FINRA’s National Adjudicatory Counsel Amends Sanction Guidelines

On May 12, 2015, FINRA announced that the National Adjudicatory Council (“NAC”) had revised FINRA’s Sanction Guidelines, incorporating several amendments and revisions toughening recommended sanctions for unsuitable or fraudulent conduct. FINRA publishes the Sanction Guidelines so that member firms, associated persons, and counsel can become familiar with the types of disciplinary sanctions applicable to various violations. Importantly, the guidelines provide…

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The Recent Omnicare Decision Evaluates When an Opinion Stated in a Registration Statement Gives Rise to Liability Under Section 11

On March 24, 2015, the Supreme Court issued the decision Omnicare, Inc. v. Laborers District Counsel Construction Industry Pension Fund. The seminal opinion evaluates how the truth or falsity of statements of opinion should be considered under the securities laws. The case arises out of a registration statement Omnicare filed in connection with its 2005 public offerings of common stock.…

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