On September 14, 2021, the Securities and Exchange Commission (“SEC”) filed a settled securities fraud action against App Annie Inc., one of the largest sellers of market data on how apps on mobile devices are performing, and its co-founder and former CEO and Chairman Bertrand Schmitt.  The settlement is the first enforcement action brought by the SEC against an alternative data provider.  As part of the settlement, App Annie agreed to pay a $10 million civil penalty and Schmitt agreed to pay a $300,000 penalty and to be barred from serving as an officer or director of a public company for three years.

For further discussion of this enforcement, please see our Client Alert posted on Proskauer’s website.

Photo of Robert Leonard Robert Leonard

Robert Leonard is a partner in the Hedge Funds Group. For more than 30 years Rob has been structuring, organizing and representing hedge funds, funds of funds and other private investment funds (both domestic and offshore), family offices, institutional investors and investment advisers.…

Robert Leonard is a partner in the Hedge Funds Group. For more than 30 years Rob has been structuring, organizing and representing hedge funds, funds of funds and other private investment funds (both domestic and offshore), family offices, institutional investors and investment advisers.

He has structured and organized numerous master-feeder, side-by-side and mini-master-feeder funds for hedge fund managers engaged in myriad strategies, including long/short equity, multi-strat, credit, distressed credit, mortgage-backed securities, risk arb, emerging markets, global macro, stat arb, relative value, event driven and direct lending.

Rob has advised managers on seed deals, founder’s classes, funds of one and placement agreements and develops innovative ways of building asset bases. He also has worked with managers on bringing in and retaining talent through structuring employment, “phantom” equity and true equity arrangements.

Rob has handled a variety of regulatory and other compliance matters, including registrations with the SEC, CFTC and state regulators, filing Form PF and filings with the Treasury Department and Bureau of Economic Analysis. In addition, he works on SEC and other regulatory examinations and investigations, as well as investor and third-party actions. Rob is also recognized as a national leader on alternative data where he counsels clients on due diligence on data providers, risk assessment and document negotiation.

Photo of Jeffrey Neuburger Jeffrey Neuburger

Jeffrey Neuburger is a partner, co-head of the Technology, Media & Telecommunications Group, a member of the Privacy & Cybersecurity Group and editor of the firm’s New Media and Technology Law blog.

Jeff’s practice focuses on technology, media and advertising-related business transactions…

Jeffrey Neuburger is a partner, co-head of the Technology, Media & Telecommunications Group, a member of the Privacy & Cybersecurity Group and editor of the firm’s New Media and Technology Law blog.

Jeff’s practice focuses on technology, media and advertising-related business transactions and counseling, including the utilization of emerging technology and distribution methods in business. For example, Jeff represents clients in online strategies associated with advertising, products, services and content commercialized on the Internet through broadband channels, mobile platforms, broadcast and cable television distribution and print publishing. He also represents many organizations in large infrastructure-related projects, such as outsourcing, technology acquisitions, cloud computing initiatives and related services agreements.

Serving as a collaborative business partner through our clients’ biggest challenges, Jeff is part of the Firm’s cross-disciplinary, cross-jurisdictional Coronavirus Response Team helping to shape the guidance and next steps for clients impacted by the pandemic.

Photo of Joshua M. Newville Joshua M. Newville

Joshua M. Newville is a partner in the Litigation Department in New York and a member of Proskauer’s White Collar Defense & Investigations Group and the Asset Management Litigation team.

Josh handles securities litigation, enforcement and regulatory matters, representing corporations and senior executives…

Joshua M. Newville is a partner in the Litigation Department in New York and a member of Proskauer’s White Collar Defense & Investigations Group and the Asset Management Litigation team.

Josh handles securities litigation, enforcement and regulatory matters, representing corporations and senior executives in civil and criminal investigations. In addition, Josh advises registered investment advisers and private fund managers on regulatory compliance, SEC exams and related risks.