McGuireWoods' SEC practice group provided an informative meeting with updates on case law, amendments, and other changes in the securities regulatory environment. The May meeting topics and speakers are as follows:
A discussion of the recent decision in Delaware to uphold the validity of a shareholder rights plan that was intentionally triggered by a corporate suitor, and a brief update on the general use of poison pills.
David N. Oakey, Richmond
An update on RiskMetrics Group's launch of a new governance ratings system that replaces the Corporate Governance Quotient (CGQ) scoring system.
LaTisha S. Owens, Norfolk
A discussion of SEC v. Presstek, Inc., et al. where the SEC pursued sanctions against a company that had an FD violation, even though the company took significant corrective action, and in light of this action, what companies should do to protect themselves from sanctions due to FD violations.
Jean-Marc Corredor, Charlotte
Third Party Liability
A discussion regarding Marion v. TDI Inc., a 3rd Circuit decision in which the court held that the receiver for a corporation through which a Ponzi scheme was run lacked standing to sue third parties who allegedly assisted in the scheme.
Robert I. Swain, Washington, D.C.
A brief overview of the recent amendments to the e-proxy rules that (i) provide more flexibility in drafting the Notice of Internet Availability of Proxy Materials, (ii) permit better communication with shareholders about the notice, and (iii) change the notice deadline for soliciting persons other than the issuer.
Nova D. Harb, Jacksonville
David H. Pankey, SEC practice chair, moderator.