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Publications
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09.13.2018Federal District Court Upholds Securities Indictment for ICOs but Defers Final Howey Determination in United States v. ZaslavskiyUpdatesIn what is believed to be the first criminal case examining whether so-called “initial coin offerings” (ICOs) are securities under U.S. law, Judge Raymond J. Dearie of the Eastern District of New York refused to dismiss the indictment against Maksim Zaslavskiy for a deceptive virtual currency scheme and fraudulent ICOs by REcoin Diamond Reserve Club.
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07.10.2017SCOTUS Upholds Strict Statute of Repose on Federal Section 11 Securities ClaimsUpdatesIn a 5-4 decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., et al. (No. 16-373), 582 U.S. ___ (2017), the U.S. Supreme Court upheld, at the end of last month, a U.S. Court of Appeals for the Second Circuit decision dismissing as untimely a lawsuit filed by CalPERS against underwriters of public securities offerings by global investment bank Lehman Brothers.
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03.09.2017Ninth Circuit Decides in Favor of Expanded Whistleblower ProtectionsUpdatesIn Somers v. Digital Realty, the Ninth Circuit joins the Second Circuit in holding that whistleblower protections apply to individuals who report securities violations internally, not just to those who report to the Securities and Exchange Commission.
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10.03.2016Issuer Reporting and Disclosure Remains Focus of SEC and Other RegulatorsUpdatesIn a recent speech, SEC Enforcement Director Andrew Ceresney confirmed the SEC’s continued pursuit of investigations and enforcement actions relating to issuer reporting and disclosure, an area that remains a high priority for the SEC and other regulators.
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06.26.2014Halliburton: SCOTUS Reaffirms Fraud-on-the-Market Presumption, Allows Attack at Class Cert StageUpdatesOn Monday the Supreme Court issued its much anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, 2014 WL 2807181 (U.S. June 23, 2014), rejecting all pleas to overturn the fraud-on-the-market presumption of reliance established in Basic Inc. v. Levinson, 485 U.S. 224 (1988).
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03.04.2014Supreme Court Holds That SLUSA Does Not Preempt State Law Claims of Investors in Stanford Ponzi SchemeUpdatesRecently, the U.S. Supreme Court limited the scope of the preemption of state law class actions afforded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA) in Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S. Feb. 26, 2014).
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03.06.2013Supreme Court Holds Securities Fraud Class Certification Does Not Require Showing of Materiality, With Strong Dissents Questioning the Fraud-on-the-Market TheoryUpdatesIn its long-awaited decision in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085 (U.S. Feb. 27, 2013), the U.S. Supreme Court held that plaintiffs in a securities-fraud class action do not need to establish the materiality of alleged misrepresentations in seeking class certification.
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02.22.2013Arizona Supreme Court Follows Central Bank: No Implied Private Right of Action for Aiding and Abetting Securities Fraud Under the Arizona Securities ActUpdatesEarlier today, in a case titled Sell v. Sewell, (No. CV-12-0211-PR), the Arizona Supreme Court ruled that there is no implied private right of action for aiding and abetting securities fraud under the Arizona Securities Act (ASA). Today’s ruling in Sell overturns the court’s ruling 34 years ago in State v. Superior Court, 599 P.2d 777 (Ariz. 1979), and continues the court’s strong policy of following the U.S. Supreme Court’s interpretations of analogous federal securities statutes.
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03.27.2012A Model Of Cooperation With The SECArticles
Law360
On March 19, 2012, the U.S. Securities and Exchange Commission announced that in exchange for his substantial cooperation during the agency's enforcement action against AXA Rosenberg Group LLC and its CEO, Barr M. Rosenberg, it would not take enforcement action against an unnamed former AXA Rosenberg senior executive. -
03.22.2012SEC Uses Case to Provide Guidance on its Cooperation Program for IndividualsUpdatesOn March 19, 2012, the Securities and Exchange Commission announced that in exchange for his substantial cooperation during the agency's enforcement action against AXA Rosenberg Group LLC and its CEO, Barr M. Rosenberg, it would not take enforcement action against an unnamed former AXA Rosenberg senior executive.
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08.08.2006Examining Your Options - Practical Guidance on Stock Option "Backdating" and Related Issues and Their Impact on Upcoming SEC ReportsUpdatesPublic company executives and directors are in the crosshairs again, this time over stock option "backdating" and related issues. According to media reports, more than 80 companies have announced investigations into or deficiencies with their option granting practices, and at least 19 public company executives have been fired or have resigned as a result of option granting issues.
Presentations
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10.04.2017How to Avoid Employment and Securities Class Action LawsuitsSpeaking Engagements
Association of Corporate Counsel Mountain West Region / Boise, ID
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11.09.2016Boise Breakfast Briefing – Securities LitigationSeminarsPerkins Coie partners, Todd Kerr, Michael Clyde and Pravin Rao, as they address: common issues raised by shareholders; different kinds of shareholder demands; best practices for responding to shareholder demands and avoiding shareholder litigation; How a derivative lawsuit differs from other litigation; considerations for derivative litigation; indemnification claims and D&O insurance coverage and internal and government investigations.
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05.25.2016San Francisco Breakfast Briefing - Arbitration and Forum-Venue Selection ClausesSeminar on pros and cons of arbitration and forum-selection clauses.
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06.16.2014Regulation D & Private PlacementSeminarsAssociation of Corporate Counsel, Arizona Chapter / Phoenix, AZ
