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Has Anything Changed?
While securities litigation has been increasing as a long-term trend, there is no increase in the number of filings or the size of settlements as a result of either Enron or Sarbanes-Oxley. The only marked change is in the number of cases that judges dismiss.
This absence of change in no way suggests that the Act is ineffective. It was designed as a deterrent to fraud. To measure its success, the real question is whether it will reduce the amount of fraud committed, such that fewer filings occur in the future. The Act's major levers to deter fraud are increased accountability of management and board members, new criminal penalties, and increased oversight requirements. However, it also included an extension of the time to file securities class action suits to 2 years after the disclosure of fraud. Therefore, it may take several years of ongoing monitoring to assess The Act's effectiveness.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.