SEC Investigations and Enforcement Actions

Public outcry for increased regulation of America’s business and financial communities had caused the SEC to become more aggressive and persistent than it has been in years. The SEC staff has doubled, inquires are now routine, penalties for insider trading have stiffened, criminal referral are increasing and settlements are much harder to come by.

At the same time, self-regulatory organizations (SRO’s) like the American Stock Exchange (AMEX), the New York Stock Exchange (NYSE) and the National Association of Securities Dealers (NASD) have also stepped-up enforcement, and state attorneys general are prosecuting at an increasing rate. For every formal enforcement proceeding, there are a dozen informal inquiries.

An Experienced Authority to Guide You

From the moment you are first notified of an administrative investigation or enforcement action, our team of experienced litigators, ex-SEC attorneys and ex-federal prosecutors offers you the confidence of experience in guiding you through your response. We can help craft your initial reply letter in an effort to avoid the action altogether, counsel you on questions of privilege when presented with a document request and advise you on the benefit (or possible detriment!) of fully cooperating with investigators. We also have broad experience in reaching suitable settlements that avoid costly battles and the negative effects of publicity.

We deal with the staffs of the SEC, SROs and state regulatory authorities on a regular basis and Orrick lawyers know the staff in Washington, D.C., San Francisco, New York and other regional offices. The situation may be new and daunting to you, but we here at Orrick are well-versed in the situation and are here to help you through it.

Nuanced Understanding of Your Situation

Orrick's lawyers have handled a wide variety of investigations and proceedings with the SEC and other regulatory bodies, and have helped clients response favorably into inquiries regarding, among other things:

• Accounting Irregularities/SEC Reporting
• Insider trading allegations
• Financial fraud
• Books and record proceedings
• D&O bar proceedings
• Delisting proceedings
• Public/private securities offerings
• Market manipulation, and
• Regulatory compliance matters