Securities Enforcement

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Eleven Gibson Dunn Attorneys Named in 2023 Lawdragon 500 Leading U.S. Energy Lawyers

Eleven Gibson Dunn attorneys were named among Lawdragon’s 2023 500 Leading U.S. Energy Lawyers.

Firm News | March 17, 2023

Gibson Dunn Distressed Banks Resource Center

Gibson Dunn has created a Distressed Banks Resource Center to provide resources and regular updates to our clients on recent bank failures.

Client Alert | March 14, 2023

Distressed Bank Update – A New Paradigm

Gibson Dunn's lawyers present the latest updates on news about distressed banks.

Client Alert | March 14, 2023

How To Keep Up With The SEC’s Breakneck Rulemaking Pace

Dallas partner David Woodcock, Denver of counsel Timothy Zimmerman and Los Angeles associate Eitan Arom are the authors of "How To Keep Up With The SEC's Breakneck Rulemaking Pace" published by Law360 on March 7, 2023. 

Article | March 8, 2023

Former ExxonMobil Counsel David Woodcock Joins Gibson Dunn in Dallas

Gibson, Dunn & Crutcher LLP is pleased to announce that David Woodcock has joined the firm’s Dallas office as a partner.

Press Releases | February 6, 2023

2022 Year-End Securities Enforcement Update

Gibson Dunn's lawyers tackle the important issues in securities enforcement in 2022.

Client Alert | February 2, 2023

SEC Approves New Insider Trading Rules

Gibson Dunn lawyers discuss the Securities and Exchange Commission's recent adoption of final rules on the affirmative defense to insider trading liability and new disclosures related to insider trading.

Client Alert | December 16, 2022

Rule 10b5-1: Change Is Coming to the Insider Trading Regime – Or Is It Already Here?

Our lawyers review proposed amendments by the Securities and Exchange Commission to Rule 10b5-1, which are meant to address potential abuses of the current insider trading regime.

Client Alert | November 28, 2022

Gibson Dunn Promotes 37 Lawyers to Partnership

Gibson, Dunn & Crutcher LLP has elected 37 lawyers to its partnership, effective January 1, 2023.

Press Releases | November 15, 2022

How Much Information Should Cos. Share With Auditors

Denver partner Monica Loseman and associate Timothy Zimmerman and Washington, D.C. of counsel David Ware are the authors of "How Much Information Should Cos. Share With Auditors" published by Law360 on October 13, 2022.

Article | October 14, 2022

2022 Mid-Year Securities Enforcement Update

Our 2021 Year-End Review, noted the Division of Enforcement under this Administration had outlined its vision of aggressive, heightened enforcement through an escalation of existing remedies. The first half of 2022 reflected the Enforcement Division pursuing the playbook as forecasted.

Client Alert | August 11, 2022

SEC Files First Insider Trading Action Alleging Crypto Assets Are Securities

On July 21, 2022, the Securities and Exchange Commission filed an insider trading case alleging for the first time that an employee’s alleged tipping of material nonpublic information for purposes of trading crypto assets constitutes securities fraud.

Client Alert | July 26, 2022

Gibson Dunn Earns 101 Top-Tier Rankings in Chambers USA 2022

In its 2022 edition, Chambers USA awarded Gibson Dunn 101 first-tier rankings, of which 37 were firm practice group rankings and 64 were individual lawyer rankings. Overall, the firm earned 348 rankings – 104 firm practice group rankings and 244 individual lawyer rankings.

Firm News | June 1, 2022

SEC Proposes Rules to Align SPACs More Closely with IPOs

On March 30, 2022, the U.S. Securities and Exchange Commission, by a three-to-one vote, issued a press release announcing proposed new rules intended to enhance disclosure and investor protections in initial public offerings by special purpose acquisition companies and in subsequent business combinations between SPACs and private operating companies.

Client Alert | April 6, 2022

Federal Court Imposes Penalties on Former CEO and Large Shareholder of Pharmaceutical Company for Alleged Antitrust Violations

On January 14, 2022, a federal court in New York issued its decision in Federal Trade Commission v. Shkreli, holding that Martin Shkreli, the former head of Vyera Pharmaceuticals, violated federal and state antitrust laws by allegedly interfering with the entry of generic competition for Vyera’s drug Daraprim.

