In the News

Robert Bartlett in the news:

UC Berkeley: Stale prices not a threat to liquidity takers

Robert P. Bartlett III and Justin McCrary paper cited by Seeking Alpha, Sept. 8, 2016

Robert P. Bartlett III and Justin McCrary used data from the Securities Information Processors (SIPs) to look at reporting lags and the question whether fast traders can and do profitably exploit stale quotes. The proposition that they do pick off stale quotes is one of the theses of Michael Lewis’ 2014 book, Flash Boys.

Study backs Barron’s critique of Flash Boys

Robert Bartlett and Justin McCrary study cited by Barron’s, Sept. 3, 2016

The study, by Robert Bartlett and Justin McCrary, scoured 385 million stock trades and 6.2 billion price quotes for signs that high-tech scalawags routinely front-run the rest of us by exploiting faster access to stock quotes. Contrary to Lewis’ scare story, the pair found that slow or fast quotes made no difference in pricing 97% of the trades. And on the remaining trades, the pricing differences actually favored the slow trader.

Trump’s company kept two sets of financial numbers, testimony shows

Robert Bartlett quoted by BuzzFeed, August 12, 2016

From a legal perspective, a projection about the future is more opinion than fact, said Robert Bartlett. … “It smells a little fishy,” he said. “If the internal set of books was what they held out to themselves as the true and likely scenario, then that would seem to be circumstantial evidence that the rosy projections were not honestly held projections.”

Berkeley study finds scarce evidence of market ‘front-running’

Robert Bartlett and Justin McCrary quoted by Reuters, July 29, 2016

Professors Robert Bartlett and Justin McCrary said their findings contradict the common belief that fast traders systematically exploit others who rely on public data feeds, which in the past were notoriously slow.

Trying to force the S.E.C.’s hand on high-speed trading

Robert P. Bartlett III and Justin McCrary write for The New York Times, Dec. 18, 2015

Media attention to latency arbitrage might be novel, but the issue is hardly a new one; investors have voiced concerns about exchanges’ preferential distribution of market data since at least 1975. In light of the S.E.C.’s unwillingness to take any action, IEX and its backers simply took matters into their own hands.

Jobs Act: one year later

Robert Bartlett interviewed by KGO-AM 810, March 15, 2013

“I think that it’s primarily going to change the way securities lawyers draft documents. It was done in an election year when jobs were at the forefront of the economy…. Oddly enough, nothing in the act actually says that to benefit from these provisions, you actually have to have employees, or you actually have to hire them.”

SEC warns Hastings of Netflix over Facebook post

Robert Bartlett quoted in International Business Times, December 6, 2012

“Facebook and Twitter… are a quasi-public domain,” said Robert Bartlett, University of California, Berkeley law professor. “There are good arguments to be made on either side about social media and securities law. Social media is exactly in the gray area.”

Facebook investors file lawsuits over IPO

Eric Talley and Robert Bartlett quoted in San Francisco Chronicle, May 23, 2012

“If I can demonstrate that something was false, I don’t have to also demonstrate that they should have known it was false,” said Eric Talley.

But by one reading of that rule, investment banks could share analysts’ guidance with clients before the date of the IPO, UC Berkeley assistant law professor Robert Bartlett said. Given these issues, it may turn out that Morgan Stanley and Facebook violated the spirit but not the letter of securities rules, Bartlett said.

Robert Bartlett Opines on Rejection of SEC-Citigroup Settlement

Bloomberg Law Podcast, December 24, 2011 Host June Grasso (Inactive link; go to News Clips for article)

“There’s this perception that the SEC should be doing a lot more work on the fraud-prevention front, and if we want to go after individuals within companies engaging in fraud, the SEC should be doing it.”

Robert Bartlett Explains Rationale for News Corp. Severance Deal

The Daily Beast, July 18, 2011 by Josh Dzieza

Brooks likely also signed a confidentiality agreement, says Robert Bartlett, a professor at Berkeley Law. Not only would it keep her from talking about her employment at News Corp., it would keep her from talking about the settlement agreement that keeps her from talking about her employment at News Corp.

Robert Bartlett Questions Winklevosses’ Appeal

Los Angeles Times, April 21, 2011 by Jessica Guynn,0,6720470.story

The Winklevosses gave up all claims—even the ones they didn’t know about—when they entered into the agreement, said UC Berkeley law professor Robert Bartlett, citing the 9th Circuit opinion. “It sounds very much like a Hail Mary,” Bartlett said.

Robert Bartlett Questions Winklevosses’ Latest Legal Move

Los Angeles Times, April 12, 2011 by Jessica Guynn and Carol Williams,0,3506898.story

“If it is the case that the idea for Facebook was truly stolen from them, then they had a claim to pursue. But they chose to settle that claim,” UC Berkeley law professor Robert Bartlett said. “As an armchair psychologist, it seems to me they are motivated by the disappointment and anger that led to their first claim. That anger, I think, had to come to an end when they decided to settle with Facebook.”

Robert Bartlett Explains SEC’s Scrutiny of Secondary Markets

Bloomberg Television, March 28, 2011 Host Cory Johnson

“On the one hand, the SEC has a mandate to protect investors. I think they want to make sure that in the frenzy that is currently happening in the secondary markets that the investors are, in fact, getting the information that they need in order to assess whether these are valuable investments or not.”

Robert Bartlett Updates Winklevoss-Facebook Legal Skirmish

Bloomberg Radio, January 15, 2011 Host June Grasso (Inactive link. Go to H:\Law School in the News\In the News 2011\News Clips for article)

“If the Winklevosses win, then they get none of the settlement consideration…. If they lose, they will get to keep the consideration in the settlement agreement, which based on the most recent evaluation of Facebook, would actually be worth about 150 million dollars plus, of course, the 20 million dollars in cash.”

Robert Bartlett Says Firms Comply with Sarbanes-Oxley

New York Times, January 11, 2011 by Steven M. Davidoff

In one study, Robert Bartlett, a Berkeley law professor, found that the overwhelming majority of companies bought by private equity firms still voluntarily complied with the provisions of Sarbanes-Oxley in order to issue debt to finance these acquisitions. In other words, investors liked the requirements of Sarbanes-Oxley, and companies willingly complied when they did not need to.

Robert Bartlett Comments on Possible Facebook IPO

Los Angeles Times, January 4, 2011 by Jessica Guynn

“There’s this expectation that just like Google went through the roof, Facebook will too,” UC Berkeley law professor Robert Bartlett said.

Robert Bartlett Thinks SEC May Pressure Facebook to Go Public

Los Angeles Times, December 29, 2010 by Jessica Guynn,0,4981671.story

“There is no question that the SEC is going to be concerned by the fact that you have a private company that makes no financial disclosures and yet has a relatively large trading volume,” UC Berkeley law professor Robert Bartlett said. “The SEC may push Facebook as much as it has the authority to do so to become a public company.”

Robert Bartlett Says Info-Overload Hinders Investors’ Decision-Making

The Wall Street Journal, April 24, 2010 by Jason Zweig

“It was apparently very difficult even for institutional investors to contend with the amount and volume of noise in the market in 2008,” Prof. Bartlett says.