Tag Archives: SEC News

Deadline approaching for public companies to adopt Dodd-Frank clawback policies

By Greg Daugherty and Rich Helmreich on September 20, 2023

This summer, the Securities and Exchange Commission (SEC) approved final Dodd-Frank clawback policy listing requirements for both the NYSE (NYSE Listed Company Manual Section 303A.14) and Nasdaq (Nasdaq Listing Rule 5608). The listing standards provide that these compensation recovery policies apply to compensation received on or after Oct. 2, 2023, but listed companies have until … Continue Reading

House votes to expand access to accredited investor status

By Porter Wright on June 15, 2023

hand counting money representing accredited investor

Legislation aimed at increasing access to investment opportunities for all individuals regardless of their income or wealth level passed the House recently on May 31, 2023. H.R. 2797, or, the Equal Opportunity for All Investors Act of 2023, shares the name of a similar bill that never made it past the House after its introduction … Continue Reading

Learning from Yahoo!’s missteps: Meeting SEC disclosure obligations after a cyber-attack

By Porter Wright on August 4, 2017

In July 2016, Verizon announced it would buy Yahoo! for an unprecedented $4.83 billion. Several months later, Yahoo! disclosed two massive data breaches that affected 1.5 billion people, threatening to scuttle the agreement. Although Verizon recently finalized the acquisition, the hack forced Yahoo! to accept a $350 million reduction in purchase price. Within the last … Continue Reading

SEC enforces rules regarding use of non-GAAP measures and undisclosed perks

By Porter Wright on January 23, 2017

Last week, the Securities and Exchange Commission (SEC) made good on its promises to enforce violations of its non-GAAP financial measure disclosure rules. MDC Partners agreed to pay a $1.5 million dollar penalty to settle the SEC’s charges relating to non-GAAP disclosures made by the company. The SEC alleged that MDC Partners had misused several … Continue Reading

Mark Cuban Wins Insider Trading Trial

By Porter Wright on October 17, 2013

After “refusing to be bullied” into settlement, Mark Cuban, the billionaire owner of the Dallas Mavericks, won over a Texas jury and was cleared of insider trading charges brought by the SEC. The nine-person jury in the federal court in Dallas determined that Cuban did not violate federal securities laws in selling his stake in … Continue Reading

SEC Approaches Shutdown: What Functions Will Continue?

By Porter Wright on October 16, 2013

At the beginning of the federal shutdown, the SEC announced that it would continue to operate as normal “for a few weeks” because of its ability to access a pool of funds not available to other federal agencies. But as we continue into the third week of the federal shutdown, that ambiguous timeline of a … Continue Reading

SEC Agrees to $5 Million Settlement With Two Brazilian Insider Traders

By Bob Tannous on October 10, 2013

On Oct. 10, 2013, the Securities and Exchange Commission (SEC) announced that Rodrigo Terpins and his brother, Michel Terpins, have agreed to pay $5 million to settle charges that they were behind suspicious trading in call H.J. Heinz Company options one day before the company publicly announced its acquisition by Berkshire Hathaway and 3G Capital. … Continue Reading

SEC Formally Proposes CEO Pay Ratio Disclosure Rule

By Porter Wright on September 20, 2013

On Wednesday, by a 3-2 vote, the SEC approved proposal of the long-anticipated CEO pay ratio disclosure rule (read the press release). The proposed rule, part of the 2010 Dodd-Frank Act, would require a public company to disclose the ratio of compensation between its CEO and the median compensation of all its other employees. The … Continue Reading