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Disclosure of Investigations: Whether and When for Public Companies
You are the general counsel of a mid-cap company trading on the New York Stock Exchange. Because of your firm's international work, you have instituted a global anti-corruption compliance program, complete with a whistleblower hotline. Sunday night, an anonymous call comes in on the hotline. The manager of your Nigerian subsidiary has been inviting the tax minister on weekly yacht cruises in exchange for better tax treatment. Being the good corporate citizen you are, you quickly commence an internal investigation. On Monday afternoon, the Securities and Exchange Commission sends a document request and tells you it has opened an informal investigation.
Do you have to disclose to your shareholders the whistleblower's allegation, your internal investigation and/or the SEC's document request? What if there were a Formal Order of Investigation? Or a Wells Notice? What if the Nigerian business constitutes less than 1% of your company's revenue? Or there are price-fixing allegations? Or the minister appears on the Specially Designated Nationals list?
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