U.S. Securities and Exchange Commission headquarters in Washington. Photo: Diego M. Radzinschi/ALM 'Unlawful Several Times Over': Groups Urge 8th Circuit to Scrap SEC Climate Disclosure Rule
"The SEC cannot invoke abstract policy goals to aggrandize its authority beyond disclosure of 'financial" information material to investors." the rule's challengers stated in their appellate court brief.
June 17, 2024 at 04:30 PM
3 minute read
Administrative Law
The original version of this story was published on National Law Journal
Several business groups have urged the U.S. Court of Appeals for the Eighth Circuit to vacate the U.S. Securities and Exchange Commission's controversial climate disclosure rule, calling it "unlawful several times over."
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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