This week the market crisis continued. The Senate passed legislation to try and cure the crisis. The SEC called for additional regulatory authority and extended its emergency orders regarding short selling. Yet, the Commission’s inspector general issued a report which highly critical of the SEC’s performance in the demise of Bear Stearns.
This week, KLA-Tencor concluded a settlement of a class action based on backdated options. A potentially far-reaching decision was issued in the Southern District of New York dismissing a class action for failure to plead scienter in a case based on fraud claims tied to high risk investments. The SEC also filed three additional insider trading cases in its war on insider trading, along with two settled financial fraud cases.
The market crisis
The Commission extended its emergency short selling rules which were due to expire on October 2 . The new expiration date is October 17, 2008. In a statement which noted that short s...
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On
Wednesday afternoon a small but mighty group gathered in Marion, Iowa, to
begin statewide discussions on the plight of women, the challenges
facing organizations that serve women and the legislative targets and
goals that will soon be developed by the Iowa Commission on the Status
of Women.
The meeting, organized and hosted by the state agency, marked the
first time in roughly 30 years that public hearings were held outside
of the state's centralized metro area. Next week the Commi... more
The Election Commission has announced that the second round of the Presidential Election will take place on 29th October. The Commission also announced the final official results of the election.Final official results of the Presidential Election 1st round1 Qasim Ibrahim... more
Intel, which is facing charges from the European Commission that it engaged in unfair business practices when it competed for processor market share against AMD, is asking a court in Europe for more time to answer the charges. -
BRUSSELS, Oct 14 (Reuters) - Intel has asked the
European Union’s second highest court for more time to respond to EU charges
that it paid a retailer to favour PCs using its computer chips.
The Commission issued charges against the world’s bi... more
Industry wide cases are only one area of focus for the SEC and DOJ as they increase their FCPA enforcement efforts. Enforcement officials have made its clear that another key focus of their new enforcement efforts is individuals.
Recent DOJ cases include:
–U.S v. Si Chan Wooh, No. 07-244 (D. Or. Filed June 26 2007); see also SEC v. Si Chan Wooh, No. 07-957 (D. Or. Filed June 29, 2007). This case was brought against a former executive of Schnitzer Steel in Portland... more
Leading Canadian pharmaceutical company Biovail Corporation whose shares are traded on the NYSE and four of its senior executives were named as defendants in a financial fraud complaint. The defendants included Eugene N. Melnyk, the founder and former chairman, Brian Crombie, former CFO and current senior vice president for strategic development, John Miszuk, vice president, controller and assistant secretary and Kenneth G. Howling, recently promoted to senior vice president and CFO. SEC v. B... more
This week, turmoil continued in the credit markets as the New Century Trustee released a comprehensive report on lending activities at the giant subprime lender, disclosing shoddy lending and accounting practices. At the same time, the SEC and DOJ continued their renewed focus on FCPA enforcement. Finally, a new academic study concluding that procedural walls used at investment banks are porous may raise new concerns on Wall Street and with regulators.
New Century Report
New Century m... more
Hollinger Settles From: secactions.com Post Date: 2008-03-26 19:59:09
Hollinger Inc. settled the SEC’s 2004 enforcement action against it. That complaint named as defendants the company, Conrad M. Black, Hollinger International’s former Chairman and CEO, and F. David Radler, Hollinger International’s Deputy Chairman and COO. SEC v. Black, Civil Action No. 04C7377 (N.D. Ill. 2004). The Commission’s Litigation Release is here .
The SEC’s complaint alleged that the defendants engaged in a fraudulent scheme to divert cash and assets f... more
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