U.S. Securities and Exchange Commission building in Washington, D.C. Photo: Diego M. Radzinschi/ALM Investment Funds: Increased Oversight Is on Its Way
Hints by the U.S. Securities and Exchange Commission and predictions of additional scrutiny and required disclosure are coming to fruition with the new rules outlined by SEC Chair Gary Gensler.
April 01, 2022 at 09:00 AM
5 minute read
Commentary
Hints by the U.S. Securities and Exchange Commission and predictions of additional scrutiny and required disclosure are coming to fruition with the new rules outlined by SEC Chair Gary Gensler.
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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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