A Michigan-based company has requested attorney fees from the U.S. Securities and Exchange Commission (SEC) after successfully persuading the agency to retroactively lift a trading suspension. The company alleges that the SEC’s enforcement staff “lied and misled” to secure the suspension in the first place. This case highlights a rare instance of a company managing to overturn an in-house SEC decision, raising questions about the agency’s internal procedures and transparency.
The issue of attorney fees has emerged as the company argues that the SEC should bear the costs incurred due to these alleged missteps. The legal community is closely watching to see how the SEC will respond, particularly since in-house losses by the agency are not common. More details about the ongoing case can be accessed in the original article by Law360.