Litigation Release No. 25049 / March 12, 2021
Securities and Exchange Commission v. Shamoon Omer Rafiq, a/k/a Shamoon Rafiq, Omer Rafiq, and Omar Rafiq, No. 21-civ-2168 (S.D.N.Y.) filed March 12, 2021
On March 12, 2021, the Securities and Exchange Commission charged Shamoon Omer Rafiq, a Dutch citizen residing in Singapore, with defrauding investors by offering to sell them approximately $9 million in fictitious securities.
According to the SEC s complaint, since July 2020, Rafiq sought to bilk several investors out of millions of dollars by offering to sell them securities purporting to represent Rafiq s ownership in a special purpose vehicle investment fund (the SPV Fund) that, Rafiq claimed, held pre-IPO shares of a well-known company. The complaint alleges that, as part of his fraudulent sales pitch, Rafiq falsely claimed that the SPV Fund was controlled by a well-known European investment firm run by a prominent family, and that Rafiq was a close associate of the firm and it
AT&T, Inc , et al (Release No LR-25045; Mar 5, 2021) sec.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sec.gov Daily Mail and Mail on Sunday newspapers.
By Aaron Nicodemus2021-03-08T18:33:00+00:00
The Securities and Exchange Commission (SEC) has accused AT&T of selectively disclosing material nonpublic information regarding poor smartphone sales to research analysts, in violation of the regulation that requires such information to be made public.
In March 2016, three AT&T investor relations executives made a round of calls to 20 research analysts, the SEC said, disclosing information regarding internal company data showing a steeper-than-expected decline in smartphone sales for the first quarter. The internal data regarding the sales was not made public until April, the SEC said, and was disclosed to convince the research analysts to lower their first-quarter revenue estimates for AT&T. The alleged selective disclosures violated Regulation Fair Disclosure (FD), which requires information that is material to a company’s performance be distributed to the public.
The pattern is familiar. A company reports seemingly acceptable numbers and its share price does an odd lurch on the stock exchange all because it missed analyst expectations.
With the influence they wield, equity analysts have the power to wipe billions of dollars off a company s market value in the time it takes to read the first sentence of an earnings report. That explains why they are vigorously courted by the organizations they cover.
In the case of AT&T, a little too vigorously, perhaps. The giant US telco stands accused by the US Securities and Exchange Commission (SEC) a financial watchdog made famous by movies like
AT&T is sued by SEC over information disclosed to analysts bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.