Cynthia Holbrook’s Post

In the latest issue of The Pomerantz Monitor, Partner Austin P. Van reports on the January oral argument before #SCOTUS in a landmark securities case and what the decision could mean for Item 303-based 10b-5 claims, Partner Michael Wernke discusses the significance of Pomerantz’s victory overcoming defendants’ motion to dismiss its case against Nikola Corporation, and Ari Basser shares his perspective on how #AI is revolutionizing stock trading and securities litigation. Check out the latest issue of The Monitor: https://lnkd.in/eitABkWS #SecuritiesLitigation #CorporateGovernance #InstitutionalInvestors

On June 25, 2024 the SEC announced civil fraud charges against two former CEOs for their roles in an alleged market manipulation scheme that resulted in $137.5 million being raised in an at-the-market (ATM) offering in connection with a merger. According to the SEC's announcement, the defendants allegedly "told certain investors and consultants-and hinted via social media-that [a preferred stock] dividend would force short sellers to exit their positions and trigger a 'short squeeze' that would artificially raise the stock price." The SEC's complaint includes a copy of a tweet sent by one of the defendants (see below) and alleges it "kicked off a series of tweets designed to promote the short squeeze theory and encourage investors to purchase [the issuer's] common stock." According to the next paragraph of the complaint, this defendant "testified during the SEC's investigation that his tweet had nothing to do with the concept of a short squeeze." In commenting on the alleged manipulation scheme, the Director of the SEC's Fort Worth Regional Office stated "[t]his conduct is particularly alarming because it involves public company CEOs who were more concerned with 'burning the shorts' than creating long-term value for shareholders." The issuer settled civil charges with the SEC on the same date the complaint was filed against the former CEOs. #securitieslaw #securitiesregulation

The move to create a stock exchange in Texas, where the electronic trading system will sit in Dallas, is progressing. It is funded and moving. A reaction to tax laws and interfering with governance...means the markets are going to seek change.

A class action lawsuit seeking to represent purchasers or acquirers of Amplitude, Inc. (NASDAQ: AMPL) publicly traded securities between September 21, 2021 and February 16, 2022, inclusive (the “Class Period”). Captioned Fagan v. Amplitude, Inc., No. 24-cv-00898 (N.D. Cal.), the Amplitude class action lawsuit charges Amplitude and a current and former executive officer with violations of the Securities Exchange Act of 1934. If you suffered losses in Amplitude stock and wish to serve as lead plaintiff in the Amplitude class action lawsuit, or just have general questions about your rights as a shareholder, please contact Amplitude Stock Loss Lawyer Timothy L. Miles, at no charge, by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. The Law Offices of Timothy L. Miles Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] #investments #stockmarketnews #stocks

According to FINRA, only one-fourth to one-third of retail investors usually participate in shareholder voting. Gain insight into why all shareholders should vote from Christopher Hayden of Georgeson, a leader in strategic shareholder engagement, proxy solicitation, and governance consulting: https://lnkd.in/g_Ah8HmN #closedendfunds #activism #investors #shareholders #invest #investing #investmentmanagement #proxyvoting

Check out attorney Justin Banford's latest article that introduces what phantom stock plans are, the advantages they can provide to LLCs, and how to implement them effectively. Read here: https://bit.ly/3YjLbgh

Under Nasdaq rules, the “cleansing” of material non-public information is required regardless of whether there is otherwise an event ripe for reporting under the SEC rules. Likewise, a company should address false or inaccurate rumors that are having, or are likely to have, an effect on trading. #SecuritiesLawBlog #NASDAQ #ALCLAW

Under Nasdaq rules, the “cleansing” of material non-public information is required regardless of whether there is otherwise an event ripe for reporting under the SEC rules. Likewise, a company should address false or inaccurate rumors that are having, or are likely to have, an effect on trading. #SecuritiesLawBlog #NASDAQ #ALCLAW

After a market consultation held in late 2023, the Stock Exchange of Hong Kong Limited will permit listed companies to hold their own #shares as treasury shares and introduced rules for companies to resell them, effective 11 June 2024. Paloma Wang  Kai Sun  Anthony Pang  Lillian Lian  Martina To #capitalmarkets #asiapacific

NEW in today's FOIA Files newsletter: If there’s one word to describe the Trump era, his presidency, and the man himself, it’s volatile. From the Russia investigation to his impeachment to becoming the first US president to be a convicted felon, Donald #Trump has taken America on a wild ride. His publicly-traded company, Trump Media & Technology Group, which goes by the eponymous ticker $DJT, is no different. Ever since Trump’s media company went public in March, a chart showing the stock’s gyrations could double as a heart monitor of America over the last eight years. After his conviction last week on 34 counts of falsifying business records, tied to the hush-money payment to an adult film star, the shares whiplashed even further. Even Trump’s investors are feeling some vertigo. Since the debut of the #DJT stock, the Securities and Exchange Commission has fielded dozens of complaints about the stock. I filed a #FOIA request with the agency a couple months ago for copies of all the complaints it received this year. The short version, based on what the #SEC just sent me: people are really irate and suspect that short sellers are manipulating the stock. One person complained to the SEC that they would’ve reaped a windfall from the sale of Trump Media stock on the day it went public, but brokerage Charles Schwab screwed up and botched the sale. They said the value of their securities skyrocketed to $5.2 million on March 26 and that a person monitoring the stock with them “screamed at me at the top of her voice: ‘Sell it all! RIGHT NOW!!!!!!’” If you aren’t getting FOIA Files delivered to your inbox every week, what are you waiting for? Sign up now Bloomberg News! It's FREE!