Corporate Officers

News & Analysis as of

Michigan Supreme Court Holds That Agency Principles Apply to Determining the Scope of an Arbitration Clause

It is well established that whether a particular dispute falls within the scope of an arbitration clause depends on the language of the parties’ agreement. In the recent case of Altobelli v Hartmann, the Michigan Supreme...more

What Is A Knowing Violation Of Law?

Nevada’s private corporation law automatically exculpates directors and officers from individual liability from individual liable to the corporation or its stockholders or creditors for any damages as a result of any act or...more

FinCEN Extends Filing Deadline for Certain FBAR Filers

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2017 to file the Report of Foreign Bank and Financial Accounts....more

Next on the SEC regulatory agenda: a chief valuation officer?

First, the Securities and Exchange Commission required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity risk manager, and after that, a derivatives risk manager. Can a...more

They Will Click: Cybersecurity and the Human Factor

Cybercrime cost the world economy about $445 billion in 2014 and the 2015 numbers will be even higher. The cost of data breaches will reach $2.1 trillion globally by 2019. Worldwide spending on information security is...more

New Incentive-Based Compensation: Proposed Rules for Financial Institutions

A group of financial regulatory agencies has released for comment revised proposed rules under Section 956 of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act. The rules provide for regulations and guidelines...more

Business Litigation Reporter - June 2016

Goodwin Procter’s Business Litigation Reporter provides timely summaries of key cases and other developments within dedicated Business Litigation sessions and related courts throughout the country – courts within which...more

He Had A Vice President’s Title And The Company Identified Him As “Management”, But He Was No Officer

Delaware attorney Francis Pileggi recently wrote about a ruling in the Court of Chancery concerning Nevada’s private corporation law. The case, Eric Pulier v. Computer Sciences Corp., et al., C.A. No. 12005-CB, hearing (Del....more

The Redwater Decision: The Alberta Energy Regulator - Trumped by Federal Bankruptcy Law

In Redwater Energy Corporation (Re, the Alberta Court of Queen’s Bench ruled against the AER, holding certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act inoperative to the extent that if applied...more

5 Wishes for Securities Litigation Defense: Greater Insurer Involvement in Defense-Counsel Selection and Strategy

One of my “5 Wishes for Securities Litigation Defense” last month was for greater D&O insurer involvement in securities class action defense. This simple step would have extensive benefits for public companies and their...more

Directors Owe Fiduciary Duties to Creditors of Insolvent Companies

Creditors of a corporation in bankruptcy recently received some good news from a bankruptcy court in California. In re ATWR Liquidation, Inc. clarified that corporate officers and directors owe creditors the same fiduciary...more

Up Close and Personal: Individual CCO Liability – Part I

A horse is a horse, of course, of course, and no one can talk to a horse, of course. That is, of course, unless the horse is the famous Mister Ed. Those lines were the opening verse to the theme song of the TV...more

Does A Dissolved Corporation Have Officers And Directors?

It might be reasonable to assume that a dissolved corporation no longer has any officer and directors. However, the California General Corporation Law seems to assume that dissolved corporations continue to have directors...more

Managing Cybersecurity Risk for Nonprofit Organizations: A Fiduciary Duty?

We live in an era of increasingly prevalent cybercrime, and nonprofits are in the crosshairs.  Harvard University, Penn State University and two BlueCross BlueShield entities are just a few nonprofit organizations that...more

Bankruptcy Court Opinion Clarifies California Law on Duties of Directors & Officers Upon Insolvency

It is not unusual in the lifecycle of a start-up for the company to hit road blocks and have cash flow issues. During these times, the board and its members will ask the company’s professionals what their fiduciary duties are...more

The Quiet Demise of Director Meeting Fees

As director duties have become increasingly burdensome and complex, companies have responded with variations on, and additions to, the traditional fee arrangements. It is now common to see equity awards of various...more

DOJ’s New FCPA “Pilot Program” Targets Corporate Officers and Other Individuals

For years, FCPA observers have predicted that the Department of Justice (“DOJ”) will increase its prosecutions of corporate officers and employees for FCPA violations. These predictions have so far proven disputable, as the...more

5 Wishes for Securities Litigation Defense

I am committed to helping shape a system for securities litigation defense that helps directors and officers get through securities litigation safely and efficiently, without losing their serenity or dignity, or facing any...more

Federal Court Rules “Mere Affiliation” Is Insufficient To Establish Personal Jurisdiction

Nearly four years ago, I wrote about a Nevada Supreme Court decision holding that Nevada courts can exercise personal jurisdiction over nonresident officers and directors who directly harm the corporation. Consipio Holding,...more

SEC Charges Biotech Company and Its Officers with Misleading Investors by Failing to Disclose FDA Concerns and Recommendations

On March 29, 2016, the Securities and Exchange Commission (SEC) announced charges against a biotech company and three of its officers for securities fraud. The company has agreed to pay $4 million to resolve the charges...more

Dealing with Email Fraud? These Simple Steps Can Recover Assets in an Emergency

According to the FBI, there has recently been a significant spike in email fraud, costing businesses billions in the last two years – with a significant portion of these funds landing in Hong Kong bank accounts. If your...more

Hazout v. Tsang Mun Ting, No. 353, 2015 (Del. Feb. 26, 2016) (Strine, C.J.)

In this decision, the Delaware Supreme Court rejected a long line of judicial decisions that had significantly limited the circumstances in which Delaware courts could exercise personal jurisdiction over nonresident directors...more

Saudi Arabia Update - March 2016

Legal developments - Company directors and executives should be aware - As we have described in previous updates, Saudi Arabia has adopted a new companies law that will take effect as of 2 May 2016 (the New...more

SEC Imposes Penalties on Company and Officers for Inadequate Staffing in Accounting Department

Highlights - The SEC settled charges against Magnum Hunter Resources Corporation and two of its officers for deficient oversight of the company’s internal controls over financial reporting, resulting in fines of...more

2016 IPO Report

Our 2016 IPO Report offers a detailed analysis of, and outlook for, the IPO market, plus useful IPO market metrics. We look at rates of adoption of JOBS Act relief by emerging growth companies, and recent FAST Act amendments...more

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