• SEC Enforcement: District Court Dismisses "Nit-Picking" Allegations of Regulation FD Violations
  • September 29, 2005
  • Law Firm: Chadbourne & Parke LLP - New York Office
  • 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.