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SEC Enforcement: District Court Dismisses "Nit-Picking" Allegations of Regulation FD Violations |
July 31, 2006
Previously published on September 2005
On August 31, 2005, Judge Daniels of the Southern District of New York dismissed a complaint
brought by the Securities and Exchange Commission against Siebel Systems, Inc. and two of its
senior officers for alleged violations of Regulation FD based on certain statements made by the
company's Chief Financial Officer at two private events attended by institutional investors.
Regulation FD prohibits issuers from selectively disclosing material, nonpublic information without
simultaneously making public disclosure of the same information.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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