Full Disclosure

The Top 5 newsletter is a monthly summary of the most important and interesting SEC enforcement developments from the past month, with links to primary resources.

The Top 10 newsletter is a monthly summary of the most important international anti-corruption and FCPA developments from the past month, with links to primary resources.

Learn about the most common securities class actions, including those alleging fraud and misrepresentations, as well as the greatest risks of being sued and suggested ways to mitigate those risks.

On March 30, 2022, the SEC proposed new rules and amendments relating to SPACs. The SEC indicated these proposals are meant to enhance investor protections for IPOs by SPACs.

In the 1920s, a new form of investment fraud roared into the markets with the advent of the Ponzi scheme. Last week, the Securities and Exchange Commission (SEC) filed a complaint captioned SEC v. Okhotnikov et al. in the U.S. District Court for the Northern District of Illinois, alleging that 11 crypto founders and promoters are using the same illegal money-making tactics employed by Charles Ponzi a century ago.

As Russia’s bloody invasion of Ukraine nears the end of its second month… governments around the world continue to coordinate and respond with increasingly severe sanctions and export controls.

The Ninth Circuit affirmed a lower court’s decision that ESPs were not acting as government agents when they searched a user’s accounts for child pornography and reported the material to the government. . . Judge Graber, in her dissenting opinion, parted ways with her colleagues when it came to one of these searches.

Courts from the United States Supreme Court on down have long grappled with what, precisely, constitutes “scheme liability” under the federal securities laws, and to what extent a scheme can be based solely on false or misleading statements. . . In SEC v. Rio Tinto PLC, et al., the Second Circuit Court of Appeals recently held that “something” beyond untrue statements is required.

The Delaware Supreme Court recently articulated a clear ‘universal’ test for determining whether shareholders can proceed with derivative suits against corporate directors.