Supreme Court Partner Joshua Rosenkranz Discusses Statute of Limitations Decision

The National Law Journal | August.10.2012

This article, about a federal appeals court ruling involving the statute of limitations for stock option backdating charges against two former Microtune Inc. executives, quotes Appellate & Supreme Court partner Joshua Rosenkranz, counsel to former Microtune Chief Financial Officer Nancy Richardson.

He stated that the SEC claims that it has limitless power to penalize companies and individuals for alleged violations without making a showing that the parties hid their conduct or that "an earlier inquiry would have been fruitless."

"For hundreds of years, the law has been clear that the government just does not have that power," Rosenkranz said. "Congress adopts statutes of limitations, especially in securities cases, to assure businesses, executives, and investors that the government cannot ruin careers and bankrupt companies based on stale information dug out of dusty files that no one can remember and no one can defend against."