Mylan Case Shows SEC Stance On Disclosing Investigations
By Robin Bergen, Matthew Solomon, Adam Fleisher, Rahul Mukhi and Alexander Janghorbani (October 17, 2019, 4:56 PM EDT) -- Companies that face nonpublic government investigations frequently confront challenging questions regarding whether and when to disclose the existence of the investigation, how much to disclose and any duty to update the disclosure as the investigation proceeds.
On the one hand, regulatory investigations are generally confidential and it is axiomatic that the existence of an investigation does not reflect a conclusion of wrongdoing. The premature disclosure of what may turn out to be a baseless investigation (perhaps instigated by a person with a grudge or self-interest) can needlessly cause internal disruption, complicate an internal investigation, unnecessarily alarm current shareholders and — in...
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