SEC Warns Against Insider Trading Risks from Pandemic Fallout
Client Alert | 1 min read | 03.25.20
On March 23, 2020, the co-directors of the SEC’s Division of Enforcement, Stephanie Avakian and Steve Peikin, issued an unambiguous warning against insider trading and other illegal practices stemming from the COVID-19 fallout. In their joint statement, the co-directors explained that “[i]n these dynamic circumstances, corporate insiders are regularly learning new material nonpublic information that may hold an even greater value than under normal circumstances.” Those with such access “should be mindful of their obligations to . . . comply with the prohibitions on illegal securities trading.”
The SEC’s co-directors emphasized that the Enforcement Division is committing “substantial resources” to combat fraud and illegal practices in these unprecedented times. Their warning comes amid extreme market volatility resulting from the pandemic, and similar statements from the DOJ about ramping up COVID-19 related enforcement efforts.
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On September 23, Judge Vernon D. Oliver partially granted and partially denied the defendant’s motion for summary judgment in Post University Inc. v. Learneo, Inc., 3:21-cv-1242 (VDO) (D. Del. Sept. 23, 2025). For background, the defendant in this case, Learneo, Inc. (commonly known as Course Hero), is an online platform for college, trade, and high school students that provides access to user-submitted documents via a paid subscription. Course Hero allows users to search the documents that have been uploaded by school, textbook, book title, and subject, but only users with a subscription can view the documents. Users without a subscription may access a preview version of the document, consisting of a blurred and truncated version created by Course Hero. Course Hero users have uploaded documents to the platform for many thousands of colleges, grad schools, high schools, and trade schools.
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