May 25, 2012

Hot Technology IPOs – And The Troubles That Follow…

In the wake of the much-hyped Facebook IPO, we are slowly finding out about alleged circumstances that have already led to a bevy of lawsuits. As I tweeted yesterday, will this IPO be full employment for litigators? But Facebook is not alone, it’s hard to forget the gunjumping adventures of the recent Groupon IPO – or even how a Playboy interview found its way into the Google IPO prospectus.

Here are some recent Facebook IPO articles:

WSJ’s “Some Big Firms Got Facebook Warning”
Reuter’s “Facebook, banks sued over pre-IPO analyst calls
Reuter’s “Facebook: The List of Incompetents
Forbes’ “Facebook Lawsuits Start Flying: Targets Include Zuckerberg, Morgan Stanley, Nasdaq”
D&O Diary’s “Facebook IPO Fizzle Draws Securities Suits
NYT’s “Questions of Fair Play Arise in Facebook’s IPO Process
Bloomberg’s “Facebook IPO Debacle Triggers Legal Debate”
WSJ’s “Facebook Shows There’s a Sucker Born Every Minute

Recently, the SEC’s Office of the Chief Accountant provided guidance in a letter to the International Swaps and Derivatives Association about whether implementation of certain provisions of Dodd-Frank that relate to OTC derivatives would affect hedge accounting.

Former CEO Settles Reg FD Case with SEC: Six Years After the Conduct

Last week, the SEC’s Enforcement Division announced this litigation settlement with Edward Marino, former Presstek CEO, over previously-filed charges that he aided and abetted Presstek’s violations of Regulation FD by agreeing to pay $50k without admitting or denying the allegations. What is remarkable is that this settlement comes nearly six years after the conduct…

Speaking of the “good ole days,” how about a stock option backdating case? Last week, the Ninth Circuit affirmed a verdict and order requiring former Maxim CFO to pay penalties and disgorgement of over $2.1 million in SEC v. Jasper.

Deal Cube Tournament: Round One; Third Match

As noted in these rules (and keep sending more pics for the next tourney), please vote for two of the following four cubes below:

Milwaukee Brewers Beer Tap
Pill Bottle
Palindromic News

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– Broc Romanek