Do You Have to Disclose a Government Investigation? Practical Considerations, Legal Standards, and Recent Case Law
After receiving an inquiry from a government agency, such as a subpoena, a Civil Investigative Demand (“CID”), or an informal request for information, public companies ask whether they must disclose publicly that they may be under investigation. A corollary question to public disclosure is how broadly to disclose internally, to lenders, or to D&O insurers. The standards for disclosing …