Justices Say SEC Judges Must Be Appointed
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.
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Investors Fire on OSI Systems Over SEC and DOJ Probes
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.
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Iovance Failed to Disclose Paid Shills Promoting its Stock, Class Claims
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.
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Valeant Tanked Billions in Shareholder Value, Investors Say
(CN) – Shareholders sued Canadian pharmaceutical giant Valeant after the company’s value plummeted on news it was manipulating drug-distribution channels
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OvaScience Sued by Shareholders for Over-Hyped Fertility Treatment
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.
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Investors Claim Info Lacking on Cisco’s Bid for BroadSoft
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.
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Shareholders Challenge $1.6 Billion Bid for Gigamon
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.
Read moreD.C. Circuit Vacates SEC’s Lifetime Ban on Broker
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.
Read moreSEC Under Fire for Being Hacked Despite Warnings on Security
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.
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Sixth Circuit Denies Challenge to Municipal Campaign-Contribution Rules
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.
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Barclays Capital to Refund $97 Million to Overcharged Advisory Clients
Barclays Capital has agreed to refund $97 million in overbilled fees and mutual fund sales charges to about 25,000 advisory clients.
Read moreIn Stock Charges, Fake-News Mill Ran Near Tinseltown
Charging dozens with fraud, the Securities and Exchange Commission traced more than 400 articles puffing up biotech stocks to a company run by an aspiring film actress moonlighting in the fake-news business.
Read moreFederal Judge Clears Texas AG of SEC Charges
A federal judge on Thursday dismissed the U.S. Securities and Exchange Commission’s lawsuit against Texas Attorney General Ken Paxton for the second and final time as he awaits trial on similar state criminal charges.
Read moreTwo Charged in ‘Hamilton’ Ticket Resale Scheme
The Securities and Exchange Commission brought fraud charges against two New York men accused of running an $81 million “mirage of profitability” Ponzi scheme centered on coveted “Hamilton” and Adele tickets.
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