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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

SEC Obtains Asset Freeze in UK Related to U.S. Hedge Fund Enforcement Action

Posted on May 19, 2008
The High Court of Justice in London issued an order freezing assets held in the United Kingdom by Glenn Manterfield, a citizen of the United Kingdom and a resident of Sheffield, England. Manterfield is a defendant in a pending SEC...

SEC Obtains TRO Against Watermark Financial Services Group

Posted on May 19, 2008
The SEC obtained a temporary restraining order in the federal district court for the Western District of New York against Watermark Financial Services Group, Inc. ("Watermark Financial"), Watermark M-One Holdings, Inc. ("Watermark Holdings"), M-One Financial Services, LLC ("M-One"), Watermark Capital...

SEC Files Charges Against Former AOL Time Warner Executives for Inflating Ad Revenues

Posted on May 19, 2008
The SEC filed civil fraud charges against eight former executives of AOL Time Warner Inc. for their roles in a fraudulent scheme that caused the company to overstate its advertising revenue by more than $1 billion. In its complaint, filed...

Staples Begins Tender Offer for Dutch Office Goods Supplier

Posted on May 19, 2008
Staples Inc. launched a tender offer for the ordinary shares of Dutch office-goods supplier Corporate Express NV after Corporate Express refused to negotiate with Staples. Staples said the offering price reflects a 90% premium over the closing price before rumors...

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SEC Settles Backdating Charges Against Brooks Automation

Posted on May 19, 2008
The SEC settled a civil injunctive action against Brooks Automation, Inc., a semiconductor capital equipment company, that alleged that it overstated income and understated employee compensation expenses in its financial statements by $64.5 million during the period from 1996 through...

SPAC IPOs are Down

Posted on May 19, 2008
The number of "special purpose acquisition company" (SPAC) or "blank check" offerings has declined since the beginning of the year. In January and February 2008 11 of 20 IPOs were SPAC offerings; since then, only 2 of 12 IPOs were...

Microsoft Issues Statement Regarding Yahoo!

Posted on May 19, 2008
Microsoft announced that it is continuing to explore and pursue its alternatives to improve and expand its online services and advertising business in the following statement: ?In light of developments since the withdrawal of the Microsoft proposal to acquire Yahoo!...

Bainbridge on Investor Activism

Posted on May 18, 2008
Investor Activism: Reshaping the Playing Field?, by STEPHEN M. BAINBRIDGE, University of California, Los Angeles - School of Law, was recently posted on SSRN. Here is the abstract: Shareholders of U.S. corporations historically tended towards rational apathy...

Broome & Krawiec on Board Diversity

Posted on May 18, 2008
Signaling Through Board Diversity: Is Anyone Listening?, by LISSA L. BROOME, University of North Carolina at Chapel Hill - School of Law, and KIMBERLY D. KRAWIEC, University of North Carolina at Chapel Hill - School of Law, was recently posted...

Black on Empirical Evidence of Institutional Investor Monitoring

Posted on May 18, 2008
The Value of Institutional Investor Monitoring: The Empirical Evidence, by BERNARD S. BLACK, University of Texas at Austin School of Law; McCombs School of Business, University of Texas at Austin; European Corporate Governance Institute (ECGI), was recently posted on SSRN...

Black on Institutional Investor Voice

Posted on May 18, 2008
Agents Watching Agents: The Promise of Institutional Investor Voice, by BERNARD S. BLACK, University of Texas at Austin School of Law; McCombs School of Business, University of Texas at Austin; European Corporate Governance Institute (ECGI), was recently posted on SSRN...

Haslem on Mutual Fund Arbitrage

Posted on May 18, 2008
Mutual Fund Arbitrage and Other Practices: Sources of Explicit and Opportunity Costs, by JOHN A. HASLEM, University of Maryland - Robert H. Smith School of Business, was recently posted on SSRN. Here is the abstract: Mutual fund advisors often approve...

Baer on Corporate Policing & Corporate Governance

Posted on May 18, 2008
Corporate Policing and Corporate Governance: What Can We Learn from Hewlett-Packard's Pretexting Scandal?, by MIRIAM H. BAER, New York University School of Law, was recently posted on SSRN. Here is the abstract: When Hewlett Packard (HP) announced in September 2006...

Court Enjoins Affinity Ponzi Scheme

Posted on May 17, 2008
On May 12, 2008, the federal district court for the Central District of California entered an order preliminary enjoining Safevest, LLC and its principals, Jon G. Ervin, Sr. and John V. Slye from future violations of the antifraud provisions of...

