Comfort Letters And Post-Year-End Offerings

Law360, New York (February 8, 2011, 2:02 PM EST) -- When an issuer and an underwriter contemplate an offering after the issuer’s fiscal year-end but before the issuance of its annual audited financial statements, the underwriter should anticipate that it may encounter objections from the issuer’s accountant with respect to the comfort letter that the accountant is asked to provide.

Prospectuses that are filed after a fiscal year-end but before the annual audited financial statements are issued often include or incorporate by reference so-called “capsule financial information” for the fourth quarter and/or the full year. Underwriters...
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