Securities and Exchange Commission News

Wall Street Whistleblowers Tip Off SEC — But Hear Nothing Back

Janice Shell likes to sniff out fraud. An art historian by training, she once spent her days digging through Renaissance archives in Italy. Now 74, retired and living in suburban Philadelphia, she pores over financial filings instead. She hunts for …

PLUS Panelists: New SEC Disclosure Rules May Drive Up D&O Claims

SAN DIEGO — New rules proposed by the US Securities and Exchange Commission on cybersecurity and climate impact disclosures may generate more lawsuits that will generate claims against directors & officers policies, panelists said Wednesday during the Professional Liability Underwriting …

SEC Considering Action Against Solarwinds over Cyber Disclosures

The U.S. Securities and Exchange Commission has recommended an enforcement action against SolarWinds Corp. over its public statements on cybersecurity and procedures governing such disclosures, the software firm said on Thursday. The Austin, Texas-based company also said in a filing …

CVS, Walmart, Walgreens Agree to Pay $13.8B to Settle U.S. Opioid Claims

CVS Health Corp., Walgreens Boots Alliance Inc. and Walmart Inc. have agreed to pay about $13.8 billion to resolve thousands of U.S. state, local and tribal government lawsuits accusing the pharmacy chains of mishandling opioid painkillers. CVS said Wednesday it …

Allianz to Pay $6B in US Fraud Case, Fund Manager Charged

Germany’s Allianz agreed to pay more than $6 billion and its US asset management unit will plead guilty to criminal securities fraud over the collapse of its Structured Alpha funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. …

SEC Sues Brazilian Miner Vale Over ‘False and Misleading’ Dam Claims

The U.S. Securities and Exchange Commission on Thursday sued Brazilian miner Vale SA for allegedly making false and misleading disclosures about the safety of its dams ahead of a 2019 disaster that killed 270 people. Beginning in 2016, Vale manipulated …

Tesla Stockholders Ask Judge to Silence Musk in Fraud Case

DETROIT (AP) — A group of Tesla shareholders suing CEO Elon Musk over some 2018 tweets about taking the company private is asking a federal judge to order Musk to stop commenting on the case. Lawyers for stockholders of the …

SEC Proposes Boosting Blank-Check Company Disclosures, Liability

WASHINGTON —Wall Street’s watchdog on Wednesday unveiled a draft new rule to enhance blank-check company investor disclosures and to strip them of a legal protection critics argue has allowed the shell companies to issue overly optimistic earnings projections. The move …

Elon Musk Can’t Avoid Scrutiny of His Tesla Tweets, SEC Says

Elon Musk’s tweets about Tesla Inc. will remain a valid subject for government investigation even if a court throws out a his 2018 agreement with the U.S. Securities and Exchange Commission, the agency told a judge. Musk is seeking to …

Behind Allianz’s $4 Billion Fund Blowup, Red Flags and Fat Fees

It’s every investor’s dream: Make money when markets go up, and when markets go down, and even when markets go practically nowhere. But inside Allianz SE, where a handful of hedge fund managers claimed they could do just that, few …