The proliferation of biotechnology start-up companies has led to increased scrutiny by the regulators of the securities markets. The author, a former head of a field office of the United States Securities and Exchange Commission, examines the growing cooperation among regulatory agencies in the U.S. and the basic structure of the disclosure and anti-fraud provisions of the U.S. securities laws. The author articulates the approaches that the SEC division of enforcement has taken to investigating

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... and prosecuting violations of the securities laws by biotechnology companies and provides useful guidance for dealing with news that may impact the securities markets.