Download or read book Bromberg and Lowenfels on Securities Fraud Commodities Fraud written by Alan R. Bromberg and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Securities Fraud 2009 written by Boston Bar Association. Continuing Legal Education and published by . This book was released on 2009 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Securities Fraud written by Louis L. Straney and published by John Wiley & Sons. This book was released on 2010-11-09 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first complete, expert guide to securities and investment fraud Filled with expert guidance for detection and prevention of all kinds of securities fraud and investment misconduct, Securities Fraud helps you identify red flags of fraud and offers practical ways to detect and prevent it. Written by a Wall Street professional with three decades of experience spanning the most critical period of our financial markets This book challenges classic fraud theories, describing how to dismantle information silos that permit fraudsters to conceal their activities. Begins with an overview of the evolution of securities regulation and the impact of securities fraud Offers real cases and examples which illustrate recurring themes and red flags Provides the first guide of its kind to offer a complete look at the various kinds of securities fraud and investment misconduct Securities Fraud is the essential guide you need for a bird's-eye view of fraud that may be taking place even now within your own organization and with your portfolio.

Download or read book The Valuation Treadmill written by James J. Park and published by Cambridge University Press. This book was released on 2022-07-28 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill.

Download or read book The Logic and Limits of Event Studies in Securities Fraud Litigation written by Jill E. Fisch and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Event studies have become increasingly important in securities fraud litigation, and the Supreme Court's 2014 decision in Halliburton Co. v. Erica P. John Fund, Inc., heightened their importance by holding that the results of event studies could be used to obtain or rebut the presumption of reliance at the class certification stage. As a result, getting event studies right has become critical. Unfortunately, courts and litigants widely misunderstand the event study methodology leading, as in Halliburton, to conclusions that differ from the stated standard. This Article provides a primer explaining the event study methodology and identifying the limitations on its use in securities fraud litigation. It begins by describing the basic function of the event study and its foundations in financial economics. The Article goes on to identify special features of securities fraud litigation that cause the statistical properties of event studies to differ from those in the scholarly context in which event studies were developed. Failure to adjust the standard approach to reflect these special features can lead an event study to produce conclusions inconsistent with the standards courts intend to apply. Using the example of the Halliburton litigation, we illustrate the use of these adjustments and demonstrate how they affect the results in that case. The Article goes on to highlight the limitations of event studies and explains how those limitations relate to the legal issues for which they are introduced. These limitations bear upon important normative questions about the role event studies should play in securities fraud litigation.

Download or read book Expanding Enforcement Options the Securities Fraud Approach written by Joseph C. Long and published by . This book was released on 1979 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Single Firm Event Studies Securities Fraud and Financial Crisis Problems of Inference written by Andrew C. Baker and published by . This book was released on 2016 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lawsuits brought pursuant to section 10(b) of the Securities and Exchange Act depend on the reliability of a statistical tool called an event study to adjudicate issues of reliance, materiality, loss causation, and damages. Although judicial acceptance of the event study technique is pervasive, there has been little empirical analysis of the ability of event studies to produce reliable results when applied to a single company's security.Using data from the recent financial crisis, this Note demonstrates that the standard model event study used in most court proceedings can lead to biased inferences sanctioned through the Daubert standard of admissibility for expert testimony. In particular, in the presence of broad market volatility, a base event study will cause too many returns to be identified as statistically significant. Even recently proposed variations of the event study model specifically designed to address violations of the statistical assumptions of an event study will not completely correct this bias. This Note proposes two alternative forms of event studies that are capable of creating statistically reliable results and should be adopted by courts in instances where there is cause to believe that market volatility has increased.Over previous decades, the judiciary has steadily moved toward a reliance on empirics and expert testimony in overseeing complex civil cases. Yet there has been surprisingly little research accompanying this judicial deference on the ability of statistical evidence to produce the promised result. This Note calls into question whether this movement has been beneficial from a logical or empirical perspective, but it demonstrates that alternative techniques that can aid the finder of fact in resolving these disputes -- regardless of market trends -- may in fact exist.

