The NYSE is bracing for a civil lawsuit from the SEC after a botched technology upgrade paralyzed the exchange for about four hours in July 2015. In an announcement on Tuesday, Intercontinental Exchange, the NYSE’s parent company, confirmed that it had received a Wells Notice that states the SEC’s intention to sue. Read more Intercontinental Partners received its Wells Notice on December 29, …
Donald Watkins, in a Facebook post on Wednesday, says his lawyer has demanded the Securities and Exchange Commission dismiss the civil lawsuit the agency filed claiming he defrauded professional athletes and other investors out of millions of dollars and using much of it on personal expenses. Watkins, an Alabama businessman and attorney who once represented long-time …
Former chief executive of Fannie Mae Daniel Mudd exits U.S. District Court in the Manhattan borough of New York City, January 27, 2016, after attending arguments in the Securities Exchange Commission (SEC) case against him. REUTERS/Mike Segar August 22, 2016 By Patrick Rucker and Nate Raymond WASHINGTON/NEW YORK (Reuters) – In one of the U.S. Securities and Exchange Commission’s biggest cases …
San Francisco Giants pitcher Jake Peavy is among the athletes who were defrauded by investment adviser Ash Narayan, the Securities and Exchange Commission alleges in a lawsuit. Documents unsealed in federal court in Dallas indicate Peavy, Denver Broncos quarterback Mark Sanchez and former MLB pitcher Roy Oswalt were defrauded of around $30 million. Bloomberg News reported the SEC says Narayan …
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Alere Inc. (NYSE:ALR) that June 20, 2016 is the lead plaintiff deadline in the securities class action lawsuit concerning Alere’s apparent improper revenue recognition in violation of GAAP. Hagens Berman is expanding its investigation in light of recent news that Abbot …
Accounting and financial disclosure issues are increasingly becoming the focus of litigation – both with the Securities and Exchange Commission (SEC) and the plaintiffs’ class action bar – according to recent pronouncements from the SEC and a leading research firm that tracks securities class actions. Last week, the SEC announced two financial fraud cases against …
After receiving an inquiry from a government agency, such as a subpoena, a Civil Investigative Demand (“CID”), or an informal request for information, public companies ask whether they must disclose publicly that they may be under investigation. A corollary question to public disclosure is how broadly to disclose internally, to lenders, or to D&O insurers. The standards for disclosing …