth Circuit; Delaware Court of Chancery Declines to Enforce Contractual Limitations on Liability to Bar Contractual Fraud...more

Goodwin

Ninth Circuit Holds Loss Causation May Be Predicated on Information Potentially Available Under Freedom of Information Act

Goodwin on

Ninth Circuit Holds Loss Causation May Be Predicated on Information Potentially Available Under Freedom of Information Act; D.C. Circuit Upholds FINRA’s Permanent Ban of Broker Accused of Misconduct After Finding SCOTUS...more

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