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Publicly traded financial services companies

Challenges: A challenging legal environment, plantiffs’ bars, and regulatory compliance have opened publicly traded companies to an increasing array of complex risks and significant financial loss. In addition, directors and officers are coming under increased scrutiny and lawsuits due to the following:

  • Anti-corporate sentiment
    Plaintiff firms have become increasingly successful at winning cases against corporations.
  • Increased bankruptcies and related securities fraud suits
    Companies outside the financial services arena are being affected and sued by shareholders and others as a result of the credit crisis.
  • Lawsuits alleging stock price drops as a result of Director and Officer liability action
    Sarbanes-Oxley has increased the statute of limitations for Securities Fraud cases, increasing companies’ potential exposure to suits.
  • Continuing diversification of securities litigation
    M&A challenges and corporative derivative suits pose significant risks for directors and officers.
  • Increased government enforcement actions
    Enforcement has reached record levels – at significant cost to corporations.

In this environment, it’s imperative to understand your company’s risk, especially risks to your directors and officers. You must know the ins and outs of your insurance policies, what they cover (or, more importantly, what they don’t), and your insurance company’s track record with claims advocacy.

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Darn - SEC in short-sale crackdown

by MasterOFDisaster

NEW YORK (CNNMoney.com) -- The Securities and Exchange Commission adopted a set of new rules Wednesday which would ultimately ban the practice of so-called "naked" short selling, possibly providing some much-needed comfort for financial markets.
But instead of just shielding the embattled financial services industry this time around, the nation's securities regulator said the prohibition would cover all publicly traded companies.
"These several actions today make it crystal clear that the SEC has zero tolerance for abusive naked short selling," SEC Chairman Christopher Cox said in a statement

Othher dow companies hiding their debts

by stockfalling

The blue-chip average this week pierced its closing December low, settling at 9,712 for a 2.1 percent daily drop. The Dow Jones Industrial Average rebounded Thursday morning. The December low indicator, triggered this early in the year, often points to trouble for the rest of the year for the overall stock market. See earlier story.
Pravin Banker, a financial advisor at small investment bank the Financial Network, says the accounting profession, stung badly by Lucent Enron and other imploding corporations, 'will want to peel the onion and look under the covers.' Greater accounting vigilance will lead to questions at Dow-traded companies, including computer giant IBM says Banker, who is based in Connecticut

Mandating the year 2000 disclosure of publicly traded companies: Hearings before the Subcommittee on Financial Services and Technology of the ... first session ... November 4, 1997 (S. hrg)
Book (For sale by the U.S. G.P.O., Supt. of Docs., Congressional Sales Office)

Capital City Bank Group, Inc. to Present at 2014 KBW Community Bank Investor ..  — MarketWatch
About Capital City Bank Group, Inc. Capital City Bank Group, Inc. (NASDAQ:CCBG) is one of the largest publicly traded financial services companies headquartered in Florida and has approximately $2.6 billion in assets.

Mandating the Year 2000 Disclosure of Publicly Traded Companies. Hearings
Book (GPO, Washington, DC)

Popular Q&A

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Serving Overland Park, KS Accountable Plumbing, LLC, in business since 2008, with over 10 years combined experience. 913-489-8203.

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Why is Nationwide Financial Services no longer a publicly traded company?

Effective January 1, 2009, NFS became a wholly-owned subsidiary of Nationwide Mututal Insurance Company ("Nationwide") and a private company ("the transaction"). As part of the transaction, Nationwide purchased all of the outstanding shares of common stock of Nationwide Financial Services it did not already own. Accordingly, NFS has filed the required documents with the SEC and the New York Stock Exchange to voluntarily delist the company’s class A common stock from the New York Stock Exchange.
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