Immunomedics (IMMU) – Get Report was caught trying to sneak old, previously presented clinical data on its triple-negative breast cancer drug IMMU-132 into the American Society of Clinical Oncology (ASCO) annual meeting, which starts Friday.
In a unanimous decision that may lead to an increase in the trend of state court suits involving securities litigation, the US Supreme Court ruled this week that an action related to the short sale of securities could proceed in state court. In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, the Court held that the exclusive jurisdiction of securities claims in federal court provided by the Securities Exchange Act is limited to claims “arising under” the Exchange Act.
The CEO of CIBC sent a note to all employees Wednesday, reiterating the company’s non-tolerance for workplace harassment after a former worker filed a wrongful dismissal lawsuit against the bank and a former executive director that alleges she was sexually assaulted and harassed. Diane Vivares, a former associate in the bank’s equity markets group, is seeking more than $1 million in damages from CIBC World Markets and Kevin Carter, a former executive director at the bank. In a lawsuit filed with the Ontario Superior Court in December, about two months after she was let go, Vivares alleges Carter sexually assaulted her at a company Christmas party in 2007 by shoving his hand down her skirt twice. Continue reading “Article: CIBC responds to $1M sexual harassment lawsuit launched by ex-worker Diane Vivares”
In the depths of the Great Recession, a cancer nurse, a car dealership worker, and an insurance fraud specialist helped uncover the largest consumer crime in American history—a scandal that implicated dozens of major executives on Wall Street. They called it foreclosure fraud: millions of families were kicked out of their homes based on false evidence by mortgage companies that had no legal right to foreclose.
Chuck Webber, Jeffrey P. Justman, James G. Martignon
Faegre Drinker, 16 May 2016
On May 16, 2016, the Supreme Court of the United States decided Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132, holding that that the “arising under” test for federal-question jurisdiction under 28 U.S.C. § 1331 determines whether federal courts have exclusive jurisdiction under section 27 of the Securities Exchange Act of 1934 (the “Exchange Act”) of lawsuits to enforce liabilities or duties created by that Act. (The Court did not address the portion of section 27 that gives federal courts exclusive jurisdiction of “violations of this chapter or the rules and regulations thereunder” with respect to criminal and regulatory enforcement actions.)
In a scathing decision released on May 6, a Vancouver court found Byrne and his “Deep Capture” fake news venture had fabricated lurid accusations of criminal conduct against a Vancouver businessman named Aly Nazerali. The damage award consists mainly of punitive and aggravated damages, and the judge found that the conduct of Byrne and his minions was so egregious that he slapped a permanent injunction on the defendants.
I’ve written about Byrne quite a bit in the past because he was the very worst of Corporate America, from his bizarre stock-market conspiracy theories to his well-documented accounting games, which he countered by vicious personal attacks on critics and the media. He is a kind of small-bore Donald Trump, a “born on third base who thinks he hit a triple” kind of guy. Byrne lies so frequently and with such gusto that it’s hard to say if he can distinguish fact from fiction. He is on indefinite leave from Overstock because of a Hepatitis C infection, a disease ordinarily caused by intravenous drug use—or, if you believe him, a wound sewn up by “barefoot doctor in China.”
ShareIntel.com provides a software-as-a-service (SAAS) called ShareIntel DRIL-DownTM that enables public companies like SHIS to proactively track equity flows and identify suspicious, aberrant and/or unusual trading activity. DRIL-DownTM identifies Banks, Broker-Dealers and Clearing Firms that have clients that are likely participants to naked short selling (counterfeiting), thus enabling public company fiduciaries to take action. In addition, DRIL-DownTM tracks critical Broker-Dealer and shareholder movement behind street name enabling public companies to identify who is buying and who is selling their shares, as well as giving them access to a plethora of additional information to help proactively identify and attract likely new investors.
Is your company’s stock exhibiting signs of abusive short selling?
There is an epidemic of abusive and illegal shorting of stocks on USA Stock Exchanges today. The problem is regulators are not equipped to stop it on a large scale. By and large, convictions do not come from regulators policing the markets.
How to tell if your stock is being illegally shorted: