GameStop stock market squeeze attracts attention from Congress

Posted on 29/01/2021 by Engadget

The Senate Committee on Banking will hold a hearing “on the current state of the stock market,” after Reddit’s GameStop squeeze ignited a fiery debate that pitted retail investors against hedge funds.“American workers have known for years the Wall St...

SEC fines Robinhood $65 million for misleading users

Posted on 17/12/2020 by Engadget

Earlier this year, the Wall Street Journal reported that Robinhood was under investigation for not disclosing payments it received from market makers to execute the service’s trades. The allegations were yet another black eye for a company that had a...

SEC proposal could turn gig workers into stockholders

Posted on 25/11/2020 by Engadget

The Securities and Exchange Commission has proposed a set of rule changes that would give internet platforms like Uber the option to give gig workers equity as part of their compensation. As Axios noted, companies like Uber and Airbnb have been askin...

US court agrees with SEC that Kik’s $100 million coin offering violated the law

Posted on 01/10/2020 by Engadget RSS Feed

A US district judge for the Southern District of New York has agreed with the Securities and Exchange Commission’s assessment that Kik’s $100 million initial coin offering (ICO) in 2017 was a securities sale. Judge Alvin Hellerstein has granted SEC’s...

Nikola founder resigns following SEC probe into electric truck business

Posted on 21/09/2020 by Engadget RSS Feed

Following a fraud accusation by a short firm and potential probe by the US Securities Exchange Commission (SEC), Nikola founder Trevor Milton is stepping down as executive chairman. “Nikola is truly in my blood and always will be, and the focus shoul...

Robinhood reportedly facing SEC probe for selling to high-speed traders

Posted on 04/09/2020 by Engadget RSS Feed

Robinhood is under civil fraud investigation by the Securities and Exchange Commission (SEC), and according to The Wall Street Journal, it could pay a fine exceeding $10 million. The no-commission investment app, which recently scrapped its planned U...

Telegram to pay $18.5 million and return $1.2 billion following SEC crypto charges

Posted on 30/06/2020 by Engadget RSS Feed

Telegram’s initial bid to launch its “Gram” cryptocurrency has failed. The US Securities and Exchange Commission (SEC) announced today that in order to resolve charges of violating federal securities laws, it has ordered Telegram to return more than...

Sonos will lay off 12 percent of its workforce due to COVID-19

Posted on 24/06/2020 by Engadget RSS Feed

Sonos is the latest company to announce layoffs due to the COVID-19 pandemic. It plans to eliminate 12 percent of its global headcount and close its New York retail store and six satellite offices. The company outlined these plans in a filing with th...

Uber will lay off 3,700 full-time employees

Posted on 06/05/2020 by Engadget RSS Feed

Uber plans to lay off 3,700 full-time employees, it revealed in a filing with the Securities Exchange Commission today. That represents about 14 percent of its 26,900 employees, CNBC notes.“Due to lower trip volumes in its Rides segment and the Compa...

Steven Segal settles with SEC over undisclosed bitcoin promotions

Posted on 27/02/2020 by Engadget RSS Feed

It seems that martial artist and actor Steven Seagal isn't above the law. In 2017, he touted the initial coin offering (ICO) for Bitcoiin2Gen (B2G), a digital currency that sounded shady right from the start. Seagal didn't disclose the fact that he w...

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