Client Alert | January 25, 2022

2021 Year-End Securities Enforcement Update

Gibson Dunn lawyers look at the significant developments in securities enforcement from the second half of 2021.

Client Alert | January 19, 2022

SEC Announces First Enforcement Action Against Alternative Data Provider for Securities Fraud, Highlighting Regulatory Risks in Growing Industry

On September 14, 2021, the SEC announced a settled enforcement action against App Annie, Inc., an alternative data provider, and the Company’s co-founder and former CEO and Chairman, for misrepresentations both to data sources in connection with the collection of data, and to investment firm subscribers regarding the data underlying its product.

Client Alert | September 20, 2021

SEC Settlement Reflects Increasing SEC Focus on Cyber Disclosures

On August 16, 2021, the U.S. Securities and Exchange Commission announced a settled enforcement action against Pearson plc, a U.K. educational publisher, for inadequate disclosure of a cyber intrusion. The settlement, in which Pearson agreed to pay a $1 million penalty, is the latest indication of the SEC’s continuing focus on cyber disclosures as an enforcement priority and an important signal to public companies that, particularly in the face of an environment of increasing cyberattacks, accurate public disclosure about cyber events and data privacy is critical.

Client Alert | August 23, 2021

2021 Mid-Year Securities Enforcement Update

Gibson Dunn lawyers look at the significant developments in securities enforcement from the first six months of 2021, and consider what to expect from new leadership at the U.S. Securities & Exchange Commission and the Enforcement Division.

Client Alert | July 20, 2021

SEC Fires Shot Across the Bow of SPACs

On July 13, 2021, the Securities and Exchange Commission announced a partially settled enforcement action against a Special Purpose Acquisition Company, the SPAC sponsor and the CEO of the SPAC, as well as the proposed merger target and the former CEO of the target for misstatements in a registration statement and amendments concerning the target’s technology and business risks.

Client Alert | July 14, 2021

Webcast: SPACs: What You Need to Know to Prepare for the Wave of Litigation and Investigations

In this webcast, a panel of Gibson Dunn lawyers provides the latest update on the state of the SPAC market, recent SEC guidance on SPACs, the issues that sponsors, boards, underwriters, advisers and auditors should be considering in connection with SPAC IPOs, de-SPAC transactions, disclosures, and strategies for mitigating the regulatory and litigation risk.

Webcasts | May 13, 2021

Understanding the SEC’s Focus on Environmental, Social, and Governance Investing and Investment Advisers

On Friday, April 9, 2021, the SEC Division of Examinations issued a Risk Alert detailing its observations of deficiencies and internal control weaknesses from examinations of investment advisers and funds regarding investing that incorporates environmental, social, and governance factors.

Client Alert | April 14, 2021

The GameStop Short Squeeze – Potential Regulatory and Litigation Fall Out and Considerations

Over this past week, the stock market has experienced a turbulent and acutely volatile series of events related to the trading of a small group of public companies’ shares. Perhaps most (in)famously, the stock price of GameStop surged from a low of less than $20 in early January to a high of nearly $500 on January 28th —an increase of well over 1,000%.

Client Alert | February 1, 2021

What the CFTC’s Settlement with Vitol Inc. Portends about Enforcement Trends

On December 3, 2020, the Commodity Futures Trading Commission Division of Enforcement announced a settlement with Vitol Inc., an energy and commodities trading firm in Houston, Texas.

Client Alert | January 20, 2021

2020 Year-End Securities Enforcement Update

In this update, Gibson Dunn lawyers look back at the significant enforcement actions and developments from the last six months of 2020, and consider what to expect from new leadership at the SEC.

Client Alert | January 19, 2021

Supreme Court Vacates Second Circuit Ruling Expanding Insider Trading Liability

On January 11, 2021, the Supreme Court in a summary disposition vacated the U.S. Court of Appeals for the Second Circuit’s major insider trading decision in United States v. Blaszczak.

