Securities and Exchange Commission Archives

Furious Pace of Post-IPO Acquisitions Put Forterra in Billion Dollar Hole, Shareholder Claims

January 22, 2019January 22, 2019 NICKEESHA SWABY

manufacturing, Securities and Exchange Commission, Shareholder derivative, slr2

(CN) – Shareholders claim in a derivative action that pipe manufacturer Forterra Inc. deceived investors with an initial public offering

Appeals Financial Securities

Ponzi Referrals

December 26, 2018December 26, 2018 BRIEF

Brief3, Ninth Circuit, Ponzi, Securities and Exchange Commission

Although a man who referred investors to a Ponzi scheme acted in good faith because he was also an investor in the scheme and believed it was legitimate, the Ninth Circuit agreed California law requires him to fork over his referral fees to the Securities and Exchange Commission receiver.

Business Criminal Economy Financial Government Securities Trials

Second Circuit Vacates Securities Fraud Conviction Against Former JPMorgan Analyst

November 14, 2018November 14, 2018 LEVI LASS

insider trading, JPMorgan Chase, Second Circuit, Securities and Exchange Commission, slr

The Second Circuit vacated a judgment against JPMorgan Chase analyst Sean Stewart who was convicted in February 2017 of insider trading for feeding tips to his father.

Business Economy Financial Government Securities

JCPenney Heirs Sue JPMorgan Over ‘Classic Conflict of Interest’

September 20, 2018September 21, 2018 LEVI LASS

investments, investors, JPMorgan Chase, retail, Securities and Exchange Commission, slr2

(CN) – Heirs to the JCPenney fortune are suing JPMorgan Chase Bank, claiming that the investment bank engaged in self-dealing

Appeals Business Financial Health Science Securities Technology

Fifth Circuit Delivers Partial Victory to Class in Securities Fraud Case Against Hanger Inc.

August 9, 2018November 13, 2018 LEVI LASS

Fifth Circuit, Securities and Exchange Commission, Shareholder Class Action, shareholders, slr1

Shareholders scored a partial victory on appeal of a previously dismissed securities fraud complaint against medical service provider Hanger Inc. and its former CFO George McHenry.

Business Financial Securities

New England Couple Accused of Insider Trading

July 11, 2018July 11, 2018 KEVIN LESSMILLER

Connecticut, insider trading, mergers & acquisitions, New Hampshire, New Jersey, Securities and Exchange Commission

The Securities and Exchange Commission claims the former head of a New Jersey payment processing firm gave his girlfriend $1 million to buy company stock ahead of a merger announcement, netting the pair more than $250,000 in profits.

Appeals Government National

Justices Say SEC Judges Must Be Appointed

June 21, 2018June 21, 2018 DAN MCCUE

Securities and Exchange Commission, U.S. Supreme Court

The U.S. Supreme Court on Thursday held that administrative law judges at the Securities and Exchange Commission are “inferior officers” subject to the Appointments Clause of the U.S. Constitution.

Business Financial Health International Securities Technology

Investors Fire on OSI Systems Over SEC and DOJ Probes

February 15, 2018February 16, 2018 NICKEESHA SWABY

Securities and Exchange Commission, Shareholder Class Action, shareholders, slr2

OSI Systems Inc. faces a federal class action over a contract with the Albanian government that spurred investigations by the Securities Exchange Commission and the U.S. Department of Justice.

Business Consumers Financial Health Media Securities Technology

Iovance Failed to Disclose Paid Shills Promoting its Stock, Class Claims

December 21, 2017December 22, 2017 NICKEESHA SWABY

Biotech, investors, Securities and Exchange Commission, shareholders, slr2

Investors claim they were misled when Iovance Biotherapeutics covertly paid a promoter to write articles and send emails pushing its stock until the Securities Exchange Commission stepped in with a cease-and-desist order.

