On July 22, 2009 the United States Court of Appeals for the Second Circuit ruled against our client in SEC v. Dorozhko. Despite strong precedent to the contrary, the Second Circuit permitted the SEC to proceed with a 10b-5 fraud case against our client even though he had no fiduciary duty to the company whose shares he traded.
Numerous securities experts, academics, and attorneys have stated that the Second Circuit may have overstepped and ruled incorrectly. Chuck Ross told American Lawyer that the decision “flies in the face of 75 years of U.S. Supreme Court precedent”. The firm is preparing to file a petition for certiorari.
Below is a sampling of the broad internet press coverage: