Information About Securities litigation and enforcement
Below is a preview of the five most recent posts from the blog Securities litigation and enforcement. To read these posts in their entirely or subscribe to future updates from this blog, please visit their website!
- US Second Circuit rules Issuer’s statements concerning regulatory compliance too generic to constitute material misstatements
On March 5, 2019, the United States Court of Appeal for the Second Circuit affirmed the dismissal of a class action claim alleging securities fraud based on purportedly misleading statements made by an Issuer regarding its regulatory compliance efforts. The Second Circuit concluded that the Issuer’s … Read more »
- Not ready yet: OSC rejects bitcoin fund prospectus
On February 15, 2019, the Ontario Securities Commission issued a decision in which it refused to issue a receipt for a prospectus filing made by 3iQ Corp. (3iQ) in respect of The Bitcoin Fund (the Fund). The decision highlights the challenges faced by issuers seeking to do business in cryptocurrenc … Read more »
- Alberta Securities Commission Declines to Stay Enforcement Proceedings In Face of Parallel Class Actions
In February 2019, the Alberta Securities Commission (ASC) declined to stay the hearing of pending ASC enforcement proceedings on the basis of the existence of parallel, pending class action proceedings. Background In June 2018, Staff of the ASC issued a notice of hearing against Alberta divisions of … Read more »
- Ontario Securities Commission awards whistleblowers $7.5 million in first ever payout
On July 14, 2016, the Ontario Securities Commission (OSC) launched the Whistleblower Program (the Program). Under the Program, individuals that provide information on violations of Ontario’s securities law to the OSC are eligible for awards of between 5% and 15% of total monetary sanctions or volunt … Read more »
- Re Meharchand: An affirmation of fundamental securities law principles
On October 19, 2018, the Ontario Securities Commission (OSC) issued reasons for Re Meharchand, a case confirming core concepts in securities law including the definition of an “investment contract”, registration when in the business of selling securities, and the test for fraud. Background The respo … Read more »
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