Beware the Rocket Ship: How SEC Is Scrutinizing Emoji Use

Securities Enforcement Defense attorneys Jessica Magee and Scott Mascianica and litigation attorney Andrew Balthazor authored a Law360 article about how the use of emojis in today's society has transformed the way people communicate, which has presented a problem in litigation. Ms. Magee, Mr. Mascianica and Mr. Balthazor write about the appearance of emojis as evidence of a statement, act or intent as well as their ambiguity, which presents a regulatory and enforcement risk for those using emojis in connection with securities-related activities. The authors also discuss how the U.S. Securities and Exchange Commission (SEC) uses emojis to allege an expectation of profits, unlawful securities touting, insider training and market manipulation and evidence of state of mind.

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