The topic du jour in the corporate world is securities disclosure, what with the Bank of America controversy making headlines nearly every day.
The law isn’t always crystal clear on just what a company needs to disclose, and how. Today we point you to a recent court opinion that gives some guidance on disclosure issues that were raised by shareholders of The Blackstone Group L.P., after its $4.5 billion IPO in 2007. The ruling, issued Tuesday, was a resounding win for Blackstone and its lawyers at Simpson Thacher & Bartlett, with the court dismissing the complaint with prejudice. We’re willing to bet that everyone involved in BofA’s disclosure troubles will read this closely.