Business Consumers Financial Health Securities

Valeant Tanked Billions in Shareholder Value, Investors Say

December 15, 2017December 18, 2017 IZZY KAPNICK

Florida, pharmaceuticals, Securities and Exchange Commission, slr2

(CN) – Shareholders sued Canadian pharmaceutical giant Valeant after the company’s value plummeted on news it was manipulating drug-distribution channels

Health Science Securities Technology

OvaScience Sued by Shareholders for Over-Hyped Fertility Treatment

December 4, 2017December 5, 2017 NICKEESHA SWABY

Securities and Exchange Commission, Shareholder Class Action, shareholders, slr2

Shareholders claim in a class action that life sciences company OvaScience Inc.’s stock went on a free-fall when the company revealed that one of its fertility treatments was not as successful as originally touted.

Business Financial Science Securities Technology

Investors Claim Info Lacking on Cisco’s Bid for BroadSoft

November 30, 2017December 1, 2017 IZZY KAPNICK

mergers & acquisitions, Securities and Exchange Commission, slr2, software

A shareholder class action in Maryland demands revisions to the proxy statement for Cisco’s pending $1.9 billion buyout of business-communication firm BroadSoft because the document allegedly lacks key financial projections and an explanation of its discounted cash-flow analyses.

Business Securities Technology

Shareholders Challenge $1.6 Billion Bid for Gigamon

November 30, 2017December 1, 2017 NICKEESHA SWABY

mergers & acquisitions, Securities and Exchange Commission, slr2, software

Investors are challenging private-equity firm Elliott Management Corp.’s bid for network software company Gigamon Inc. for $1.6 billion over allegedly misleading statements filed with the Securities Exchange Commission.

Business Courts Financial Government Securities

D.C. Circuit Vacates SEC’s Lifetime Ban on Broker

October 5, 2017October 19, 2017 LORRAINE BAILEY

SEC, Securities and Exchange Commission, slr1

An investment broker who sent emails to potential investors written by his boss is liable for making false statements, but cannot be banned from the financial industry as the “maker” of those statements, the D.C. Circuit ruled in a 2-1 decision.

Business Financial Securities

Securities Fraud

September 25, 2017 BRIEF

Brief, Fraud, investors, recycling, Securities and Exchange Commission, Wisconsin

The Securities and Exchange Commission claims a Wisconsin businessman misappropriated millions of dollars by taking advantage of people who thought they were investing in a new method to recycle post-consumer waste called the “Green Box process.”

Financial Government National Technology

SEC Under Fire for Being Hacked Despite Warnings on Security

September 21, 2017September 21, 2017 ASSOCIATED PRESS

cybersecurity, data breach, National2, Securities and Exchange Commission

The federal agency responsible for ensuring that markets function properly and for protecting investors is under fire after disclosing its computer system was hacked despite repeated warnings about deficiencies in its cybersecurity measures.

Financial Securities

Securities Fraud

July 25, 2017 BRIEF

Brief, Fraud, Oil and gas, Securities and Exchange Commission, Texas

The Securities and Exchange Commission claims in Austin federal court that the owner of Petroforce Energy raised $3.9 million by selling interests in oil and gas ventures without registering the securities with the agency.

Financial Government Politics Securities

Sixth Circuit Denies Challenge to Municipal Campaign-Contribution Rules

July 14, 2017July 14, 2017 RYAN KOCIAN

campaign finance, jurisdiction, Law1b, municipal law, Republicans, Securities and Exchange Commission, Sixth Circuit

Multiple state Republican parties do not have standing to challenge the Securities and Exchange Commission’s revised rules on campaign contributions made by municipal security advisers and dealers, according to the Sixth Circuit Court of Appeals.

Financial International

Investor Visa Fraud

June 23, 2017June 23, 2017 BRIEF

Brief, Chicago, Fraud, investors, Securities and Exchange Commission, Visas

The SEC claims in a federal lawsuit that Chicago immigration attorney Seyed Taher Kameli and his companies took $88 million from hundreds of overseas investors for the EB-5 visa program before misusing and diverting the money.