(CN) - Gary Prince, convicted of securities fraud in 1995 and barred from practicing accounting for a public firm, participated in preparing Integral Systems' accounting statements between 1997 and 2007 despite the ban, a federal judge found.
(CN) - Despite being dubbed "the court where securities rules go to die,"the U.S. Court of Appeals for the D.C. Circuit ruled that trade organizations for the oil and gas industry must pursue their challenge to the "resource curse" provision of the Dodd-Frank Act in district court due to lack of jurisdiction.
(CN) - A shareholder may bring a derivative suit against Fuqi after the jewelry company allowed a board member to transfer $138 million to unidentified third parties, the Delaware Chancery Court ruled.
(CN) - The 2nd Circuit said the Edge Act does not give federal courts jurisdiction over AIG's claim that Bank of America and others misrepresented the value of $28 billion worth of residential mortgage-backed securities.
(CN) - An $820 million offer by Goldman Sachs for Ebix at $20 per share undercuts the company's true worth, shareholders say in Delaware Chancery Court.
WASHINGTON (CN) - RINO, a Chinese holding company, reported $491 million in income to the SEC while its Chinese books showed just $31 million, and its top officers siphoned off millions, the SEC claims in court.
(CN) - Shareholders claim in court that BMC Software inked a merger deal with Bain Capital, Golden Gate Private Equity, GIC Special Investments and Insight Venture Management for an inadequate $46.25 per share price.
(CN) - Magnum Hunter Resources Corp. hid its accounting problems from shareholders and fired its auditor for questioning its financial data, leading to a 67 percent drop in share price, a class claims in federal court.
MANHATTAN (CN) - China-based Subaye and its CFO James T. Crane claimed to have 1,400 employees and $39 million in income, but it was "an imaginary business" that "appeared not to exist," the SEC claims in Federal Court.
(CN) - Shareholders of power-inverter giant Power-One Inc. claim in court that a $1 billion merger with Swiss technology company ABB Inc. sells them out on the cheap.
(CN) - JPMorgan Chase & Co. faces a derivative suit over $6.2 billion in losses suffered after a rogue company trader engaged in unsupervised high-risk trades last year.
(CN) - Despite a difficult financial year at Lululemon Athletica, including a recall of see-through yoga pants, the popular athletic wear maker boosted the maximum payout of its executive bonus plan, a shareholder claims in court.
(CN) - Con Edison failed to provide enough accurate information in Securities and Exchange Commission filings for shareholders to make informed decisions in an upcoming vote, a class claims in New York Supreme Court.
(CN) - Palomar Medical Technologies investors want to stop acquisition of the company by Cynosure Inc. for $294 million claiming in a class action that the price is inadequate.
(CN) - Investors in biotechnology company Spectrum Pharmaceuticals Inc. claim in court that they were shocked when the company announced decreased sales of its colorectal cancer treatment fusilev after repeatedly touting strong demand for the drug.
(CN) - Mod-Pac Corp. faces a class action alleging that the company failed to secure a fair price in go-private deal where the company will be sold to the company's CEO and affiliates for $27.5 million.
(CN) - VeriFone, the company that provides electronic point-of-sale equipment and software for merchants, defrauded investors by hiding its true financial status, which preceded a drop in stock prices, shareholders claim in a class action.
(CN) - Telecommunication software company Tangoe spent big bucks on acquisitions to hide revenue losses and a shrinking customer base, shareholders claim in a class action.
(CN) - Shareholders claim Thermo Fisher Scientific's $13.6 billion offer for Life Technologies Corp. is unfair, claiming an anticipated rise in demand for genetic testing makes the company more valuable.
(CN) - Shareholders say the firm that runs for-profit college ITT Technical Institute did not disclose its substantial liabilities to student loan providers, and its share price fell over 75 percent as it revealed the extent of its obligations.
(CN) - In what prosecutors are calling the most profitable insider trading conspiracy ever uncovered, SAC Capital Advisors LP is being accused of illegally trading Wyeth LLC shares on inside information related to an Alzheimer's drug.
(CN) - Financial holding company Sterling Bancorp is being sold on the cheap to Provident New York Bancorp, a class action claims in New York State Supreme Court.
(CN) - A Texas fraudster has been sentenced to 71 months in prison for using a "pump and dump" scheme to manipulate stock prices though a network of virus-controlled computers.
(CN) - Jamil Bouchareb, Daniel Corbin and two of Corbin's companies will pay $1.2 million and go to prison to settle inside trading charges, the SEC said Wednesday.
FORT WORTH (CN) - The owner of Gemstar Capital Group was sentenced to 10 years in federal prison for a $40 million Ponzi scheme he ran with former Dallas Cowboy Michael Kiselak.
(CN) - Rebuilding investor confidence is central to the health of the securities market as the Dodd-Frank Act and other initiatives bring about "the most significant legal and regulatory overhaul of the industry and markets since the Great Depression," says Securities Industry and Financial Markets Association Acting President and CEO Ken Bentsen.
LOS ANGELES (CN) - A recidivist felon was sentenced Monday to 10 years in federal prison for defrauding people of $10 million in stock scams.
(CN) - Ralph Lauren Corp. dodged charges for violations of the Foreign Corrupt Practices Act (FCPA) but will have to pay an $822,000 penalty and disgorge more than $700,000 in profits and interest in connection to bribes paid out by one of its subsidiaries to government officials in Argentina.
(CN) - Bank of America has agreed to hand over a $500 million settlement to investors who bought risky mortgage-backed securities between 2005 to 2007 from Countrywide.
(CN) - The U.S. Senate on Monday unanimously confirmed former federal prosecutor turned white-collar defense attorney Mary Jo White as the chief of the Securities and Exchange Commission.
(CN) - The total dollar amount of securities settlements more than doubled in 2012 compared to the prior year, even as the number of settlements reached a 14-year low, a report by Cornerstone Research found.
(CN) - The financial industry has shot back amid recent accusations that U.S. taxpayers subsidize big banks to the tune of $83 billion.
(CN) - The Securities Industry and Financial Markets Association says it supports new rules proposed by the Securities and Exchange Commission governing cross-border security swap transactions.
(CN) - The public has until May 16, 2013 to submit comments on proposed "high-level" principles for benchmarks used in global financial markets, the International Organization of Securities Commissions (IOSCO) announced.
(CN) - New legislation introduced by Maxine Waters and John Delaney of the House Financial Services Committee will allow the Securities and Exchange Commission to collect user fees from investment advisers to intensify the frequency of SEC examinations.
(CN) - The Securities and Exchange Commission recently decided that companies can use social media outlets to disseminate information in accordance with Regulation Fair Disclosure (Regulation FD) as long as investors are aware of where to look for the information.
(CN) - The president of the North American Securities Administrators Association says lawmakers should introduce new measures to protect small investors in the wake of The Jumpstart Our Business Startups (JOBS) Act.