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Articles by Lou Mejia
The SEC’s SolarWinds Enforcement FAQs
Earlier this week, we blogged about the SEC’s SolarWinds enforcement inquiries. This morning, the SEC issued guidance in the form of 19 FAQs for responding to the voluntary request for information relating to a SolarWinds inquiry. For most companies, the important points are: The SEC identified the specific compromised versions of the software: Version 2020.2 (with no hotfix); Orion Platform software version 2020.2 HF 1; and Orion Platform software version 2019.4 HF 5.
Congress Sneaks in Expansion of SEC Disgorgement Authority in Annual Defense Bill
What does military policy have to do with the SEC? Tucked into the 1,480 page National Defense Authorization Act (NDAA) is a provision expanding the SEC’s disgorgement authority. The NDAA, specifying the budget and expenditures for the Department of Defense for fiscal year 2021 (H.R. 6395), was passed on December 11, 2020 by both chambers of Congress.
Early Takeaways From SEC's FY 2020 Fraud Enforcement
By Lou Mejia, Allison Handy and Stewart Landefeld Law360 is providing free access to its coronavirus coverage to make sure all members of the legal community have accurate information in this time of uncertainty and change. Use the form below to sign up for any of our daily newsletters. Signing up for any of our section newsletters will opt you in to the daily Coronavirus briefing.
SEC Can Recover Disgorgement, With Limits
On June 22, 2020, the U.S. Supreme Court decided in Liu v. SEC that in an SEC civil proceeding a disgorgement award that does not exceed a wrongdoer’s profit and is awarded for victims is equitable relief permissible under the applicable statute. The opinion answers an important question left open by the Court in Kokesh v. SEC that disgorgement operates as a “penalty,” rendering claims for disgorgement subject to the five-year statute of limitations.
SEC's Fraud Enforcement Shows Quality, If Not Quantity
Law360 (October 31, 2019, 5:40 PM EDT) -- In September 2018, shortly before the beginning of the U.S. Securities and Exchange Commission's 2019 fiscal year, SEC Division of Enforcement Co-Director Stephanie Avakian discussed the standard by which the enforcement program should be judged.[1] In Avakian’s eyes, and echoed this year by Co-Director Steven Peikin[2], the SEC should be judged by quality, not quantity: “[Statistics] do not provide a full and meaningful picture of the quality,...
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