March 18, 2016
More on “SIC Codes: How Does the SEC Challenge Them?”
Recently, I blogged about the process of companies selecting a SIC code when they file their IPO registration statement with the SEC, including how to change that code if the company’s business changes over time. One member asked me a follow-up question – Why does the SEC still use SIC Codes?
The member pointed out that the SIC code system is almost 80 years old and it supposedly was superseded by NAICS in 1997. “NAICS” stands for the North American Industry Classification System – and it’s the standard used by federal agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the US economy. The answer to the question is “I don’t know” – anyone know?
Insider Trading: Mark Cuban Keeps The Heat On
As noted in this Dallas Morning News article, Mark Cuban has filed amicus briefs in three federal cases – including one before the US Supreme Court – regarding the SEC’s use of administrative law judges. As noted in the article, Cuban describes himself as qualified to weigh in on the issue because he was a “victim” of SEC overreach (see this blog about Cuban’s own insider trading case that he won in court a few years back – and this blog about his appearance at a “SEC Speaks” conference).
Misleading Statements: Sanofi Interprets Omnicare
After SCOTUS handed down its Omnicare opinion last year, many wondered what its impact would be – and how the case would be applied in the lower courts. A few weeks ago, the Second Circuit issued Tongue v. Sanofi that applies Omnicare. I’ve been posting memos on Sanofi in our “Securities Litigation” Practice Area…
– Broc Romanek