The Recent Judicial Development of “Piercing the Corporate Veil” in China 1.      Summary of “Piercing the Corporate Veil” and the relevant regulations “Piercing the corporate veil” (also known as “forward disregard of corporate personality”, hereinafter referred to as the “forward disregard”), originated in the United States.  The doctrine is used to prevent shareholders … Continued

Some Thoughts for Boards of Directors in 2021 Martin Lipton, Steven A. Rosenblum, Karessa L. Cain, Hannah Clark and Bita Assad Many of the challenges that corporations and their boards have encountered in 2020 will continue to be front and center in 2021, including the COVID-19 pandemic, the movement to address racial injustice and broad-based … Continued

Executive Summary/Highlights Global M&A volume was just US$730 billion in Q1 2020, a decrease of approximately 30% from Q4 2019 (US$1 trillion), approximately 25% from Q1 2019 (US$982 billion) and the lowest first-quarter global M&A volume since 2014 (US$657 billion). The decline in M&A volume relative to prior quarters was particularly pronounced in the United … Continued

This is a revised summary version of our initial client memos regarding the crisis. In his speech on March 16, President Macron stated, “we are at war,” six times.  Since then, businesses continue to assimilate and react to the radical changes that have occurred over the last weeks.  The government and various regulators, including the … Continued

*Originally distributed on April 13, 2020 The social and economic turmoil unleashed by the global spread of COVID-19 and the collapse in the price of crude oil has brought to the fore a number of critical incident and systemic risk management concerns, including traditional ESG concerns such as human capital issues, business model and supply … Continued

*Originally distributed on April 8, 2020 Every publicly traded company is wrestling with the following question: how to handle the upcoming earnings call now that the unprecedented global, human and economic impacts of COVID-19 are apparent?  In an unusual and groundbreaking statement, the Chairman of the U.S. Securities and Exchange Commission and the Director of the SEC’s … Continued

*Originally distributed on April 3, 2020 On 19 March 2020 Spain re-introduced foreign investment screenings by executive order. In doing so, the Government confessed aim is to protect Spanish companies in their time of financial weakness as a result of the COVID-19 pandemic. However, the measures are not time-limited and are intended to survive the … Continued

*Originally distributed on April 2, 2020. Since our Client Alert dated March 21, 2020 (accessible here), the Securities and Exchange Board of India (‘SEBI’) has taken further measures in light of the COVID-19 outbreak. Some of the key features are set out below. 1. Reduction in Compliance Burden on Market Participants By its press release … Continued

*Originally distributed on April 1, 2020 The Covid-19 pandemic and the exceptional containment and lockdown measures adopted around the world to protect public health and suppress the spread of the virus have had a significant impact on the global economy and have created severe constraints for many businesses. It is clear that collectively many companies … Continued

*Originally distributed on March 31, 2020 Companies are currently dealing with unprecedented challenges, with some facing an existential threat. With new developments occurring daily, we highlight below key points that have emerged in the last week or so that companies should consider in the context of their communications with investors. Financial results and reporting In … Continued