The SEC announced yesterday that it had charged two individuals with insider trading in connection with the purchase by one of them of put options in advance of an announcement by Pershing Square Management, L.P. of its negative views about Herbalife. The actions are notable because of the position the SEC took regarding materiality. Among…
STEPHEN M. SCHULTZ
Steve Schultz counsels clients in the investment management and financial services industries, including registered and unregistered investment advisors; portfolio managers; securities and commodities traders; investment funds engaging in a variety of investment activities and trading strategies; broker-dealers; and underwriters.
Steve represents clients in a variety of corporate, securities and finance transactions, and provides real-time advice to persons engaged in active trading of securities positions. He structures and forms private investment funds and related management companies, and often serves as outside general counsel to investment funds and investment advisors.
New York University School of Law (LL.M. in Taxation, 1981; J.D., 1974)
State University of New York at Stony Brook (B.S., cum laude, 1971)
1975, New York
SEC Considers Pershing Square’s Opinion as to the Value of Herbalife MaterialOctober 1, 2014Client Alerts
SAC and Cuban change little for most managersNovember 24, 2013Attorney Articles
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Novel Analysis of Insider Trading Law in the Cuban Case Lives OnMarch 7, 2013Client Alerts
On March 5, 2013, the U.S. District Court for the Northern District of Texas denied Mark Cuban’s motion to dismiss a civil enforcement action brought by the SEC for insider trading. The enforcement action against Mr. Cuban, originally filed in 2008, accused him of selling his shares of Mamma.com while in possession of material, non-public…
SEC Expected to Consider Postponing Investment Adviser Registration Deadline to First Quarter 2012April 10, 2011Client Alerts
In a letter to the president of the North American Securities Administrators Association, the Associate Director of the U.S. Securities and Exchange Commission (the “Commission”) Division of Investment Management, Robert E. Plaze, stated that although the Commission’s staff anticipates that the implementing rulemaking under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank…