Lucia v. Securities and Exchange Commission

NCLA Amicus Brief Decries SEC’s Administrative Denial of Jury Trial Rights, ALJ Removal Protections

Retrieved on:

Thursday, October 19, 2023

Supreme court, Executive (government), Security (finance), Dodd–Frank Wall Street Reform and Consumer Protection Act, Government, NCLA, Bab Mansur al-'Alj, Lucia v. Securities and Exchange Commission, Congress, Constitutional Convention (United States), Law of the United Kingdom, ALJ, Executive branch of the government of Honduras, United States Court of Appeals for the Fifth Circuit, Supreme Court of the United Kingdom, Fifth, Seventh Amendment, Supreme

Worse yet, the proceeding denied his Seventh Amendment right to a jury trial.

Key Points:

Worse yet, the proceeding denied his Seventh Amendment right to a jury trial.
Dodd-Frank empowers SEC to obtain a jury trial by suing in federal court or avoid a jury trial by initiating an administrative proceeding.
Hence, the law unfairly deprives them of the same right to demand a jury trial that SEC has—a blatantly discriminatory rule.
In April, the Supreme Court upheld NCLA client Michelle Cochran’s right to challenge the constitutionality of her ALJ’s removal protections in federal court before undergoing an administrative adjudication.

Energy Transfer and Crestwood Announce Election Deadline for Crestwood Preferred Unitholders to Elect Form of Merger Consideration

Retrieved on:

Monday, October 23, 2023

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).

Key Points:

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).
Crestwood Preferred Unitholders wishing to make an election as to the form of consideration they wish to receive must deliver a properly completed and executed Election Form to Equiniti Trust Company, LLC (the “Exchange Agent”) by the Election Deadline.
Crestwood Preferred Unitholders who do not return a properly completed Election Form by the Election Deadline will be deemed to have elected to have their Crestwood Preferred Units converted into New ET Preferred Units.
Crestwood Preferred Unitholders may contact the Exchange Agent with questions regarding the Election Form or (if they acquired their Crestwood Preferred Units after the Mailing Record Date) to request an Election Form at (877) 248-6417 or (718) 921-8317.

Energy Transfer and Crestwood Announce Election Deadline for Crestwood Preferred Unitholders to Elect Form of Merger Consideration

Retrieved on:

Monday, October 23, 2023

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).

Key Points:

Energy Transfer LP (NYSE: ET) (“Energy Transfer”) and Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that, in connection with Energy Transfer’s pending acquisition of Crestwood, the deadline for holders of Crestwood’s outstanding 9.250% Perpetual Preferred Units (the “Crestwood Preferred Units” and such holders, the “Crestwood Preferred Unitholders”) to elect the form of merger consideration they wish to receive in the transaction has been set for 5:00 p.m., Eastern Time, October 31, 2023 (the “Election Deadline”).
Crestwood Preferred Unitholders wishing to make an election as to the form of consideration they wish to receive must deliver a properly completed and executed Election Form to Equiniti Trust Company, LLC (the “Exchange Agent”) by the Election Deadline.
Crestwood Preferred Unitholders who do not return a properly completed Election Form by the Election Deadline will be deemed to have elected to have their Crestwood Preferred Units converted into New ET Preferred Units.
Crestwood Preferred Unitholders may contact the Exchange Agent with questions regarding the Election Form or (if they acquired their Crestwood Preferred Units after the Mailing Record Date) to request an Election Form at (877) 248-6417 or (718) 921-8317.

SEC Surrenders to NCLA Client Michelle Cochran in Wake of Her Unanimous Supreme Court Win

Retrieved on:

Wednesday, September 27, 2023

Supreme, The Administrative State, Court of cassation, High court, ALJ, Lucia v. Securities and Exchange Commission, Government, Fifth, United States Court of Appeals for the Fifth Circuit, Administration, Supreme court, Constitution, Seventh Amendment, Law of the United Kingdom, NCLA, Security (finance)

]” NCLA celebrates this major victory with our client, whose valiant fight against Administrative State overreach achieved watershed reform at the U.S. Supreme Court.

Key Points:

]” NCLA celebrates this major victory with our client, whose valiant fight against Administrative State overreach achieved watershed reform at the U.S. Supreme Court.
In April 2023, Ms. Cochran unanimously won her argument at the U.S. Supreme Court, which held that she could bring “fundamental, even existential” constitutional challenges in federal court before enduring administrative adjudication.
That order followed a disturbing court filing over a year earlier, in April 2022, while Ms. Cochran’s case was pending at the Supreme Court.
Unfortunately for the SEC, NCLA does not plan to let it off the hook so easily.

Hopelessly Compromised SEC Dismisses Dozens of Cases Due to Widespread Agency Misconduct

Retrieved on:

Monday, June 5, 2023

SEC publicly admitted in April 2022 to the existence of a so-called control deficiency within its administrative adjudication system.

Key Points:

SEC publicly admitted in April 2022 to the existence of a so-called control deficiency within its administrative adjudication system.
Now it turns out agency personnel had done the same thing in dozens more cases.
SEC said it dismissed the cases to conserve agency resources, but it appears to be trying to avoid scrutiny of its misconduct.
NCLA released the following statements:
“SEC’s unprecedented dismissal of dozens of enforcement cases is a cynical ploy by the agency to avoid scrutiny of two things.

