Insider Trading & Disclosure Update - Vol. 2, Issue 1

January 2015
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Developments highlighted in this issue include:

  • The recent landmark decision from the Second Circuit Court of Appeals that will make it more difficult for criminal prosecutors and the SEC to bring large-scale enforcement proceedings against tippees.
  • Allergan, Inc.’s lawsuit alleging that Valeant Pharmaceuticals International, Inc. and Pershing Square Capital Management, L.P. engaged in insider trading in connection with a hostile takeover attempt for Allergan.
  • A high-profile market abuse case that provides clarity on the EU market abuse regime as applicable in the United Kingdom.
  • The SEC’s pursuit of insider trading cases as administrative proceedings rather than civil injunctive actions in federal courts.