Showing 30 posts from 2013.
SEC Issues Crowdfunding Proposal
Have you heard? The Securities and Exchange Commission has voted to propose rules under the JOBS Act permitting companies to offer and sell securities through crowdfunding. Public comment on the proposed rules will be sought for a 90-day period following the publication in the Federal Register by the SEC. Crowdfunding is a new way of raising money from people online, some would even say a new social networking platform.
Is your company thinking about utilizing crowdfunding? Before you venture into this new opportunity contact your Foster Swift attorney and make sure you comply with the new rules. Contact Attorney John Mashni at 517.371.8257 or jmashni@fosterswift.com.
Categories: Crowdfunding
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BYOD: Balancing Data Security with Employee Privacy
The days of carrying around a work phone and personal phone are quickly dwindling, if not already gone. Instead, businesses are implementing bring-your-own-device ("BYOD") policies that allow employees to access corporate information from their personal mobile device. On one hand, providing employees with mobile access to information increases productivity by allowing employees to work from anywhere. On the other hand, allowing corporate information to be accessed on devices that are mobile and capable of falling into the wrong hands produces a host of new security issues. This creates a difficult balancing act for employers who want their employees to be productive, but still want to maintain control over the information being accessed. Read More ›
Categories: Employment, Privacy
Lansing Area Residents, Consider the MITN Fellowship
For our Lansing area readers, Foster Swift Collins & Smith PC is a corporate member of the Michigan Technology Network - Lansing.
Michigan Technology Network - Lansing (MITN) awards fellowships annually that can be applied to technology education. If you're in school, thinking about going back, or need tech training to beef up your skills, a MITN fellowship is the perfect way to reduce your cost.
Categories: News
Health Care Law Blog: Mobile Medical Apps
Have you checked out our Health Care Law Blog? This week the post is titled FDA Issues Final Guidance on Mobile Medical Apps.
Categories: News
Welcome to the World of General Solicitation
As of September 23, 2013, the ban on general solicitation has been lifted for private securities offerings exempt from federal registration under Rule 506. Entrepreneurs can now publicly advertise the sale of securities by complying with the newly-effective regulations.
General solicitation means to publicly advertise an investment opportunity in a private company using a means of mass communication. This includes communication via email, website, public speech, or even social media.
These rules are complex and any entrepreneur should seek professional guidance before engaging in any fundraising. Read More ›
Categories: Venture Capital/Funding
SEC Fines NASDAQ $10 Million Over Facebook IPO
Even those who do not closely follow the stock market remember Facebook's IPO. The stock was priced at $38 per share the night before and was trading as high as $42.05 before the price started to drop quickly. One of the causes of the drop was the failure of NASDAQ's system of matching buyers with sellers. The system was tested for 40,000 orders, which did not adequately model the nearly 500,000 orders received when trading started. Read More ›
Categories: E-Commerce
Twitter Announces IPO
Twitter announced, via a tweet, that it is going public. This could be the biggest tech IPO since Facebook in May 2012.
Twitter is using a provision of the JOBS Act that allows a company that has revenue less than $1 billion to file an IPO in without having to disclose its financials to the public.
Here's a link to what we know so far about the Twitter IPO.
Subscribe to our technology blog and we will keep you updated as this news breaks. Please contact John W. Mashni by email at jmashni@fosterswift.com or by phone at 517.371.8257 with any questions.
Categories: Social Media
Internet Based Offerings to Accredited Investors Will Soon Be Legal
Access to capital is one of the most challenging issues facing young companies today. In order to engage in a private placement of securities that is exempt from registration under the federal securities laws, the most popular approach has been an offering under Rule 506, under which most of the requirements that may be imposed under state law are preempted. An offering under Rule 506 permits sales of securities to an unlimited number of accredited investors, and up to 35 non-accredited investors. As described in greater detail below, accredited investors are people who meet minimum wealth or income standards, or institutional investors. Read More ›
Categories: Venture Capital/Funding
Rutgers Quarterback Victorious Against EA Sports
Ryan Hart is the former starting quarterback for Rutgers University. In addition to setting a number of school records and leading his team to its first bowl appearance since 1978, Hart has added a victory in the courtroom against Electronic Arts ("EA") to his list of accomplishments. In their NCAA Football series, EA Sports provides users with a realistic gameplay experience. Part of this realistic experience is characters that resemble real-life players. So when a player chooses Rutgers, the quarterback is number 13, is 6'2", weighs 197 pounds, and appears wearing a visor and an armband on his left wrist—the resemblance to Ryan Hart is nearly exact. In October of 2009, Hart filed suit against EA Sports for violating his right of publicity by using his appearance in the game. Read More ›
Categories: Copyright, Personal Publicity Rights
No Fury Like a Facebook Shareholder Scorned…
Technology IPOs used to be the norm in the IPO cycle, and when Facebook announced an IPO many investors could not contain the excitement. But less than expected stock results have caused investors to file suit against Facebook and the underwriters of the IPO.
Source: Chart image from Yahoo! Finance
Facebook, along with Morgan Stanley, JP Morgan Chase, and Goldman Sachs, are seeking the dismissal of claims made by investors in connection to the company's IPO. The claims allege misrepresentations by Facebook and its underwriting banks that violated the Securities Act of 1933 and the Exchange Act of 1934. Essentially, the investors claim that Facebook disclosed certain information to the underwriting banks that it did not disclose to investors. Read More ›
Categories: Social Media
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