Public companies may have caught a break from a federal court's recent ruling. The U.S. District Court for the Southern District of Texas agreed with medical device maker Cyberonics that a contract required the company to send copies of its SEC filings to debt trustee Wells Fargo within 15 days of filing them with the SEC, rather than within 15 days of the SEC-filing deadline. The ruling rejected a New York state court's more strict interpretation of a similar agreement involving BearingPoint.
July 03, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Public companies may have caught a break from a federal court’s recent ruling that a company didn’t breach a debt agreement by delaying financial filings to address stock-options investigations.
Cyberonics Inc.’s stock-options probe led to delayed Securities and Exchange Commission filings and financial reports to debt trustee Wells Fargo & Co. The bank acted as the agent for noteholders funding $125 million in bonds issued by the company.
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