SEC Obtains Freeze of Assets in Alleged Insider Trading Case

Posted on May 17, 2008
The SEC filed an emergency civil action in the United States District Court for the Southern District of New York against Cristian De Colli, a machinery engineer residing in Rome, Italy, alleging that he engaged in insider trading from which...

Yahoo Responds to Icahn

Posted on May 16, 2008
The Yahoo board responded to Carl Icahn's proxy contest to replace Yahoo's ten directors in a letter stating that: Unfortunately, your letter reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board...

PurchasePro Founder Convicted of Stock Fraud

Posted on May 16, 2008
PurchasePro founder Charles E. Johnson Jr. was found guilty of stock fraud and obstruction of justice after a federal court found he misled investors by inflating revenues at the software company in 2001. In his opinion the judge relied on...

Former NBTY Director Settles Insider Trading Charges

Posted on May 15, 2008
A final judgment was entered on May 8, 2008, by the United States District Court for the Southern District of New York against Nathan Rosenblatt, a former director of NBTY, Inc., and member of its three-person audit committee. Rosenblatt consented...

SEC Amends Rule 2a-46 of Investment Co. Act

Posted on May 15, 2008
The SEC broadened small business financing opportunities by amending Rule 2a-46 under the Investment Company Act to increase the availability of capital to certain smaller companies that may not have ready access to the public capital markets or other forms...

FINRA Fines 3 Firms for OATS violations

Posted on May 15, 2008
FINRA fined TradeStation Securities, Inc., E*Trade Securities, LLC and CIBC World Markets Corp. a total of $1.6 million for multi-year violations relating to FINRA's Order Audit Trail System (OATS) rules and related supervisory failures. Under the OATS rules, firms must...

Icahn Seeks to Replace Yahoo Directors

Posted on May 15, 2008
As expected, Carl Icahn launched a proxy contest to replace all ten directors on the Yahoo board at its upcoming shareholders' meeting, saying that the current board has "acted irrationally and lost the faith of shareholders." Among the nominees is...

Merrill Reforms its Stock Rating System

Posted on May 15, 2008
Merrill announced a new system for rating stocks that requires its analysts to assign "underperform" ratings to 20% of the stock they cover and "buy" ratings to no more than 70%. Even after the Global Analysts' Settlement that mandated industry...

Moody's Will Restrict Bond Analysts' Talks with Issuers

Posted on May 15, 2008
Moody's Investors Service said it would revise its code of conduct to limit bond-rating analysts' discussions with issuers to "credit issues." The independence of debt-rating agencies has been doubted, and there are calls for regulatory reform. The SEC is expected...

Freddie Reports Quarterly Loss

Posted on May 15, 2008
As evidence that the housing market crisis is not over, Freddie Mac reported a loss for the first quarter of 2008 of $151 million (66 cents per share), compared with a loss of $133 million (35 cents per share) for...

Indiana Businessman Charged with Criminal Securities Fraud

Posted on May 14, 2008
The SEC announced that on May 9, 2008, the United States Attorney's Office for the Northern District of Illinois filed a 14-count criminal information against Michael E. Kelly ("Kelly"), a former South Bend, Indiana businessman that the SEC previously charged...

Court Enjoins Pump & Dump Scheme Involving Nutraceutical

Posted on May 14, 2008
On April 25, 2008, the U.S. District Court for the Middle District of Florida granted the SEC's motion for summary judgment and entered an order and final judgment against Kerry P. Kennedy, a stock promoter who orchestrated the fraudulent promotion...

Icahn Will Run Slate for Yahoo Board

Posted on May 14, 2008
Carl Icahn plans to launch a proxy contest to replace all ten of Yahoo's directors, with the goal of pressuring the company to resume merger negotiations with Microsoft. The Yahoo deadline for board nominations is Thursday. WSJ, Icahn Will Launch...

SEC Charges Ponzi Scheme Targetted to African-American Community in Los Angeles

Posted on May 14, 2008
The SEC filed securities fraud charges against the promoters of an $18 million real estate investment scheme targeting the African-American community in the Los Angeles area and other locations in Nevada and Georgia. The SEC's complaint, filed in U.S...

SEC Charges Broadcom Officers with Backdating

Posted on May 14, 2008
The SEC charged two current and two former top officers of Broadcom Corporation for their alleged participation in a five-year scheme to secretly backdate stock options granted to virtually all Broadcom officers and employees. The SEC's complaint, filed in federal...

SEC Settles FCPA Charges Against Willbros Group

Posted on May 14, 2008
The SEC filed a settled civil action against Willbros Group, Inc. and several former employees alleging that they violated the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) and the antifraud provisions of the federal securities laws...

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