The appeals court first found that the government had introduced enough evidence to show that Mr. Litvak's misstatements were material, based on the testimony of the purchasers.
'From the decision or judgment sustaining a motion in bar, when the defendant has not been put in jeopardy.' The District Court sustained the claim of privilege not on the basis of facts peculiar to this case but on the basis of its conclusion that the Fifth Amendment provides a defense to any prosecution under § 1001 based on misstatements on a Form 11C.
On January 4, 2019, the Supreme Court granted certiorari in Emulex Corp. v. Varjabedian, No. 18-459, to consider whether Section 14 e) of the Exchange Act supports an inferred private right of action based on negligent misstatements or omissions made in connection with a tender offer.
That appears to be the most an insurance company has ever been ordered to pay in a case involving the practice known as rescission, in which insurance companies retroactively cancel coverage for policyholders based on alleged misstatements - sometimes right after diagnoses of life-threatening diseases.
To begin with, petitioner's argument is based on a flat misstatement of the requirements of the statute's safe harbor provision.
Unlike private civil litigants, however, the SEC need not plead reliance, and may bring enforcement actions based on alleged material misstatements or omissions, irrespective of whether reliance can be presumed based on the market price for the securities.
Hacking Team did not dispute the veracity of any of the documents, though it said some reports that claimed to be based on them contained misstatements.
The subpoena power granted to the NYAG by the Martin Act was invoked based on evidence of alleged misstatements that could not have plausibly been of importance to the reasonable investor and hence to constitute Martin Act violations.
In their recent essay, "The Green Bubble", Nordhaus and Shellenberger launch a long attack against the green movement in the U.S. Based on a series of heroic misstatements, revisionist history, and unsubstantiated stereotypes, they construct an image of environmentalism based in liberal elite circles and searching for social redemption in premodern, aesthetic lifestyles.
How can he credibly raise the honesty question against Al Gore based on Mr. Gore's relatively minor misstatements when Mr. Bush has failed to disclose that he has a criminal record?