Client Alert | January 13, 2021

Congress Buries Expansion of SEC Disgorgement Authority in Annual Defense Budget

On December 11, 2020, Congress passed the National Defense Authorization Act (NDAA), H.R. 6395. Buried on page 1,238 of this military spending bill is an amendment to the Securities Exchange Act of 1934 that gives the Securities and Exchange Commission, for the first time in its history, explicit statutory authority to seek disgorgement in federal district court.

Client Alert | December 18, 2020

SEC Brings First Enforcement Action Against a Public Company for Misleading Disclosures About the Financial Impacts of the Pandemic

On December 4, 2020, the Securities and Exchange Commission announced its first enforcement action against a public company for misleading disclosures about the financial effects of the pandemic on the company’s business operations and financial condition.

Client Alert | December 7, 2020

CFTC Division of Enforcement Issues New Guidance Regarding the Recognition of Cooperation, Self-Reporting, and Remediation in Enforcement Orders

The Commodity Futures Trading Commission recently announced that its Division of Enforcement issued new guidance to its staff when considering a recommendation that the Commission recognize a respondent’s cooperation, self-reporting, or remediation in an enforcement order. The Guidance represents the latest step in the Commission’s ongoing efforts to provide clarity and transparency regarding the Division’s practices and procedures.

Client Alert | November 30, 2020

Webcast: SEC Enforcement Focus on COVID-19 Issues and Key Areas of Risk

In this webcast, a panel of Gibson Dunn lawyers discusses the SEC’s enforcement priorities and key areas of risk in light of COVID-19.

Webcasts | November 18, 2020

SEC Amends Whistleblower Rules

On September 23, 2020, the Securities and Exchange Commission approved—on a 3-2 vote—amendments to its whistleblower program.

Client Alert | September 30, 2020

CFTC Settles Its Fourth Insider Trading Action

On August 4, 2020, the Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Southern District of New York entered a consent order resolving the CFTC’s seven-year old charges against the New York Mercantile Exchange (NYMEX) and its two former employees for the two employees’ repeated disclosure of material non-public information in violation of the Commodity Exchange Act (CEA) and CFTC regulations.

Client Alert | August 17, 2020

2020 Mid-Year Securities Enforcement Update

Gibson Dunn lawyers review developments in securities regulatory and enforcement activity during the first half of 2020.

Client Alert | July 20, 2020

Supreme Court Reins In, But Does Not Overturn, SEC’s Disgorgement Authority

New York partner Barry Goldsmith, Denver partner Frederick Yarger, and New York associate Jonathan Seibald are the authors of "Supreme Court Reins In, But Does Not Overturn, SEC's Disgorgement Authority," [PDF] published by the New York Law Journal on June 25, 2020.

Publications | June 30, 2020

Supreme Court Limits Disgorgement Remedy In SEC Civil Enforcement Actions

On June 22, 2020, the Supreme Court held 8-1 that although the SEC may seek disgorgement in civil enforcement actions, the remedy must be limited to the wrongdoer’s net profits and be awarded for the benefit of victims. 

Client Alert | June 22, 2020

Second Circuit Cases Clarify Scope of Investors’ “Insider” Status for Short-Swing Profit Statutes

On May 20, 2020, the Second Circuit issued a pair of opinions clarifying when a group of investors may be considered insiders for purposes of securities laws requiring the disgorgement of profits earned through short-term investments by dint of relationships with their investment advisors. 

Client Alert | May 29, 2020

A Glimpse Behind the Curtain: Insights to SEC Enforcement During the Pandemic and Tips for Mitigating Investigative Risk

Areas of regulatory focus provide a helpful roadmap for companies and financial institutions, and reinforce the guidance we provided in our prior alert, to reduce the risk of drawing scrutiny.

Client Alert | May 13, 2020

How Biz Development Cos. Can Mitigate Regulatory Risks

New York partner Mark Schonfeld, of counsel Gregory Merz and associate Chris Hamilton are the authors of "How Biz Development Cos. Can Mitigate Regulatory Risks," [PDF] published by Law360 on May 11, 2020.

