SEC Breaks Yearslong Silence On Selective Disclosures

Law360 (August 22, 2019, 10:15 PM EDT) -- The U.S. Securities and Exchange Commission this week broke years of silence about inappropriate selective disclosures of material information, reminding companies that a rule barring such behavior does exist.

The SEC's pursuit of violations of Regulation FD, which prevents publicly traded companies from disclosing material information to a limited number of people, had stalled until Tuesday's action against drugmaker TherapeuticsMD Inc., with the lull giving companies an opening to fall out of compliance with the rule.

"The SEC has probably noticed it and has made it a renewed priority," said Ballard Spahr LLP partner David Axelrod, a former supervisory trial counsel...

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