Philadelphia partner Mary Hansen is quoted in a Law360 article entitled “Elon Musk’s SEC Feud Unique, But Not Unprecedented,” which examines the recurring battle between the CEO of Tesla and the regulatory agency.
By now, Tesla CEO Elon Musk is well-known for his unstinting criticism of the SEC, both in court documents and on social media. As Mary notes, he may not be the first high-profile individual to critique the agency and its enforcement proceedings; rather, hedge fund manager Leon Cooperman went public in 2015 about the SEC’s subpoenaing of his firm, and spoke publicly about the allegations. Mary observes that “… the case sort of perked people up in terms of maybe it’s not always a bad thing to be super-aggressive and go on [TV] and wave your subpoena.”
Musk and others who have challenged the SEC in public may be more likely to do so, given the considerable resources at their disposal. Mary acknowledges that ordinary Americans would be far less likely to do so: “They wouldn’t dare think of doing what either of those two individuals have done because they don’t have the resources to engage in long-term litigation.”