Did George Rice Foresee Bernie Madoff?

Goldfield, Nevada exploded into Nevada's largest city in the first decade of the Twentieth Century.  It supported two stock exchanges - the Goldfield Mining Stock Exchange (which began in the Northern Saloon) and the Goldfield Stock and Exchange...

Why Section 11 Is A Big Deal

Many law firms will undoubtedly publish alerts on yesterday's decision by the Ninth Circuit Court of Appeals in Pirani v. Slack Techs., 2021 U.S. App. LEXIS 28319.   The court held that issue arose from  the New York Stock Exchange's rule allowing...

Ninth Circuit Holds Loss Causation Required For California Securities Claim

Section 25400(d) of the California Corporations Code declares it is unlawful for any person, directly or indirectly, in this state:

SEC Ventures Into The Dark Web, But Can It Establish A Connection?

In March, the Securities and Exchange Commission announced its first securities enforcement action involving the "dark web".  The SEC's complaint describes the "dark web" as referring to "a subset of the deep web that is intentionally hidden,...

New Podcast Series Features Blue Sky Enforcement Stories

It seems that there are now podcasts for every taste and interest.  Earlier this month, the North American Securities Administrators Association announced the introduction of Real Life Regulators a podcast series that brings "true crime stories...

Not All Sports Betting May Be Legal In Nevada

Last August, Nevada Secretary of State Barbara Cegavske issued a Summary Order to Cease and Desist on Thomas Becker and Wellington Sports Club, LLC, Einstein Sports Advisory, Ltd., and Welscorp, Inc.  The gist of Secretary of State's allegations is...

Does Voluntary Disclosure Reduce Or Increase Litigation Risk?

When disclosure is not mandated, companies must confront the question whether to disclose or not disclose.  Some may hold that issuers minimize the risk of securities litigation by making early and voluntary disclosures.  By doing so, they cabin...

Is It Deceptive To Lie To A Machine?

John Jenkins at TheCorporateCounsel.net writes this morning about the Securities and Exchange Commission's announcement that it has filed a civil complaint against nine defendants for hacking the EDGAR system.  The SEC's complaint alleges that...

Court Finds Section 12(a) Claim Fails For Failure To Plead Scienter?

I recently covered liability under Sections 11 and 12 of the Securities Act of 1933 in the securities regulation course that I am teaching at the University of California, Irvine School of Law.  Thus, I was interested to read a recent ruling by U.S....

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