(L-R)Arina Shulga and Jeffrey Kelly of Nelson Mullins Riley & Scarborough. Courtesy photos Unintended Consequences of Russia-Ukraine Sanctions: Blocked Del. Entities With Russian Co-Founders
The practical effect is that many businesses that should not be subject to the sanctions programs are prevented from operating until they either complete a lengthy appeals process or government agencies clarify their interpretation of the applicable sanctions.
September 21, 2022 at 10:10 AM
7 minute read
Corporate Entities
Russia's invasion of Ukraine on Feb. 24, set into motion one of the largest geopolitical conflicts in recent memory. The United States and other Western countries promptly provided aid to Ukraine and implemented severe economic sanctions against the Russian Federation. As we are all experiencing human and economic impact even six months later, many unintended consequences are coming to light.
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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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