SEC Announces FY23 Enforcement Results –Record-Breaking Whistleblower Awards, Focus on Individual Accountability, Self-Reporting, and Cooperation Credit

The Securities and Exchange Commission (SEC) recently announced its enforcement results for fiscal year 2023, which reported a total of 784 enforcement actions, up 3% from FY22. This includes 501 original (stand-alone) enforcement actions, an 8% increase from last year. The SEC also barred 133 individuals from serving as officers and […]

SEC Enforcement Director Discusses Priorities, Off-Channel Communications, Crypto and ESG

In his remarks at the 2023 Berkeley Fall Forum on Corporate Governance, GurbirGrewal, director of the Securities and Exchange Commission’s Division of Enforcement, discussed the SEC’s current enforcement priorities – including an investigative sweep related to the use of off-channel communications, regulation of cryptocurrencies, and developments in the area of […]

The ‘State’ of Delaware

During a panel at the October 2023 Berkeley Fall Forum on Corporate Governance, Delaware Court of Chancery Chancellor Kathaleen St. J. McCormick and Vice Chancellor Paul Fioravanti, along with lawyers Shannon Eagan (Cooley), Elena Norman (Young Conaway) and Randall Baron (Robbins Geller Rudman & Dowd), shared their views on recent developments […]

Securities Litigation + Enforcement Highlights for Q3 2023

Through the summer and into the fall of 2023, Cooley’s securities litigation + enforcement practice continued to provide our clients with thoughtful analysis on recent developments in securities law, while also obtaining key wins for them. Below, we’ve rounded up key insights and developments from our team over the past […]

SEC Focuses on Whistleblower Protections in Employee Separation Agreements

Recent Securities and Exchange Commission enforcement actions have zeroed in on whistleblower protections in employee separation agreements, signaling that now may be the time for companies to closely review employee agreements and releases. On September 29, 2023, the SEC announced settled charges against New York-based registered investment adviser D. E. […]

Second Circuit Confirms That Corrective Disclosure Mismatch May Preclude Class Certification

On August 10, 2023, the US Court of Appeals for the Second Circuit dealt a blow to securities class action plaintiffs when it decertified the investor class in Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. After a long history of the case going up to the US Supreme […]

Eleventh Circuit Reiterates Loss Causation not a Given at Pleading Stage

Securities class action plaintiffs and defendants often disagree about the degree of difficulty to plead loss causation at the motion to dismiss phase. The US Court of Appeals for the Eleventh Circuit recently shed some light on this debate, affirming the dismissal of a securities class action and signaling that […]

Securities Plaintiffs Pursuing Crypto, Banking and High-Dollar-Value Cases in 2023, According to Cornerstone Research Report

Cornerstone Research (a top consulting and expert testimony firm) recently issued its highly anticipated midyear report on securities class action filings. The report examines recent trends in securities class action filings and provides insights about the types of cases filed, maximum dollar loss (MDL) amounts, and the impact of recent […]

Keeping Up With M&A Case Law – Spotlight on Recent Delaware Decisions

The mergers & acquisitions market may wax and wane, but one thing in M&A is consistent from year to year: The Delaware courts issue opinions that impact M&A dealmaking. And this year is certainly no exception – Delaware courts continue to have plenty to say about M&A. While certainly not […]

Securities Litigation + Enforcement Highlights From Q2 2023

As 2023 reached its midpoint, Cooley’s securities litigation + enforcement practice continued its track record of obtaining victories for clients while serving as thought leaders on issues impacting the securities litigation and enforcement landscape. Below, we’ve rounded up key insights and developments from our team over recent months.