Publications | May 12, 2020

Operating Partners and/or Captive Consultants: Recent SEC Action and Six Takeaways

On April 22, 2020, the U.S. Securities and Exchange Commission issued a settled order finding that a middle-market private equity fund adviser failed to adequately disclose that costs relating to an internal “Operations Group” would be charged to the portfolio companies of the adviser’s fund.

Client Alert | April 30, 2020

SEC Enforcement Focus on Fallout from COVID-19: Insights for Public Companies and Investment Advisers During a Crisis

On March 24, 2020, the co-directors of the SEC Enforcement Division took the unusual step of issuing a cautionary statement emphasizing “the importance of maintaining market integrity and following corporate controls and procedures” during the COVID-19 crisis. Gibson Dunn lawyers provide a list of potential issues to be considered in light of the SEC Enforcement Division’s notice.

Client Alert | March 26, 2020

Delaware Supreme Court Unanimously Upholds Federal-Forum Provisions

In Salzberg, et al. v. Sciabacucchi (“Blue Apron II”), a unanimous Delaware Supreme Court, with Justice Valihura writing, confirmed the facial validity of federal-forum provisions (“FFPs”)—provisions Delaware corporations adopt in their certificates of incorporation requiring actions arising under the Securities Act of 1933 (the “1933 Act”) to be filed exclusively in federal court.

Client Alert | March 20, 2020

2019 Year-End Securities Enforcement Update

Gibson Dunn lawyers review legislative, regulatory and litigation developments and trends in securities enforcement during 2019.

Client Alert | January 14, 2020

Five Gibson Dunn Partners Recognized by Who’s Who Legal 2019 Business Crime Defence Guide

Who’s Who Legal named five Gibson Dunn partners to its 2019 Business Crime Defence Global guide. Washington DC partners Richard Grime and F. Joseph Warin were both named Global Elite Thought Leaders.

Firm News | November 6, 2019

2019 Mid-Year Securities Enforcement Update

Gibson Dunn lawyers provide a comprehensive recap of the first half of 2019 in the realm of securities enforcement.

Client Alert | July 18, 2019

2018 Year-End Securities Litigation Update

Gibson Dunn highlights what you most need to know in securities litigation developments and trends for the latter half of 2018.

Client Alert | March 5, 2019

Law360 Names Gibson Dunn Among Its Securities 2018 Practice Groups of the Year

Law360 named Gibson Dunn one of its six Securities Practice Groups of the Year [PDF] for 2018. The practice group was recognized for “[s]ecuring a landmark U.S.

Firm News | January 16, 2019

2018 Year-End Securities Enforcement Update

The Securities and Exchange Commission, like most federal agencies, ended 2018 with a whimper, not a bang. Most staffers were furloughed as part of the federal government shutdown, a note on the SEC homepage cautioning that until further notice only a limited number of personnel would be on hand to respond to emergency situations.

Client Alert | January 15, 2019

Gibson Dunn Named a 2018 Law Firm of the Year

Gibson, Dunn & Crutcher LLP is pleased to announce its selection by Law360 as a Law Firm of the Year for 2018, featuring the four firms that received the most Practice Group of the Year awards in its profile, “The Firms That Dominated in 2018.” [PDF] Of the four, Gibson Dunn “led the pack with 11 winning practice areas” for “successfully securing wins in bet-the-company matters and closing high-profile, big-ticket deals for clients throughout 2018.” The awards were published on January 13, 2019.

Firm News | January 13, 2019

SEC Imposes Civil Penalties for ICO Registration Violations; Suggests a Path for Future Compliance

On November 16, 2018, the Securities and Exchange Commission (SEC) announced settled charges in its first cases imposing civil penalties solely for registration violations related to initial coin offerings (ICOs).

Publications | November 29, 2018

U.S. News – Best Lawyers® Awards Gibson Dunn 132 Top-Tier Rankings

U.S. News – Best Lawyers® awarded Gibson Dunn Tier 1 rankings in 132 practice area categories in its 2019 “Best Law Firms” [PDF] survey. Overall, the firm earned 169 rankings in nine metropolitan areas and nationally.

Firm News | November 1, 2018