Securities Regulation Daily Wrap Up, FRAUD AND MANIPULATION—S.D.N.Y.: Accounting errors leading to a restatement by themselves not evidence of fraudulent intent, (Jan 12, 2022)

By Jeffrey H. Brochin, J.D.

Complaint did not sufficiently plead motive and opportunity to defraud where it did not allege a concrete and personal benefit by executives to conceal a material accounting weakness.

A federal district court in New York has granted the motion to dismiss filed by the former CEO and CFOs of Gulfport Energy Corporation (Gulfport o ...