Stock Market Fraud Attorneys Blog

Representing Investors Nationwide

November 06, 2015

Did Exxon Mobile mislead investors by misrepresenting the impact climate change could have on their shares? New York’s Attorney General, Eric Schneiderman, thinks so. Following a yearlong review of shareholder disclosures, a subpoena was sent on Wednesday to the Dallas-based company. Exxon acknowledges receiving the subpoena, but rejects the allegations that it misled investors.

In a statement released on Thursday, Exxon Vice President Ken Cohen was quoted as saying, “Beginning in the... Read More

November 04, 2015

Now defunct broker-dealer QA3 Financial Corp (QA3) can only seek up to $1 million in coverage under its professional liability policy with Catlin Specialty Insurance Co. for client claims tied to losses from certain high-risk investments, the Second Circuit affirmed yesterday, rebuffing the policyholder's efforts to tap a $7.5 million limit and leaving countless clients who purchase the high-risk alternative investments with no avenue of recourse.

QA3 Financial Corp. had contended... Read More

November 03, 2015

Yesterday, a former Wells Fargo Bank NA financial analyst allegedly gave improper stock tips to her boyfriend in advance of the near $400 million acquisition of American Dental Partners, Inc. by private equity firm JLL Partners, according to a suit filed by the U.S. Securities and Exchange Commission (SEC).

The SEC told a Massachusetts federal court that former Wells Fargo financial analyst Shirmila Doddi told her boyfriend, Vlad Spivak, about the impending deal a few weeks before it... Read More

Category:
November 02, 2015

The SEC,on Friday,  passed long-awaited final rules on crowdfunding, setting the stage for startup companies to raise small amounts of capital online from mom-and-pop investors without the expense and hassles of a formal, registered offering.

The new rules, approved on a 3-1 vote with Republican Commissioner Michael Piwowar dissenting.  Among other things, the measures will let private companies raise up to $1 million over a 12-month period via crowdfunding, while capping the amount... Read More

Category:
October 28, 2015

IBM announced on Tuesday that the U.S. Securities and Exchange Commission is conducting an investigation into how the company recognized revenue on “certain transactions.” While little else is known at this time, IBM stocks fell 3% after the announcement and some industry experts predict an even larger drop as the investigation continues.

According to a spokesman for IBM, "[IBM] has a rigorous and disciplined process for the preparation of its financial statements and the reporting of... Read More

October 28, 2015

This coming Friday, the SEC is set to finalize rules to let small companies raise money from individual investors through so-called "crowdfunding," but pressure on the agency to make the measures more palatable to issuers has left some concerned that the investors are the ones who will ultimately lose when the business ventures fail.

Announced yesterday, the vote on the final crowdfunding rules comes about three and a half years after Congress called for them as part of the Jump Start... Read More

October 26, 2015

According to sources, Goldman Sachs is close to reaching a $50 million settlement to put an end to New York Department of Financial Services (DFS) probe into an alleged leak of confidential information from a NY Federal Reserve Bank staff member to a former employee of the investment banking giant. According to sources, the now former Goldman employee previously worked at the NY Fed. Both the banker and the Fed Reserve staffer face criminal charges  of the leak.

A Goldman spokesman ... Read More

Category:
October 16, 2015

Yesterday it was reported that Puerto Rico and U.S. officials are discussing the issuance of a “superbond” possibly administered by the U.S. Treasury Department that would be used to restructure $72 billion of the Puerto Rican government debt.

Under the plan, the Treasury or a designated third party would administer an account holding at least some of the island’s tax collections. Funds in the account would be used to pay holders of the superbond, which would be issued to existing... Read More

Category:
October 14, 2015

Yesterday, the Securities and Exchange Commission (SEC) announced that UBS AG has agreed to pay $19.5 million to settle charges the Swiss banking giant made false or misleading statements and omissions in offering materials for structured notes linked to a proprietary foreign exchange trading strategy offered to US investors.

UBS, one of the largest issuers of structured notes in the world, agreed to settle the SEC’s charges that it misled U.S. investors in structured notes tied to... Read More

October 08, 2015

This past Monday, the Securities and Exchange Commission (SEC) announced the filing of fraud charges against Florida-based investment adviser Arthur F. Jacob and his investment firm, Innovative Business Solutions LLC., alleging he deceived his clients for at least five years and maybe longer.

In the SEC order, setting forth the administrative proceedings, the SEC Enforcement Division alleged from at least mid-2009 through July 2014, Mr. Jacob and his company Innovative Business... Read More

Pages