Legal Insights

Plain-language guides and case briefs on Philippine law — researched from the firm's law library of 184,000+ statutes, Supreme Court decisions, and agency issuances, and written so non-lawyers can understand and act on them.

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Apr 26, 2023 securities regulation securities regulation code untrue statement criminal law probable cause registration statement

Untrue Statements in Securities Registration: The Caliraya Springs Ruling

The Supreme Court clarifies when a projected completion date in a securities registration statement becomes an actionable untrue statement under the Securities Regulation Code.

Apr 26, 2023 securities-regulation-code sec registration-statement fraud corporate-liability probable-cause

SEC Fraud Liability: When Projected Completion Dates Are Not Untrue Statements

Supreme Court clarifies that forward-looking statements in SEC registration filings are not automatically fraudulent misrepresentations under the Securities Regulation Code.