Grace B. Lamont, Partner, Leader of the Securities Litigation Practice, PricewaterhouseCoopers LLP to Speak at KC’s Event on “Foreign-Cubed” on 05/27/09
Jersey City, NJ, May 21, 2009 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts has announced today that Grace B. Lamont, Partner, Leader of the Securities Litigation Practice of PricewaterhouseCoopers LLP will speak at the Knowledge Congress’ webcast entitled: “Stricter Rules Governing “Foreign-Cubed” Claims For Attorneys”. This event is scheduled for May 27, 2009, at 3:00 PM - 5:00 PM EDT. (For further details, please visit: http://knowledgecongress.org/event_2009_SRG.html)
One type of litigation that has been receiving a lot of attention lately is so-called “Foreign cubed” cases. These refer to actions brought by foreign plaintiffs against foreign issuers in a U.S. court for violations of U.S. securities laws based on transactions in foreign countries. These cases include not only investors who purchased the securities in question on a U.S. securities exchange, but also foreign investors who purchased the securities on a foreign securities exchange. The application of U.S. securities laws to such foreign-based transactions is problematic for courts because of the potential to generate conflicts with other countries. Significantly, in October 2008, in Morrison v. National Australia Bank Ltd., the Second U.S. Circuit Court of Appeals refused to categorically bar foreign plaintiffs from suing in U.S. courts foreign issuers of securities for violations of U.S. securities laws based on transactions in foreign countries. Instead, it held that determining subject matter jurisdiction over foreign-cubed claims requires a fact-specific examination in each case. And, plaintiffs will still need to show that the alleged wrongful conduct had the required nexus in the United States. After this decision, many attorneys were left wondering, what does Morrison mean for the future?
This Live Webcast will scrutinize the court’s reasoning in this decision and its impact on decisions in the Second Circuit and the Southern District of New York and the entire securities industry. The program is appropriate for securities and litigation professionals alike.
About Grace B. Lamont
Grace Lamont is a Forensic Services Partner in the New York City office of PricewaterhouseCoopers ("PwC") and National Leader of the US Securities Litigation Practice. She has also served on PwC's Extended Leadership Team for the New York Metro area. Ms. Lamont specializes in providing litigation support consulting, forensic accounting and fraud investigative services in the context of securities litigation, regulatory investigation proceedings and internal corporate investigations.
Ms. Lamont has acted in an expert capacity, providing accounting related testimony, and as arbiter in relation to accounting matters. Ms. Lamont has investigated financial statement frauds, employee embezzlements, management and employee kickbacks and FCPA matters. She has consulted with clients on SEC reporting implications, restatement of previously issued financial information and remedial corporate governance and internal control programs. Ms. Lamont's experience also includes financial statement audits for public and private operating companies in a range of industries including manufacturing, financial, wholesale and retail.
Clients have included prominent U.S. based international companies in addition to major foreign companies listed on US stock exchanges and have spanned a variety of industries including telecommunications, technology, healthcare, manufacturing, retail, hospitality, banking, insurance and legal. Examples of issues associated with these matters include: revenue recognition related to software revenue recognition, vendor rebates and leasing issues; reserve accounting; acquisition related matters; sub-prime debt issues; construction; and stock option related matters.
Ms. Lamont has practiced for over 20 years in both Europe and the U.S. She is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Ms. Lamont is also a Chartered Accountant and member of the Institute of Chartered Accountants in England and Wales. She is the Editor and author of PricewaterhouseCoopers’ Securities Litigation Study and various articles dealing with securities litigation accounting issues. Ms. Lamont is a member of the Board of Editors for the Securities Litigation Report and is a frequent speaker at various conferences dealing with SEC regulation and securities litigation issues. In 2007, she graduated from the Partnership for New York City’s David Rockefeller Fellows.
About PricewaterhouseCoopers
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 146,000 people in 150 countries across their network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
For more information about Grace Lamont, and PricewaterhouseCoopers, please visit: http://www.pwc.com.
