SecuritiesRSS

  • December 3, 2007

    AIMSI Exec Settles SEC Enforcement Action

    A former CEO accused of orchestrating a scheme to inflate the value of his company's stock has reached a settlement with federal regulators, which, in addition to imposing a fine, will permanently bar him from ever serving as an officer or director of a public company.

  • December 3, 2007

    Ex-Exec Inks Plea In Broadcom Backdating Probe

    Former Broadcom Corp. human resources head Nancy Tullos has agreed to plead guilty to obstruction of justice charges stemming from her alleged deletion of an e-mail pertaining to employee options backdating at the chip company.

  • December 3, 2007

    Lead Plaintiffs Named In Countrywide Suit

    Two New York pension funds have been named as lead plaintiffs in a consolidated securities class action filed against embattled mortgage lender Countrywide Financial Corp.

  • December 3, 2007

    HomeBanc Hit With Securities Class Action

    A purchaser of HomeBanc Mortgage Corp.'s series A stock has alleged that, in the run-up to its offering, the bankrupt lender failed to disclose numerous adverse business circumstances as well as its plans to unload its high-quality loans in favor of subprime ones.

  • December 3, 2007

    Xethanol Settles Securities Class Action

    Renewable energy company Xethanol Corp. has agreed to settle a consolidated class action lawsuit accusing it of deliberately misstating its ethanol production capabilities in order to raise stock prices.

  • December 3, 2007

    FERC Refuses To Back Down From Amaranth Action

    In a hotly anticipated ruling, the Federal Energy Regulatory Commission refused Friday to rehear Amaranth Advisers LLC's objection to FERC's proposed $200 million fine, ratcheting up the jurisdictional turf war between FERC and the Commodity Futures Trading Commission.

  • December 3, 2007

    Ericcson Faces Investor Suit After Drop In Stock

    A lawsuit filed against Swedish telecommunications systems provider Ericsson LM Telephone Co. alleges it lied to investors about the demand for its mobile network equipment, a move that lessened the value of the stock.

  • December 3, 2007

    Judge Extends Options Freeze For UnitedHealth CEO

    A judge has extended an order barring former UnitedHealth Group Inc. CEO William McGuire from exercising his stock options until a special litigation committee can determine whether the company should file claims against the ousted executive.

  • December 3, 2007

    Prosecutors May Call On Buffett In General Re Trial

    Billionaire and Berkshire Hathaway Inc. leader Warren Buffett has been included on a witness list for the upcoming criminal trial of four former executives of his company's reinsurance unit, General Reinsurance.

  • December 3, 2007

    Scottrade Wins Restraining Order In Stock Dispute

    Discount broker-dealer Scottrade Inc. has won a temporary restraining order that will stop a forced buy-in of 990,000 shares of Modern Energy Corp. stock. Meanwhile, the company will investigate allegedly fraudulent activity related to Modern Energy's recent mandatory stock exchange.

  • November 30, 2007

    HSBC Denies Overvaluing Bonds, Files Counterclaims

    Hit with a lawsuit alleging that it undervalued subprime mortgage-backed bonds, investment bank HSBC Securities Inc. has fired back, denying the allegations and filing several counterclaims of its own.

  • November 30, 2007

    Bear Stearns Broker Pleads Guilty To Insider Trading

    Former Bear Stearns & Co. trader Ken Okada became the ninth person to plead guilty to charges relating to his alleged involvement in a scheme that netted millions through trading on inside information from Morgan Stanley & Co. and UBS Securities LLC.

  • November 30, 2007

    Private Equity Firm Faces Class Actions Over IPO

    Shareholders are starting to circle around Pzena Investment Management Inc. with lawsuits over the New York money manager's alleged failure to disclose an outflow of investment in one of the largest mutual funds under its control.

  • November 30, 2007

    Judge Rejects Tyco Exec's Plea To Toss SEC Suit

    The last of the Tyco International Ltd trio to face charges by the U.S. Securities and Exchange Commission over a massive accounting fraud scam has lost his bid to have the case thrown out.

  • November 29, 2007

    High Court Throws New Query Into Arbitration Case

    The Supreme Court has posed a new question in an arbitration challenge that many hoped would finally resolve a long-standing conflict surrounding the Federal Arbitration Act. The move has left some arbitration experts wondering whether the justices will end up sidestepping the matter altogether.

  • November 29, 2007

    SEC Deputy Enforcement Head Steps To Simpson

    The U.S. Securities and Exchange Commission's deputy director of enforcement has joined Simpson, Thacher & Bartlett LLP, where he will focus on building up the firm's government and internal investigations practice in Washington, D.C.

  • November 29, 2007

    Lord Black's Attorneys Seek Reduced Sentence

    Despite the recommendations made in a pre-sentencing investigation report, Conrad Black should not serve more than 29 months in prison as punishment for his criminal fraud conviction, the former media magnate's attorneys contended.

  • November 29, 2007

    Objections To Dana's Reorganization Plan Pile Up

    Just a day after it inched one step closer to exiting Chapter 11 by securing $2 billion in exit financing, Dana Corp. was hit with objections to its joint reorganization plan from asbestos claimants and lead plaintiffs in securities litigation, among others.

  • November 29, 2007

    Feds Launch Probe Into Sanmina-SCI Stock Options

    Electronics manufacturer Sanmina-SCI Corp. said in a regulatory filing Wednesday that the company was the subject of probes from three federal agencies related to its stock option granting practices, including the U.S. Securities and Exchange Commission, which has issued a formal order of investigation.

  • November 29, 2007

    N.Y. Broker Fined $400K For Market Timing Violations

    New York-based broker-dealer Rafferty Capital Markets LLC will have to pay more than $400,000 for allegedly failing to prevent late trading and deceptive market timing practices by its hedge fund customers.