Tag Archives: Christopher Davies

COVID-19: A Review of the Second Wave of Securities Fraud Enforcement Actions

by Michael G. Bongiorno, Christopher Davies, Jessica Lewis, Sierra Shear, and Hyun-Soo Lim

As COVID-19 has continued to spread across the United States, the Securities and Exchange Commission (SEC) has remained keenly focused on monitoring the market “for frauds, illicit schemes and other misconduct affecting U.S. investors relating to COVID-19.”[1] Since the SEC made its first statements related to COVID-19, described in our earlier alert, the SEC has reiterated and expanded on its guidance for public companies, emphasizing that it will pay attention to “how companies are disclosing the effects and risks of COVID-19 on their businesses, financial condition, and results of operations.”[2] Continue reading →

U.S. Court of Appeals for the D.C. Circuit Denies Petition for Mandamus Seeking to Protect Privilege When Company Shared Information Developed in Internal Investigations with Company Auditors

by Lori A. Martin, Christopher Davies, Jaclyn Moyer, Harry J. Weiss, and Joseph J. Yu

A mandamus petition is an extraordinary remedy that seeks to compel a lower court to take action in extraordinary cases. The U. S. Court of Appeals for the District of Columbia Circuit has twice granted mandamus petitions vacating district court orders compelling disclosure of documents generated during an internal investigation. On May 1, 2020, however, the D.C. Circuit denied a mandamus petition by RPM International Inc. (RPM) and declined to provide additional guidance on the applicability of the attorney client and work product privileges when sharing information with auditors. RPM had asked the Appeals Court to vacate a district court order requiring RPM to produce unredacted interview memoranda that RPM’s counsel prepared during an internal investigation. [1] The provision of information learned in internal investigations to company auditors during regulatory investigations is a recurring fact pattern.  Continue reading →