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Congress is a series of live webcasts produced by The Knowledge Group, LLC, which examine trends, regulatory, and technology changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour webcast that study the impact of changing regulations and help businesses succeed through proper regulatory compliance.” To contact or to register to an event, please visit: www.knowledgecongress.org.
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One type of litigation that has been receiving a lot of attention lately is so-called “Foreign cubed” cases. These refer to actions brought by foreign plaintiffs against foreign issuers in a U.S. court for violations of U.S. securities laws based on transactions in foreign countries. These cases include not only investors who purchased the securities in question on a U.S. securities exchange, but also foreign investors who purchased the securities on a foreign securities exchange. The application of U.S. securities laws to such foreign-based transactions is problematic for courts because of the potential to generate conflicts with other countries. Significantly, in October 2008, in Morrison v. National Australia Bank Ltd., the Second U.S. Circuit Court of Appeals refused to categorically bar foreign plaintiffs from suing in U.S. courts foreign issuers of securities for violations of U.S. securities laws based on transactions in foreign countries. Instead, it held that determining subject matter jurisdiction over foreign-cubed claims requires a fact-specific examination in each case. And, plaintiffs will still need to show that the alleged wrongful conduct had the required nexus in the United States. After this decision, many attorneys were left wondering, what does Morrison mean for the future?
This Live Webcast will scrutinize the court’s reasoning in this decision and its impact on decisions in the Second Circuit and the Southern District of New York and the entire securities industry. The program is appropriate for securities and litigation professionals alike.
About Grace B. Lamont
Grace Lamont is a Forensic Services Partner in the New York City office of PricewaterhouseCoopers ("PwC") and National Leader of the US Securities Litigation Practice. She has also served on PwC's Extended Leadership Team for the New York Metro area. Ms. Lamont specializes in providing litigation support consulting, forensic accounting and fraud investigative services in the context of securities litigation, regulatory investigation proceedings and internal corporate investigations.
Ms. Lamont has acted in an expert capacity, providing accounting related testimony, and as arbiter in relation to accounting matters. Ms. Lamont has investigated financial statement frauds, employee embezzlements, management and employee kickbacks and FCPA matters. She has consulted with clients on SEC reporting implications, restatement of previously issued financial information and remedial corporate governance and internal control programs. Ms. Lamont's experience also includes financial statement audits for public and private operating companies in a range of industries including manufacturing, financial, wholesale and retail.
Clients have included prominent U.S. based international companies in addition to major foreign companies listed on US stock exchanges and have spanned a variety of industries including telecommunications, technology, healthcare, manufacturing, retail, hospitality, banking, insurance and legal. Examples of issues associated with these matters include: revenue recognition related to software revenue recognition, vendor rebates and leasing issues; reserve accounting; acquisition related matters; sub-prime debt issues; construction; and stock option related matters.
Ms. Lamont has practiced for over 20 years in both Europe and the U.S. She is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Ms. Lamont is also a Chartered Accountant and member of the Institute of Chartered Accountants in England and Wales. She is the Editor and author of PricewaterhouseCoopers’ Securities Litigation Study and various articles dealing with securities litigation accounting issues. Ms. Lamont is a member of the Board of Editors for the Securities Litigation Report and is a frequent speaker at various conferences dealing with SEC regulation and securities litigation issues. In 2007, she graduated from the Partnership for New York City’s David Rockefeller Fellows.
About PricewaterhouseCoopers
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 146,000 people in 150 countries across their network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
For more information about Grace Lamont, and PricewaterhouseCoopers, please visit: http://www.pwc.com.
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Congress is a series of live webcasts produced by The Knowledge Group, LLC, which examine trends, regulatory, and technology changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour webcast that study the impact of changing regulations and help businesses succeed through proper regulatory compliance.” To contact or to register to an event, please visit: www.knowledgecongress.org.
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Thomas LaPointe, Jr., Executive Director
1.800.578.4370
www.knowledgecongress.org
Therese Lumbao, Director
Account Management & Member Services
tlumbao@knowledgecongress.org
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