Disclosure

News & Analysis as of

M&A Update: Ohio Federal Judge Blocks Controlling Stockholder’s Tender Offer Based On Target Board’s Conflicts and Stockholder...

In a March 14, 2014 decision that has received little commentary, an Ohio federal court in Spachman v. Great American Insurance Co. took the extraordinary step of enjoining a tender offer by Great American Insurance, a...more

SEC Lays Out Road Map On Disclosure Reform

Keith F. Higgins, Director, SEC Division of Corporation Finance, recently laid out the SEC staff’s approach to the much discussed disclosure reform initiative. Highlights are as follows...more

Climate Change Disclosure - Heads I Win, Tails You Lose?

Arjuna Capital, a sustainable wealth management platform, and As You Sow, an environmental corporate responsibility advocacy group, have been advocating for publicly traded companies to assess and disclose the risks that...more

CMS Releases 2012 Physician Medicare Data: Five Takeaways

On April 9, 2014, the Centers for Medicare and Medicaid Services (“CMS”) released the Medicare Provider Utilization and Payment Data: Physician and Other Supplier Public Use File (the “Data File”). The Data File contains...more

Wisconsin Adopts Password Protection Law

Wisconsin has become the thirteenth state to enact a law limiting the circumstances under which employers may request or require access to the personal internet accounts of applicants and employees. The 2013 Wisconsin Act...more

Document Library to Protect and Capitalize on Intellectual Property

All companies need to take steps to document their rights in and the value of their intellectual property. When your core business is based on key intellectual property, be it a distinctive brand (trademark), innovative...more

Judge Denied Bank of America’s Motion to Dismiss $850M Mortgage Fraud Case

Last week, Magistrate Judge David S. Cayer of the U.S. District Court for the Western District of North Carolina denied Bank of America’s motion to dismiss the Security and Exchange Commission’s claims against it in SEC v....more

Ill Conceived California Privacy Bill Threatens Viability Of Commercial Educational Online Services

SB 1177, the Student Online Privacy Protection Act was recently introduced in the California legislature. This is a bad bill for the private educational industry, and ultimately for parents and students. It would drastically...more

SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure...

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more

President Obama Wields His Executive Power Once Again to Target Federal Contractors on Pay Issues

On April 8, 2014, President Obama took two significant actions in the employee pay arena. He signed an Executive Order prohibiting federal contractors from retaliating against their applicants and employees for inquiring...more

Federal Contractors Face More Regulations on Pay Practices

President Obama signed an executive order on April 8, 2014 barring federal contractors and subcontractors from retaliating against employees who discuss their pay with each other. The order is entitled the Non-Retaliation for...more

CalPERS Proposes Conflict Of Interest Disclosure Regulation

CalPERS recently gave notice that it is proposing to adopt a new rule requiring disclosure of conflicts of interests by consultants and external managers. Under the California Administrative Procedure Act, Cal. Gov’t Code §...more

Canada’s Digital Privacy Rethink: Fines, Enforceable Compliance Agreements And More!

On April 8, 2014, Canada’s government introduced Bill S-4, the Digital Privacy Act, in the Senate. Bill S-4 is the federal government’s latest attempt to reform the federal Personal Information Protection and Electronic...more

Fund Principal Partially Resolves Administrative Charges

A principal of an investment adviser partially settled a previously filed administrative proceeding which centers on claims that he and another Respondent improperly advised their clients to invest in off-shore funds without...more

Real Estate Agents Need To Be Careful About Disclosing Dual Agency

Dual agency is a big deal to real estate agents. It lets them represent both a buyer and a seller in a transaction. Dual agency was the focal point of the Business Court's opinion last week in BDM Investments v. Lenhil,...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Cybersecurity Disclosure Heats Up

Due to the current proliferation of technology and electronic connectivity among various aspects of nearly every company’s business, cybersecurity risks continue to grow exponentially. However, the disclosure related to those...more

FAQ's on FINRA's Broker Compensation Proposal

On March 10, 2014, FINRA filed proposed Rule 2243 with the SEC. The proposed rule would require firms and registered reps to disclose certain financial incentives offered to reps in connection with a change in employment and...more

SEC Hosts Roundtable on Cybersecurity Issues and Challenges

Participants recognize the importance of board oversight and risk disclosures. On March 26, the U.S. Securities and Exchange Commission (SEC) hosted a roundtable to discuss cybersecurity and the issues and challenges...more

City Officials Dodge Disclosure of Private Emails and Texts Under Public Records Act

In a case that seems sure to jump-start legislative activity in Sacramento and throughout the state, the court in City of San Jose v. Superior Court (6th App. Dist., Mar. 27, 2014), held that communications regarding City...more

Trade Secrets: What an investor or acquirer will want to know.

If you are thinking about raising capital or selling your company, one of the most important questions that the investor or acquirer will want to know is whether you own your IP. One critical part of this is protecting your...more

R. v. Cook: When a Post-Conviction Production Application does not require the Trotta Analysis

The Ontario Court of Appeal’s March 4, 2014 decision in R. v. Cook is an outstanding illustration of appellate criminal procedure regarding a production application where disclosure was sought to support a potential fresh...more

District Court Relies on Fee Disclosure Regulation to Dismiss Complaint

A federal district court in New York last month dismissed a class action complaint brought by a company sponsoring a 401(k) plan. The plaintiff, in Skin Pathology Associates v. Morgan Stanley, alleged, among other claims,...more

Yes, Disclosures On Social Media Are Still Disclosures

You can’t make this stuff up. Have you read this one? I can’t blame you if you haven’t. Between the serious and tragic stories dominating the news from Malaysia and Russia, this little employment law nugget snuck into...more

HHS Releases Guidance On Disclosure Of Mental Health Information Under HIPAA

The HHS Office for Civil Rights issued guidance in question-and-answer format clarifying when a provider may release information regarding a patient’s mental health to family members, friends, law enforcement, and others. The...more

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