Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
Foreign nationals visiting the United States, and even returning U.S. citizens and other legal residents (with valid visas), face increasing digital privacy risks and potential entry challenges when arriving at U.S. ports of...more
Global events over the past quarter have had and continue to have a variety of disparate impacts on public companies. Below are some selected disclosure reminders to keep in mind for the upcoming quarterly reporting season,...more
On February 27, 2025, Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York dismissed a putative class action asserting claims under the Securities Act of 1933 against a railroad...more
For the 2025 proxy and annual reporting season, there are a number of key issues to consider and keep an eye on for further developments as preparations commence. This alert provides an overview of these issues and updates in...more
After hearing argument earlier this month in a widely followed securities law case concerning risk-factor disclosures of public companies, the U.S. Supreme Court last week decided it should not have agreed to hear the case...more
At the Practising Law Institute’s 56th Annual Institute on Securities Regulation, panelists discussed how public companies are addressing cybersecurity and artificial intelligence (AI) related issues....more
On Sept. 27, California Governor Gavin Newsom signed into law Senate Bill (SB) 219, a bill that, among other things, affirms the mandatory disclosure deadlines for California’s landmark carbon accounting laws. In addition to...more
Less than a year after their adoption, California has amended two landmark corporate climate disclosure laws. The changes come after California Gov. Gavin Newsom on Friday signed Senate Bill 219 (SB 219), which provides...more
With the end of the third quarter quickly approaching, companies may want to consider the following for their upcoming Quarterly Reports on Form 10-Q...more
As we previously reported in October 2023, the California legislature adopted three significant climate disclosure laws...more
In October 2023, California Governor Gavin Newsom signed into law the Climate Corporate Accountability Act (SB 253) and the Climate‐Related Financial Risk Act (SB 261), jointly referred to as the Climate Accountability...more
The U.S. Supreme Court has agreed to hear appeals of the Ninth Circuit’s decisions in the Facebook and NVIDIA putative securities class action cases. Our Securities Litigation Group breaks down the potentially far-ranging...more
A recent paper by four law professors takes a look at risk factor disclosures in Form 10-Qs and 10-Ks filed by 3,000 firms from January 2020 through the end of 2023. Stephen Choi, Mitu Gulati, Xuan Liu, and Adam...more
With the 2023 annual report season upon us, it is time for companies to take stock of risk factors for 10-Ks and 20-Fs, and consider whether recent economic, political, technological, and regulatory developments have had (or...more
Expansive requirements will apply to large public and private companies doing business in California and indirectly impact businesses in their value chain - On October 7, 2023, California Governor Gavin Newsom signed two...more
On September 29, 2023, the CFTC approved a proposal to amend certain provisions of its regulations relating to commodity pools, specifically Rule 4.7. The proposal would be the first major change to Rule 4.7 in over 30...more
As businesses across the globe strive to fulfill carbon-neutral and net-zero promises over the coming decades, the voluntary carbon market has emerged as a necessary resource to help businesses bridge the gap to...more
The FRC has set out its expectations, in its Annual Review of Corporate Reporting, for the coming reporting season amidst the current economic background of high inflation, high interest rates and ongoing economic...more
Data governance is a mission-critical issue for every company and institution in the United States. GCs face a host of pressing cybersecurity concerns. Triaging them requires time, attention, and a well-rounded strategy...more
When organizations need to certify that their employees and their activities are all accounted for, they often send out a quarterly or annual certification to confirm that: But how do risk and legal teams manage an intake of...more
In our Snapshot: Risk Factor Trends—Part 1 post, we reviewed the risk factor disclosures of 30 of the Lonergan Silicon Valley 150 (SV150) companies to see whether the length of the risk factor disclosure, both in terms of the...more
In 2020, we published our inaugural Risk Factor Trends Report, which summarized the risk factor disclosure practices of the Lonergan Silicon Valley 150 (SV150) prior to the amendments to Item 105, Risk factors, of Regulation...more
Cybersecurity risk applies to businesses of all sizes and across all industries – it is a risk that cannot be ignored. In particular, cybersecurity risk can no longer be ignored in the deal lifecycle...more
The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments and updated disclosure requirements that are to be included in a reporting company’s annual report on Form 10-K or 20-F. The SEC has also proposed...more