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First Decision to Directly Address the Right to Enforce
On Sept. 27, 2005, the United States District Court for the Eastern District of Pennsylvania was the first federal court to address whether private plaintiffs have the right to sue under Section 304 of the Sarbanes-Oxley Act of 2002 (SOX). U.S. District Judge Stewart Dalzell concluded that Section 304 “does not provide a private right of action for shareholders to file a derivative suit.” Neer v. Pelino, No. 04-4791, 2005 WL 2434685 (E.D. Pa. Sept. 27, 2005). Accordingly, only the Securities and Exchange Commission (SEC) may bring an action to enforce Section 304.
Section 304 of SOX
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.
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.
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.