Download or read book Socially Acceptable Securities Fraud written by Christine Hurt and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is a lie? Moreover, where is it a lie? Lies are bad. Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 create liability for issuer firms and individuals who make “an untrue statement of a material fact” or omit “a material fact required to be stated therein or necessary to make the statements therein not misleading.” In the ninety years since the passage of the Securities Exchange Act, however, the number of ways in which market participants may publicly disseminate statements that will be consumed by investors has exploded; does 10b-5 really apply to all these statements? This Article asks the question the jury in United States v. Schena asked the trial judge during deliberations: Do we not distinguish at all between a tweet and a press release?Presently, the number of ways in which issuers and officers communicate with the wider public and in which buyers and sellers communicate with each other is almost too long to list: social media such as TikTok, Instagram, Twitter, Discord, and Facebook; investor message boards such as InvestorHub, Motley Fool Community, r/wallstreetbets and Seeking Alpha; company websites; YouTube; earnings calls; webinars; investor and industry conferences; and of course, SEC filings. Some of these communications are scripted; some are vetted by legal counsel; and some are crafted with cautionary language that insulates otherwise rosy forward-looking statements from liability. Some of these communications, however, are extemporaneous, unvetted, and uncrafted. Yet all of these types of statements have formed the basis for private investor litigation, civil enforcement, and criminal enforcement. The Twitter trial of the century between Tesla investors and Elon Musk garnered substantial attention with scholars and pundits. This 2023 case, however, is not an isolated securities fraud case involving social media; in fact, in United States v. Schena and United States v. Milton, two different CEOs were convicted of criminal securities fraud based on tweeting activity. Though defendants question the role of social media in enforcement actions, courts are treating these marketplace statements just like formal corporate statements. Issuers and their officers who engage with stakeholders via social media may be unwittingly creating substantial litigation risk for their corporations. This Article presents an empirical analysis of 2022 10b-5 class action lawsuits and of 10b-5 enforcement actions by the SEC that suggests that though social media statements are not yet rich fodder for securities fraud allegations, social media statements are the basis of some lawsuits and prosecutions. In a few cases, the social media statement takes center stage; in some cases, allegedly false statements are repeated in multiple venues, including social media. Currently, courts decide on a case-by-case basis if particular statements in social media should be actionable under traditional rules for falsity, materiality, and nexus to issuer securities. This article argues that this approach may lead to very different outcomes within a single federal securities law regime and should be reformed. Ultimately, this article argues that there may be a level of socially-acceptable securities fraud that must be tolerated in an information society.

Download or read book Securities Litigation Abuses written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1998 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Trial of a Securities Case written by and published by . This book was released on 1990 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Securities Fraud 2012 written by Diana K. Lloyd and published by . This book was released on 2012 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Securities and Exchange Commission V Cuban written by Marc I. Steinberg and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This experiential book focuses on the Securities and Exchange Commission's (SEC) enforcement action charging Mr. Mark Cuban with illegal insider trading. Mr. Cuban is a well-respected entrepreneur, businessman and investor whose ownership interests include the National Basketball Association s (NBA) Dallas Mavericks. Mr. Cuban also is one of the principal investors on the reality television program Shark Tank. His net worth is valued in the billions of dollars. The author (Marc I. Steinberg) was retained as an expert witness in this case on Mr. Cuban's behalf. Professor Steinberg therefore had the opportunity to experience this litigation from the playing field rather than as a spectator. These insights enhance the book's substance and vitality. In captivating fashion, the book presents key documents, testimony, and insights from the start of the SEC's investigation of Mr. Cuban's trading of Mamma.com stock through the end of trial with the jury exonerating him. This saga lasting five years was at a high cost for the government and Mr. Cuban. In his successful defense, Mr. Cuban reportedly spent $12 million in legal fees in defeating the government's charge that he was a fraudster. For the SEC, after years of vigorous pursuit with less than a formidable case, it incurred a significant defeat. In the end, when Mr. Cuban emerged victorious and the government packed its bags, questions are raised as to strategic decisions made, the high costs of defending one's good name, the limits of government prosecutorial discretion, and the breadth of our insider trading laws. This book focuses on this intriguing litigation, drawing the reader's attention as the story unfolds.

Download or read book Comparative Studies of Criminal Securities Fraud in the U S and Japan written by Tomohiro Fukano and published by . This book was released on 2004 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Fourth Annual National Institute on Securities Fraud written by and published by . This book was released on 2009 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book After Halliburton Event Studies and Their Role in Federal Securities Fraud Litigation written by Jill E. Fisch and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Securities Litigation 2019 written by Lyle Roberts and published by . This book was released on 2019-04 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Enforcement of Securities Law in China written by Wenming Xu and published by Springer Nature. This book was released on 2022-03-14 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a law and economic approach to examine the securities law enforcement in China and provides an in-depth empirical analysis on the enforcement inputs and outputs. In contrast to previous studies, it systematically collects a large sample of judicated securities fraud cases and public sanctions as disclosed by the listed companies. The enforcement regime is further divided into the private enforcement exemplified by the civil litigation imitated by harmed investors and public enforcement by sanctions proceedings initiated by public agencies. Academic researchers, policy makers and practitioners, who are interested in the securities market and regulation could find the information provided in this book interesting.