U.S. Securities and Exchange Commission building in Washington, D.C. Jan. 5, 2019. Photo: Diego M. Radzinschi/ALM Attorney-Client Confidentiality at Stake in Covington's Dispute With SEC? White-Collar Lawyers Weigh In
Lawyers familiar with SEC litigation say this week's action is evidence of the commission taking a harder line on securities violations that result from cyber crime.
January 13, 2023 at 01:00 PM
6 minute read
Litigation
The original version of this story was published on The American Lawyer
Covington & Burling's dispute with the Securities and Exchange Commission over regulators' access to client information has implications for the sanctity of attorney-client relationships, according to white-collar lawyers contacted for this report.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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