Gupta is accused of leaking stock secrets to Rajaratnam, his erstwhile friend and business associate who was convicted and is now in prison.
John Does v. S.E.C. (9th Cir.)
BRIEF – The S.E.C. subpoenaed Google to find the owners of e-mail addresses connected to alleged “pump and dump” schemes. The owners (John Does) seek to quash the subpoenas based on their First Amendment rights. The S.E.C. argues that anonymity of speech is not protected, and that the information sought is rationally related to a compelling governmental interest.
Snellink v. Gulf Res. Inc. (C.D. Cal.)
ORDER - Class action plaintiffs’ securities fraud case against Chinese company survived motion to dismiss where allegations included maintenance of two different sets of accounting books, gross overstatement of profit and financial position in SEC filings, and false statement of market position.
S.E.C. v. Jasper (9th Cir.)
OPINION – Former Maxim Integrated Products Inc. CFO Carl W. Jasper has lost his bid to overturn a civil securities fraud judgment stemming from allegationd that the semiconductor company backdated stock options, thus significantly distorting its financial position.
U.S. Judge Robert Sweet said the real estate developer failed to show that the bank and its CEO Vikram Pandit had misled him about their liquidity and capitalization.
Chipotle, which fired hundreds of workers as a result of audits by the ICE, said the subpoena requested information regarding compliance with employee work authorization requirements.
The smart money says the former Goldman Sachs director won't take the stand at his insider trading trial. But the prosecution's case is largely circumstantial, leaving him plenty of room to explain.
The constriction materials company hopes to overturn a decision that barred both a tender offer and a proxy contest for Vulcan's board as punishment for violating a confidentiality agreement.
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