In 2005, Siebel Systems, Inc., a California software company, challenged an enforcement action taken by the Security and Exchange Commission (SEC) that found the business had violated the Regulation Fair Disclosure (Reg FD)—a regulation implemented to prevent businesses from giving key analysts and investors insider information. The Siebel case went to the federal court, marking the only court case under Reg FD, and it was eventually dismissed by the judge.
