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On September 16, 2024, the United States Securities and Exchange Commission (“SEC” or the “Commission”) brought charges against Kubient, Inc.’s (“Kubient”) former chairman and chief executive officer (“CEO”) for allegedly fabricating reports that the company had successfully tested its AI-supported software program, causing the company to overstate and misrepresent its revenue in connection with two public stock offerings.
For more than a decade, the U.S. Securities and Exchange Commission (the “SEC”) has been able to bring enforcement actions in either federal court or the agency’s internal venue.
V&E SEC Update
Another Southern District of New York (“SDNY”) court has sided with the Securities and Exchange Commission (“SEC”) in its enforcement campaign against the unregistered sale of cryptocurrency assets.
On January 10, 2024, the United States Attorney’s Office for the Southern District of New York (“SDNY”) introduced the SDNY Whistleblower Pilot Program (“Pilot Program”), aimed at encouraging individuals to disclose information about specific criminal offenses, particularly urging them to do so early and voluntarily. In return for their cooperation, SDNY will enter into a non-prosecution agreement (“NPA”) if certain conditions are met.
A version of this insight was published by Pratt’s Government Contracting Law Report, May 2024
On November 14, the Securities and Exchange Commission (“SEC”) published its 2023 annual enforcement report which revealed a continuation of 2022’s record-setting enforcement activity.
Evaluating a broad spectrum of challenges raised by the U.S. Chamber of Commerce and others, a unanimous panel of the U.S. Court of Appeals for the Fifth Circuit recently held that the SEC failed to provide a sufficient rationale to justify its Share Repurchase Disclosure Modernization Rule (the “Final Rules”), rendering the Final Rules arbitrary and capricious.
It is one of the hardest questions a company can face: after discovering criminal conduct inside your company, do you self-report to the government or not?
On September 14, 2023, Senator Josh Hawley of Missouri introduced the Strengthening Antitrust Enforcement for Meatpacking Act of 2023, an ambitious new piece of legislation designed to halt consolidation in the meatpacking industry.
Cryptocurrency had a rocky 2022. Bitcoin, often touted as a hedge against inflation, lost nearly 65 percent of its value. FTX, one of the most popular and well-known platforms for trading crypto, declared bankruptcy.
The Securities and Exchange Commission (“SEC”) will soon have the tools necessary to enforce its longstanding rules regarding share repurchases.
Recent technological advances, including cryptocurrency and artificial intelligence (“AI”), have made their stamp on the Securities and Exchange Commission (“SEC”) and its goals.