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Canadian Pharmaceutical Agency Wants Ban on Exports to U.S.
December 01, 2003
The Canadian National Association of Pharmacy Regulatory Authorities (NAPRA), Canada's voluntary umbrella association of provincial and territorial pharmacy licensing bodies, has asked the Canadian government to legislate against the export of drug products to the United States.
News from the FDA
December 01, 2003
The latest news you need to know.
What They Do in Delaware
December 01, 2003
The fundamental responsibility of the board of directors of a corporation is to oversee and supervise the management of the corporation's business. All directors of a corporation, whether or not "independent," owe fiduciary obligations to the company and its stockholders. These fiduciary obligations include the duty of care and the duty of loyalty, and, within these duties, a duty of disclosure. The precise enunciation of these fiduciary obligations varies among states. The following discussion is based on the law of Delaware, in which a large proportion of public companies are incorporated.
Compliance Hotline
December 01, 2003
Recent rulings of importance to you and your practice.
Nonprofit Corporate Governance
December 01, 2003
In November, the Associated Press reported that HealthSouth's directors, outside auditors and investment bankers had been called to testify before Congress concerning why they failed to detect the massive conspiracy, allegedly led by chief executive Richard Scrushy, to overstate earnings of the one of the nation's largest providers of health care services. The case has already seen more than a dozen former executives of the HealthSouth Corp. plead guilty.
Proactive Fraud Prevention
December 01, 2003
Way back in the 80s, companies in the U. S. Defense industry determined that it was in their best interests to band together and develop the Defense Industry Initiatives as a method to police themselves during a time when their industry was fraught with fraud and corruption. As an aftermath, ethics and compliance programs have been developed and implemented by the majority of U.S. companies. To further entice companies to establish an effective and proactive program designed to detect and, to the extent possible, prevent violations of law The Federal Sentencing Guidelines for Organizations, passed in November 1991, rewards these companies with relief when sentenced for violations of law.
Development
December 01, 2003
Recent rulings of importance to your practice.
Real Property Law
December 01, 2003
Recent rulings of interest to your practice.
Landlord & Tenant
December 01, 2003
Recent rulings of importance to your practice.
Cooperatives & Condominiums
December 01, 2003
Recent rulings of importance to your practice.

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  • Private Equity Valuation: A Significant Decision
    Insiders (and others) in the private equity business are accustomed to seeing a good deal of discussion ' academic and trade ' on the question of the appropriate methods of valuing private equity positions and securities which are otherwise illiquid. An interesting recent decision in the Southern District has been brought to our attention. The case is <i>In Re Allied Capital Corp.</i>, CCH Fed. SEC L. Rep. 92411 (US DC, S.D.N.Y., Apr. 25, 2003). Judge Lynch's decision is well written, the Judge reviewing a motion to dismiss by a business development company, Allied Capital, against a strike suit claiming that Allied's method of valuing its portfolio failed adequately to account for i) conditions at the companies themselves and ii) market conditions. The complaint appears to be, as is often the case, slap dash, content to point out that Allied revalued some of its positions, marking them down for a variety of reasons, and the stock price went down - all this, in the view of plaintiff's counsel, amounting to violations of Rule 10b-5.
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