NCLA Challenges SEC’s ‘Hotel California’ Administrative Adjudication Regime

Retrieved on:

Monday, April 24, 2023

Supreme, Commission, Alje Vennema, Administrative Procedure Act (United States), Due Process Clause, ALJ, Lucia v. Securities and Exchange Commission, Hotel California, Fifth, Congress, United States Court of Appeals for the Fifth Circuit, Administration, Supreme court, Seventh Amendment, NCLA, Fifth Amendment, Financial adviser

Under SEC’s own rules, agency commissioners had to decide our clients’ appeal no later than October 2020.

Key Points:

Under SEC’s own rules, agency commissioners had to decide our clients’ appeal no later than October 2020.
SEC’s prolonged and willful refusal to decide our clients’ case is depriving them of their right to a fair and timely adjudication under the Due Process Clause of the Fifth Amendment and under the Administrative Procedure Act.
As a Texas resident, Ms. Young and her company would benefit from the Fifth Circuit’s decision in Jarkesy v. SEC.
SEC’s willful disregard for our clients’ constitutional rights, particularly their rights to a fair and impartial tribunal and to a jury trial, is inexcusable.”

Victory! U.S. Supreme Court Holds that Federal District Courts Have Jurisdiction to Hear Challenges to Unconstitutional Aspects of Federal Agencies’ Administrative Proceedings

Retrieved on:

Friday, April 14, 2023

Michelle Cochran’s path to the U.S. Supreme Court began when she filed suit in federal district court to enjoin the SEC’s second round of administrative enforcement proceedings against her.

Key Points:

Michelle Cochran’s path to the U.S. Supreme Court began when she filed suit in federal district court to enjoin the SEC’s second round of administrative enforcement proceedings against her.
NCLA also asserted that SEC violated Ms. Cochran’s due process rights by failing to adhere to its own rules and procedures.
Today’s Supreme Court victory in SEC v. Cochran vindicates NCLA’s focus on unconstitutional practices that destroy people’s civil liberties.
NCLA will make good use of this precedent to continue attacking unlawful administrative power at the SEC, the FTC, and other federal government agencies.”

Liquid Media Group Ltd. Receives Additional Deficiency Notice from Nasdaq

Retrieved on:

Friday, April 7, 2023

Listing, Lung compliance, YVR, Lucia v. Securities and Exchange Commission, Panel, File, Hearing, Form, Security (finance)

The Company intends to present its plan to file the Form 20-F and thereby evidence compliance with the Filing Rule – as well as its plan to satisfy Nasdaq’s bid price requirement – at the Company’s upcoming hearing before the Nasdaq Hearings Panel (the “Panel”).

Key Points:

The Company intends to present its plan to file the Form 20-F and thereby evidence compliance with the Filing Rule – as well as its plan to satisfy Nasdaq’s bid price requirement – at the Company’s upcoming hearing before the Nasdaq Hearings Panel (the “Panel”).
Under the Filing Rule, an issuer that receives a delist determination for non-compliance with the Filing Rule can request an appeal to a Hearings Panel, pursuant to the procedures set forth in the Listing Rule 5800 Series.
The Company plans to timely submit the request for a further stay prior to the hearing before the Panel.
The Company is working on the Form 20-F and plans to file the periodic report with the SEC as soon as practicable.

Latch announces receipt of extended Nasdaq stay

Retrieved on:

Wednesday, March 1, 2023

Lucia v. Securities and Exchange Commission, Hearing, Software as a service, Security (finance), Panel, Latch, LTCH, Latcho Drom, Cryptocurrency

NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- Latch, Inc. (Nasdaq: LTCH) (the “Company”), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced that on February 28, 2023, the Company was notified by the Nasdaq Hearings Panel (the “Panel”) that the Panel has granted the Company’s request to extend the automatic stay of suspension from The Nasdaq Stock Market LLC (“Nasdaq”) pending the Company’s hearing before the Panel scheduled for March 23, 2023, and a final determination regarding the Company’s listing status.

Key Points:

NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- Latch, Inc. (Nasdaq: LTCH) (the “Company”), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced that on February 28, 2023, the Company was notified by the Nasdaq Hearings Panel (the “Panel”) that the Panel has granted the Company’s request to extend the automatic stay of suspension from The Nasdaq Stock Market LLC (“Nasdaq”) pending the Company’s hearing before the Panel scheduled for March 23, 2023, and a final determination regarding the Company’s listing status.
As disclosed on February 13, 2023, the Company intended to appeal a determination by the Nasdaq Listing Qualifications Department to delist the Company’s securities due to the Company’s failure to timely file its Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2022, and September 30, 2022, with the Securities and Exchange Commission.
On February 14, 2023, the Company timely requested a hearing before the Panel and requested that the automatic stay of suspension be extended through the completion of the hearings process and the expiration of any additional extension period granted by the Panel following the hearing.

NCLA Challenges Modern Star Chamber Proceedings at Public Company Accounting Oversight Board

Retrieved on:

Friday, January 20, 2023

Plaintiff John Doe (a pseudonym used to protect his anonymity) seeks to stop PCAOB from continuing its unlawful and unconstitutional disciplinary proceedings.

Key Points:

Plaintiff John Doe (a pseudonym used to protect his anonymity) seeks to stop PCAOB from continuing its unlawful and unconstitutional disciplinary proceedings.
These potential penalty amounts are 20 times higher for firms than penalties the Securities and Exchange Commission (SEC) may impose.
Increasingly, Congress outsources vast governmental powers to private actors who are not elected by the citizenry nor appointed by the President.
The Sarbanes-Oxley Act created this uniquely extra-constitutional machinery 20 years ago, and it’s past time for the courts to shut it down.”