Sooner or later -probably sooner- one of these crowdsourced Reddit efforts to drive up a company's stock price will turn out to have been pushed by an 'internet rando' who is actually a company insider needing to sell. My bet: the SEC is lying in wait to make that the test case.
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If you're wondering, the Supreme Court has long been very resistant to reading the major provisions of the securities laws as outlawing even fairly predatory market activity that is out in the open with no lies or undisclosed interests https://supreme.justia.com/cases/federal/us/472/1/ …pic.twitter.com/4SLkbyQzNk
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I see a lot of non securities or business law attorneys on twitter dusting off their old business org lawbooks to remember rule 10b5 and other aspects of securities law we haven't needed to use since law school.
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Maybe I picked the wrong time to get out of the securities lawyer business.
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And even if you did nothing wrong, if sec decides it wants to investigate suspicious trades you made it will not be fun. This little larp may well make people wish they stayed out
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If they didn’t nail Musk that can’t nail anyone
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Is this limited praise for the administrative state?
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Just a commentary on the agency's SOP. They'll be looking for a soft target.
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Release the (shot rings out)
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on the other hand if they just liberally send out investigatory subpoenas they could burst the bubble. I suspect a few dozen "holy shit i need a lawyer" posts on wallstreetbets would get them running for the hills.
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That "investigatory subpoenas" are possible implies something deeply wrong with the country. I say that presuming it means to not have evidence but coerce a meeting to hopefully squeeze evidence out of a person.
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