On October 14, 2021, the White House issued a report entitled “A Roadmap to Build a Climate-resilient Economy.”[1] The 40-page report was mandated by President Biden’s May 2021 executive order on “Climate-Related Financial Risk” (the “EO”)[2] and
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SPACs: The Roles of Reputation and Disclosure When Information Is Limited
Special purposes acquisition corporations (also known as SPACs or blank check companies) have received a lot of attention recently – and for good reason. SPACs accounted for more than half of U.S. IPOs in 2020, raising over $70 billion in…
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Comparing Angels and Venture Capitalists as Investors in Entrepreneurial Firms
Angel investors (angels) and venture capital (VC) investors are both important sources of financing for entrepreneurial firms, but some critics, particularly VCs, often believe that angels are less able than VCs to perform due-diligence. However, an alternative view holds that…
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SEC Chair Gensler Speaks on Fintech
By Gary Gensler
Good morning. It’s good to be here at DC Fintech Week. Thank you, Chris [Brummer], and all the organizers for inviting me here today. As is customary, I’d like to note that my remarks are my own, and I’m not…
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Debevoise Discusses the Labor Department’s Proposal on ESG and ERISA
On October 14, 2021, the U.S. Department of Labor (the “DOL”) issued proposed regulations that represent the first step in meeting President Biden’s directive to revise or rescind the recent Trump-era rules addressing a fiduciary’s duties under Section 404 of…
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What Do Stockholders Own? The Rise of the Trading Price Paradigm in Corporate Law
In a spate of recent decisions, the Delaware Supreme Court has embraced a shift in its approach to stockholder appraisal rights, a development that has attracted considerable comment. The greatest impact of these decisions, however, may lie beyond appraisal and…
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Raiders, Activists, and the Risk of Mistargeting
For decades, Delaware and federal law governing contests for corporate control have focused on building walls to keep corporate raiders outside the gates, while doing relatively little to stop activist hedge funds. The prevailing academic view has been similar: Scholars…
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SEC Commissioners Discuss Report on “Meme Stock” Episode
Today [October18], the staff issued a report on the so called “meme stock” episode that occurred this past January. We would like to thank the staff not only for their hard work on this report, but also for keeping the…
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Skadden Discusses Government Expectations for Companies’ Data-Driven Compliance Programs
As artificial intelligence and other data tools have proliferated, regulators and prosecutors expect companies to utilize sophisticated data analytics as part of their compliance programs. They also expect directors to take an active role, understanding and overseeing these data-driven compliance…
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Is Silence Golden? Management Guidance Withdrawals During the Pandemic
The novel coronavirus (COVID-19) pandemic has drastically affected the global economy and offers a unique setting to investigate firm and market behavior through periods of heightened economic uncertainty. During the pandemic, many U.S. public firms withdrew their quarterly and annual…
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