Yesterday, Commissioner Preston DuFauchard started the process for adding six months to the lifespan of Rule 260.204.9. The Commissioner took this action in light of the imminent expiration of the “private adviser” exemption set forth in Section...
Recent Posts
Earlier this week, I wrote about the many scandals that have been swirling about the California Public Employees Retirement System. A good sign that an organization is feeling embattled is when it sets up a website dedicated to providing responses....
Congress issues an invitation
Yesterday, the U.S. Supreme Court issued its decision in Janus Capital Group, Inc. v. First Derivative Traders. In a 5-4 decision, the Court found that to be liable under Rule 10b-5, a person must "make" the material misstatement. According to...
The news keeps getting worse for the nation's largest public pension fund - the California Public Employees Retirement System. On Saturday, Los Angeles Times reporter Marc Lifsher reported in this story that CalPERS has adopted a policy of...
Yesterday, the Securities and Exchange Commission issued this announcement regarding its settlement with two advertising executives who launched a campaign to buy a beer company through a solicitation of investors on Facebook and Twitter without...
Last December, I wrote this post about Corporations Code § 25501.5 that asked "What do it mean?". In general, the statute authorizes an action for rescission (or damages, if the security is no longer owned) by any person “who purchases a security...
People make mistakes. Some mistakes, such as dialing a wrong number, can be fixed with no lasting damage. Other mistakes, such as Fred Merkle's base running error in 1908, can never be undone.
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