Scrutiny alerts, when the dust settles, and beefing up. It’s all here in the Friday roundup.
Scrutiny Alerts
Uber
As highlighted in this prior post, Uber has been under FCPA scrutiny since mid-2017 and this prior post discussed how the company’s FCPA scrutiny is following a typical path. In connection with its pending initial public offering, Uber recently formally disclosed in this registration statement the following:
Consistently damaged, across the pond, scrutiny alerts and updates, and for the reading stack. It’s all here in the Friday roundup.
“Consistently Damaged”
In this 12 minute video, Neil Bruce (CEO and President of SNC-Lavalin) describes his frustration for how the company is not being offered a remediation agreement (Canada’s term for a deferred prosecution agreement) in connection with its long-standing scrutiny. (See here and here for prior posts).
Yesterday, Deputy Assistant AG Matt Miner delivered this speech.
It touched upon a number of Foreign Corrupt Practices Act issues including: the DOJ’s Corporate Enforcement Policy, voluntary disclosure, so-called declinations, coordinated resolutions, general compliance issues, and M&A transactions.
This post summarizes the speech and provides certain commentary.
Question to ponder, scrutiny alerts and updates, Caremark, and for the reading stack. It’s all here in the Friday roundup.
Question to Ponder
If publicly-traded companies can put law enforcement to its burden of proof in peer countries, why do publicly traded companies (nearly universally) roll over and play dead when the subject of U.S. law enforcement inquiries?
Ironic, scrutiny update, and for the reading stack. It’s all here in the Friday roundup.
Ironic
As highlighted in this previous post, in February 2016 SAP (a German company with American Depository Shares registered with the SEC) resolved a $3.9 million FCPA enforcement action based on conduct in Panama and was ordered to cease and desist from committing or causing any violations and any future violations of the FCPA’s books and records and internal controls case.
Fresh off its 2016 FCPA enforcement action, SAP again became the subject of FCPA scrutiny. (See here for the prior post). Indeed, yesterday the Wall Street Journal reported:
