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NEGOTIATING AN ENGAGEMENT AGREEMENT WITH AN INVESTMENT BANKER
Mergers & Acquisitions, NewsA company looking to sell its business will often engage an investment banker to assist in the process. The right investment banking firm can help a company sell its business for substantially more than it otherwise would have.
ADDRESSING IMPORTANT DEAL POINTS IN YOUR LETTER OF INTENT
Corporate Transactional, NewsThe fact that the letter of intent is non-binding and chiefly addresses business points of the deal sometimes lulls business owners into a sense of complacency on the legal aspects of the deal, with the mindset being that the lawyers can hash out the legal terms later.
DELAWARE CHANCERY CASE HAS SIGNIFICANT IMPLICATIONS ON USE OF SUPERMAJORITY PROVISIONS WITH DELAWARE CORPORATIONS
Corporate Transactional, NewsA recent case from the Delaware Chancery Court has cast doubt on the validity of bylaws containing supermajority voting requirements on items where Delaware’s General Corporation Law (“DGCL”) contains a specific voting threshold.
SEC CHARGES CHINESE NATIONAL CITIZENS WITH INSIDER TRADING, OBTAINS ORDER FREEZING $29 MILLION IN U.S. ACCOUNTS
News, SecuritiesThe Securities and Exchange Commission announced Friday that it obtained an emergency court order freezing brokerage accounts holding more than $29 million in allegedly illegal profits from insider trading that took place prior to the April 2016 acquisition of DreamWorks Animation SKG, Inc. by Comcast Corp.
UBS ANNOUNCES HONG KONG SECURITIES REGULATORS INVESTIGATING ITS WORK ON IPOS
NewsNow, there’s news this week that Hong Kong’s Securities and Futures Commission is investigating UBS’s conduct in sponsoring IPOs. UBS made the announcement in its most recent quarterly earnings report. UBS announced that the Commission gave notice it would take action against the company and certain unnamed employees for their work in sponsoring IPOs.
SEC RESPONDS TO SAN DIEGO INVESTMENT ADVISER RAYMOND LUCIA’S PETITION FOR REHEARING ON CLAIM SEC IN-HOUSE COURTS ARE UNCONSTITUTIONAL
Corporate Transactional, NewsSan Diego-based investment adviser Raymond Lucia’s request that the court consider his challenge to the constitutionality of the SEC’s use of in-house courts was recently rejected by a panel of the U.S. Court of Appeals for the District of Columbia Circuit. Lucia, a well-known investment adviser with a long career, was charged by the SEC with conducting misleading investment seminars that promoted a “buckets of money” investing strategy that was purportedly supported by empirical testing, when no such reliable testing had been done. The SEC proceeding resulted in what Lucia’s own attorneys described as a “career-ending lifetime industry bar”.
INVESTMENT ADVISER PLEADS GUILTY TO INSIDER TRADING
NewsThe U.S. Attorney’s office for the Southern District of New York announced today that David Hobson, who served as an investment adviser in the Providence, Rhode Island, offices of two different national broker-dealer and investment advisers, pled guilty to engaging in a scheme to commit insider trading on deals involving pharmaceutical company Pfizer.
OPENING ARGUMENTS BEGIN IN SEC CASE AGAINST PARTRIARCH’S LYNN TILTON
NewsThe SEC asserted that Tilton and her firm improperly collected the money in fees and other payments for over 10 years without disclosing to investors that companies were defaulting on loans the investors had made to the failing companies attempting turnarounds.
HONG KONG EXCHANGE TO INSTITUTE VOLATILITY CONTROL MECHANISM FOR DERIVATIVES MARKET
NewsHong Kong Exchanges and Clearing Limited (HKEX), which operates stock and futures markets in Hong Kong, announced a plan to institute a Volatility Control Mechanism (VCM) designed to prevent extreme price volatility for its derivatives market in November of 2016. The institution of this mechanism follows the HKEX’s adoption of a VCM for the securities market in August of this year.
CHAIR OF SEC DELIVERS SPEECH ON NEED FOR GREATER REGULATION OF THE U.S. TREASURY MARKET
NewsMary Jo White, chair of the SEC, discussed the need for increased regulatory oversight of U.S. Treasury trading in a speech at the Evolving Structure of the U.S. Treasury Market Conference at the New York Federal Reserve Board yesterday.
CHINESE SECURITIES REGULATOR ANNOUNCES IPO INVESTIGATIONS ON SIX COMPANIES
Corporate Transactional, NewsThe China Securities Regulatory Commission (“CSRC”) released a statement Friday on its investigation into six companies over alleged securities violations pertaining to initial public offerings and disclosures.
TECHNOLOGY COMPANY AGREES TO $2.5 MILLION FINE WITH SEC OVER ACCOUNTING VIOLATIONS
Corporate Transactional, NewsThe SEC just announced that a Houston technology solutions company agreed to pay a $2.5 million penalty to settle charges that it overstated profits, as well as that two former executives of the company agreed to settle charges of causing the violations.
SEC CHARGES ATTORNEY WITH USING BOARD ACCESS TO ENGAGE IN INSIDER TRADING
Newscommittee of the board of directors at Nashville-based Pinnacle Financial Partners to trade on nonpublic information he learned about an impending merger.
SEC REFILES FRAUD COMPLAINT AGAINST TEXAS AG
News, SecuritiesThe SEC refiled federal fraud charges against Texas Attorney General Ken Paxton, after the agency’s initial civil complaint was dismissed by a judge for lack of sufficient evidentiary allegations.
DOJ ANNOUNCES INSIDER TRADING CHARGES AGAINST FORMER TECH EXEC AND TWO OTHERS
NewsThe Department of Justice announced this week that a former Palo Alto, California, based global vice president of SAP SE and two others were indicted for their roles in a scheme to commit insider trading and money laundering, allegedly resulting in hundreds of thousands of dollars in profits.
SEC ANNOUNCES HIGHS IN ENFORCEMENT ACTIONS FOR FISCAL 2016
NewsThe SEC recently announced its enforcement results for fiscal year 2016 (ending September 30), stating that it reached new highs in the number of actions filed and in the money that was forfeited through disgorgement and penalties.