Coronavirus Disclosure Issues: SEC Issues New Disclosure Guidelines
On March 25, 2020, the U.S. Securities and Exchange Commission's ("SEC") Division of Corporation Finance issued unofficial disclosure guidelines for publicly traded companies to consider when making business and market disclosures related to the COVID-19 pandemic. The Division's guidance, CF Disclosure Guidance: Topic 9 ("Guidelines"), emphasized ...
Promising COVID-19 Treatment: Gilead Will Not Seek Orphan Drug Status
Gilead Sciences Inc. is investigating the potential of remdesivir, a medicine it has been studying for years as part of its research in antivirals, as a treatment for patients with Covid-19. On March 23rd, the Food and Drug Administration (FDA) granted Gilead orphan drug status for remdesivir, a designation that gives a manufacturer a seven-year ...
Bloomberg Campaign Reneges on Employment Promises to Staffers
Former campaign staffers recently filed multiple lawsuits against billionaire Michael Bloomberg's presidential campaign for owed wages. The staffers argue they were promised employment through the general election in November 2020 to challenge President Trump, independent of the success of Michael Bloomberg's campaign for the Democratic nomination. ...
Generic Price-Fixing Securities actions against Teva are consolidated
Over the objections of several shareholder plaintiffs, a Connecticut federal judge ruled that nearly two dozen securities lawsuits accusing Teva Pharmaceutical Industries Ltd. of hiding a generic drug price-fixing scheme from investors will be consolidated. The cases were filed in or transferred to the U.S. District Court for the District ...
Senators Allegedly Dump Stock After To Private COVID-19 Briefings: Will There Be Consequences?
Several members of the U.S. Senate have allegedly been caught selling their stock prior to COVID-19 taking hold of the country. Senators Richard Burr (R-N.C.), Kelly Loefler (R-G.A.), and Dianne Feinstein (D.-C.A.), among others, were purportedly privy to government meetings that discussed COVID-19's trajectory across the globe as well as ...
Coronavirus Highlights Lack of Corporate Contingency Plans
The spread of the Coronavirus has placed a spotlight on how public companies spend excess cash and the plan to weather a crisis such as this one. As recently reported by Bloomberg, S&P 500 companies used over 50% of free cash flow to repurchase company shares with certain industries, like U.S. airlines, spending an astounding 96% over the ...
New Survey Highlights the Importance of Data Privacy and Cybersecurity Legal Services
A recent survey of 250 in-house corporate executives conducted by BTI Consulting Group has highlighted the critical importance of data privacy and cybersecurity legal services. According to the survey, "corporate decision makers expect spending on outside privacy and cybersecurity counsel to grow in the double digits over the next three years, ...
COVID-19 Watch: NY State Statutes of Limitations Tolled Until April 19
On March 20, 2020, New York Governor Andrew Cuomo temporarily tolled (i.e., suspended) New York state statutes of limitations until April 19, 2020. Statutes of limitations are the time frames set by legislation where affected parties need to take action to enforce rights or seek redress after injury or damage. In effect, Cuomo's order will ...
US Securities Regulators Issue Warnings To Investors Regarding COVID-19 Fraud
As the negative financial effects of COVID-19 have spread across the nation, the Securities and Exchange Commission ("SEC"), the Commodity Futures Trading Commission ("CFTC"), and the Financial Industry Regulatory Authority ("FINRA") have issued alerts to warn about a range of fraudulent financial opportunities designed to extort investors' ...
Coronavirus May Cause Some Companies to Halt or Slash Dividend Payments
Not only has coronavirus impacted peoples' daily lives, it has also had a devastating effect on the global economy and the markets. According to an article published by The Wall Street Journal (the "WSJ") on March 19, 2020, before the coronavirus spread throughout the world, S&P Dow Jones Indices predicted that "dividend payouts for 2020 would ...