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Category Archives: Securities

April 09

Securities

SEC Charges NJ Adviser with Fraud, Breach of Fiduciary Duty

The Securities and Exchange Commission (SEC) announced that it has filed charges against David Yow Shang Chiueh and his New Jersey-based investment advisory firm, Upright Financial Corp. (UFC) (“Defendants”), for fraud and breach of fiduciary duty, among other securities law violations. In November 2021, the firm settled charges that they had breached the fiduciary duties outlined in the Concentration Policy of its mutual fund, known as Upright Growth Fund, by…

April 03

FINRA, Securities

Supreme Court FINRA Ruling Allows Case Against Alpine Securities

On March 14th, 2025, the Supreme Court denied Alpine Securities’ request to halt Financial Industry Regulatory Authority (FINRA) expulsion proceedings against it. The Supreme Court’s denial of Alpine’s appeal suggests the judiciary recognizes FINRA’s enforcement authority as a self-regulatory entity and holds implications for the structure of non-governmental securities organizations. FINRA is a private, self-regulating organization that develops and implements enforcement rules for broker-dealer firms. FINRA is overseen by the…

April 01

Securities

Crypto Regulation Moves Forward as SEC Crypto Task Force Hosts Roundtables and Names New Leadership

The Securities and Exchange Commission (SEC) announced the establishment of a new Crypto Task Force on February 4th, 2025. Their role is to apply federal securities laws and protect investors from fraudulent activities within the crypto asset market. A month later, on March 3rd, 2025, the SEC announced the members that comprise the Crypto Task Force staff as advisors on the matter of crypto. The creation of this task force…

March 24

Securities

Robinhood FINRA Settlement: Broker to Pay $29.75M for Violations

Robinhood Markets, Inc. (“Robinhood”), an electronic trading platform known for offering commission-free trading via its mobile app, has agreed to pay a $26 million settlement to the Financial Industry Regulatory Authority (“FINRA”) over accusations that it failed to address warning signs of potential misconduct and did not verify the identities of thousands of its customers. The company must also pay $3.75 million in restitution to customers. Robinhood did not admit…

February 27

Securities

SEC Enforcement Actions Target Hedge Fund Fraud in Washington, D.C.

On February 26, 2025, the Securities and Exchange Commission (“SEC”) announced in a press release that it charged Alan Burak, the founder and sole member of purported “systemic asset management firm” Never Alone Capital LLC (“Never Alone”), with orchestrating a fraudulent scheme that amassed close to $4 million, the majority of which Mr. Burak used for personal expenses. According to the complaint filed by the SEC, between at least 2018…

January 16

Class Action, Securities

Miller Shah LLP Is Investigating Cummins Inc. (NYSE: CMI) on Behalf of Long-Term Shareholders

On January 10, 2024, Cummins Inc. (“Cummins” or “CMI”) (NYSE:CMI), the California-based engine manufacturer, agreed to pay a $1.675 billion penalty in a settlement with the Environmental Protection Agency (“EPA”) and Department of Justice (“DOJ”) regarding vehicle emissions control violations under the Clean Air Act. This is the largest civil penalty in the history of the Clean Air Act and the second largest environmental penalty ever. The EPA and DOJ alleged…

December 14

Securities

Miller Shah LLP is Investigating Tiger Global Private Investment Portfolio XV and XVI (PIP 15 and PIP 16) Over Reported Losses

On November 22, 2023, Tiger Global Management LLC (“Tiger Global”) announced that its Private Investment Chief Officer, Scott Schleifer, is stepping down from this role and transitioning to become an advisor for the firm. From 2021 to 2023, Schleifer headed Tiger Global’s private investment practice through Private Investment Portfolio XV and XVI (PIP 15 and PIP 16), which have reportedly incurred losses of 30% or more over the last two…

December 10

Securities

Miller Shah LLP Is Investigating the Kinetics Paradigm Fund (WWNPX) Over Its Concentrated Position in Texas Pacific Land Corp. (TPL)

For several years, the Kinetics Paradigm Fund, along with other funds managed by Horizon Kinetics, has been accumulating concentrated positions of Texas Pacific Land Corporation (“Texas Pacific Land”). The Kinetics Paradigm Fund offers Class A shares (KNPAX), Class C shares (KNPCX), Class Institutional shares KNPYX) and no load shares (WWNPX) Texas Pacific Land (NYSE: TPL) is the largest private landowner in Texas and generates revenues from land and water resource…

November 26

Securities

Freshworks Inc. Investors File Class Action Over IPO Documents

On November 1, 2022, Mohan Sundaram (“Plaintiff”) filed a class action complaint against software company Freshworks, Inc. (“Freshworks” or the “Company”) in the United States District Court for the Northern District of California. The proposed class consists of all persons and entities that purchased or otherwise acquired Freshworks common stock issued in connection with the Company’s Initial Public Offering (“IPO”). Freshworks is a software company headquartered in San Mateo, California,…

November 07

Securities

Walgreens Settles Class Action Lawsuit for $105 Million

On October 13, 2022, the Honorable Sharon Coleman of the United States District Court for the Northern District of Illinois approved a $105 million settlement ("Settlement") of a securities fraud class action against Walgreens and two former Walgreens executives (collectively, “Defendants”). Plaintiffs originally filed the lawsuit in 2015, alleging that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making misleading statements regarding Walgreens’ acquisition…

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