• SEC Dealt Setback in Regulation FD Action
  • October 12, 2005 | Authors: Catherine Botticelli; Alan Rosenblat; Tara Kelly
  • Law Firm: Dechert LLP - Washington Office
  • On August 31, 2005, in the first litigated Regulation FD case, the U.S. District Court for the Southern District of New York dismissed a claim by the Securities and Exchange Commission ("SEC") that Siebel Systems, Inc. ("Siebel") had violated Regulation FD. The court also rejected the SEC's charges against Siebel's chief financial officer ("CFO") and its former director of investment relations for aiding and abetting the alleged violations.