Disclosure

News & Analysis as of

"Omnicare Decision Clarifies Pleading Standard for Section 11 Claims Based on Statements of Opinion in Registration Statements"

In an opinion issued yesterday, the U.S. Supreme Court held in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund that an issuer may be held liable under Section 11 of the Securities Act of 1933...more

Alert - Biologics Price Competition and Innovation Act (BPCIA) Developments

The Evolving World of Biosimilars - Amgen, Inc. v. Sandoz, Inc. Addressing two new issues in the Biologics Price Competition and Innovation Act (BPCIA), the Northern District of California issued an order, on...more

Russian Legislation Update - 2 – 15 March 2015

In This Issue: - Civil Code Reform: contracts and obligations - New Development Bank BRICS - Employment/Foreign Citizens - Securities: bondholders; information disclosure - Excerpt from New Development Bank...more

California Supreme Court to Hear PRA Case on Inadvertent or Accidental Disclosure of Privileged Records

The California Supreme Court has granted review of a controversial Public Records Act ruling and will decide whether the well-recognized protection for attorney-client privileged documents inadvertently disclosed during the...more

Letter From America: Internal investigations – a stark reminder of the dangers of failing to implement strict protocols from the...

A recent ruling in long-running civil litigation against the Bank of China (“BOC”) in the United States District Court for the Southern District of New York provides a stark reminder of the dangers of failing to develop and...more

International Fraud & Asset Tracing (3rd Edition), France

In this Guide: - Introduction - Managing the Internal Investigation - Disclosure from Third Parties - Steps to Preserve Assets/Documents - Civil Proceedings - Anti-Bribery/Anti-Corruption Legislation -...more

Orrick Technology IPO Insights - Q4 2014

Welcome to the Q4 2014 issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present...more

Has the "Inevitable Disclosure" Doctrine Found a Foothold in North Carolina?

Twenty years ago, the Seventh Circuit Court of Appeals in PepsiCo, Inc. v. Redmond, 54 F.3d 1262 (7th Cir. 1995) advanced the “inevitable disclosure” doctrine in trade secret misappropriation cases. The doctrine essentially...more

CFPB’s Position on Confidential Supervisory Information

Is your financial institution or company subject to the Consumer Financial Protection Bureau’s (CFPB) supervision? If so, take note of a recent bulletin warning supervised entities – both banks and non-banks – about the...more

CFPB: Supervisory Obligations Trump Nondisclosure Agreements

As previously reported in our Special Alert on January 29, the CFPB issued Compliance Bulletin 2015-01, which reminds supervised financial institutions of their obligations concerning the disclosure of confidential...more

Is It Worth It For Plaintiffs' Counsel To Gamble On Merger Class Actions in North Carolina?

I hadn't written anything yet about the multiple shareholder actions challenging the merger of PokerTek -- a developer and distributor of electronic table (gambling) games -- with Multimedia Games -- another developer and...more

Supreme Court Delineates Federal Whistleblower Protections in TSA Disclosure Case

On January 21, 2015, the Supreme Court of the United States decided whether a federal air marshal, who publicly disclosed that the Transportation Security Administration (TSA) had decided to cut costs by removing air marshals...more

Court Orders Production of Work Product Documents under Crime-Fraud Exception to Attorney-Client Privilege Where Defendants Had...

In an earlier filed decision, the district court had previously found that Escort and its defense counsel had knowingly misled the plaintiff, Fleming, which warranted a sanction of attorney fees. As explained by the district...more

Whistleblower Protection Extends To Federal Workers Who Violate Agency Regulations

Yesterday the U.S. Supreme Court held that an agent of the Transportation Security Administration (TSA) who disclosed information that was prohibited by TSA regulations, was nonetheless protected under the Whistleblower...more

Accountability Program Releases Compliance Warning on Enhanced Noticed for Online Native Advertising

The Online Interest-Based Advertising Accountability Program is serious about compliance with the transparency and consumer control provisions of the Digital Advertising Association's Self-Regulatory Principles for Online...more

New York Court Expands Application Of Common Interest Privilege In Case Involving M&A Transaction

Expanding the law in New York governing the attorney client privilege, New York’s intermediate appellate court held last week that anticipated or pending litigation is not a necessary prerequisite to invoking the common...more

New York Extends Common Interest Privilege Protection to Non-Litigation Communications

Ordinarily, when a communication between an attorney and her client is disclosed to a third party, that communication loses its privileged status. The common interest privilege operates as an exception to that rule that...more

High Price Paid for Errors in Disclosure: Court of Appeal Permits use of Inadvertently Disclosed Privileged Documents

In Rawlinson and Hunter Trustees S.A. & ors v Director of the Serious Fraud Office [2014] EWCA Civ 1129, 31 July 2014, the Court of Appeal held that the inadvertent disclosure of a privileged document must be an obvious...more

Full Disclosure in Advertising – Recent Guidance from the FTC

Enforcement efforts by the Federal Trade Commission in the area of false advertising have long emphasized the importance of disclosing material facts relevant to advertising claims to ensure that messages communicated to the...more

School Districts: A Teacher’s Right to Access Student Records in a Disciplinary Proceeding is Not Absolute (11/14)

As many school districts are aware, it is not uncommon for a district to receive a request to disclose allegedly relevant student records to a tenured teacher facing disciplinary charges in the context of an Education Law...more

FINRA: Firms Should Not Restrict Whistleblower Rights

Why it matters - In a new regulatory notice, the Financial Industry Regulatory Authority (FINRA) reminded regulated firms not to prohibit the exercise of whistleblower rights in settlement agreements with employees and...more

Health Care Providers Responding to Ebola: HHS Issues Guidance Reminding Covered Entities that HIPAA Allows the Sharing of PHI in...

The Department of Health and Human Services (“HHS”) Office of Civil Rights (“OCR”) has issued guidance to remind HIPAA-covered entities of the ways in which they are permitted under HIPAA to share protected health information...more

SEC Investment Management Director Speech Focuses on Alternative Mutual Fund Disclosures

On October 29, Norm Champ, the director of the Securities and Exchange Commission’s Division of Investment Management, spoke before the SIFMA Complex Products Forum in New York. In the speech, Mr. Champ discussed SEC staff...more

Let’s Go To The Videotape: Can School Security Videos Be Subject To Disclosure Under FOIA?

School districts usually deny requests to view school video recordings, such as security tapes, in light of concerns about the privacy rights of students featured on these recordings. In a recent decision, the Freedom of...more

Voluntary Disclosure: The Continuing Debate

For years (okay 3 years), I have written about the need for DOJ to address its policies surrounding voluntary disclosure. DOJ and the SEC regularly urge companies and FCPA practitioners to disclose FCPA violations to DOJ in...more

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