Legal News

On January 28, 2020, Senator Lindey Tippins introduced Georgia Senate Bill 315 (the “Lien Bill”), which, if enacted, will substantially change the way Georgia treats mechanics and materialmen lien claimants who furnish the statutory interim and final lien waivers to upstream parties, but do not receive payment....By: Seyfarth Shaw LLP

As previously reported in this Cooley PubCo post, on May 21, the SEC adopted final amendments to the financial disclosure requirements for the acquisition and disposition of businesses. One change relating to the use of abbreviated financial statements stands out as a welcome reform for public or pre-public biopharma and life sciences companies....By: Cooley LLP

In this episode of Trekking Through Compliance, we consider the episode Errand of Mercy which aired on March 16, 1967, Star Date 3194.8 Compliance Takeaways: 1. In an investigation, trust but verify. 2. If your subsidiary’s financial statements are too complicated to decipher, you have a problem. 3. Do you know how far down your TPIs extend?...By: Thomas Fox

As the coronavirus (COVID-19) spread around the world, most businesses were forced to close their doors temporarily and take steps towards working virtually. However, the U.S. construction industry, deemed “essential” by nearly every stay-at-home order issued throughout the country, kept operating and kept building. After all, construction does not occur “virtually.” While many viewed the…...By: Bradley Arant Boult Cummings LLP

Although companies across many sectors felt the impact of the Coronavirus (COVID-19) pandemic immediately, the true effects and likely impact will not be seen until later this quarter and beyond. Whilst some companies have been quick to launch amendment processes, many have been busy testing financial models, ensuring liquidity and trying to minimise expenditure, as is common during times of economic stress. As we advance through the fiscal year, it is likely that amendments and waivers will...B...

In May 2020, the Securities and Exchange Commission approved amendments to the requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations, in Regulation S-X Rule 3-05, Financial statements of businesses acquired or to be acquired; Rule 3-14, Special instructions for real estate operations to be acquired; Article 11, Pro Forma Financial Information; and other related rules and forms. Companies are not required to apply the final...

A recent High Court ruling in the case of R (Swire) v Secretary of State [2020] has highlighted the subtleties in the approach to screening decisions and particularly in the assessment of  measures to mitigate the adverse effects of a proposed development, in cases where negative screening opinions are given.   Environmental Impact Assessments (“EIAs”) have long been a fertile area for legal challenge to planning permissions due to the complexities and subtleties of the EIA regime....By: Brya...

On 21 June 2020, the UK Government announced that it is introducing emergency legislation that will bolster its powers to scrutinise, and potentially block, foreign takeovers on new public interest grounds, namely: ..to maintain domestic capability to combat and mitigate the effects of the COVID-19 pandemic and future public health emergencies; and ..to broaden the scope of transactions reviewable on national security grounds to those touching artificial intelligence (AI), cryptographic...By: ...

The socioeconomic fallout of COVID-19 represents an enormous challenge for the construction sector, from employers and contractors to subcontractors, workers and suppliers. This Q&A guide covers the entire chronology of a construction project, whether it be a public works infrastructure project or a private sector renewable energy project. The questions are relevant to any international construction contract affected by COVID-19. The keystone for dealing with problems that arise on...By: Dento...

For the summer 2020 meeting of our Community & Development series, leaders in the banking, accounting, and legal industries discussed the initial impact of the CARES Act and the Paycheck Protection Program (PPP), the challenges and concerns associated with its implementation, and the future of potential stimulus programs. We were joined by Melissa Henry, director at CBIZ MHM LLC; Owen LaFave, Pinellas County market president at Bank of Tampa; and Ken Tinkler, shareholder and government law...B...