Ashleigh Taylor of Kleinbard LLC. Courtesy photo The 'Company Applicant' Conundrum: CTA's Impact on Law Firms
The most salient element of the CTA for legal practitioners is the definition of the "company applicant" and the required disclosure that this individual is mandated to provide. Understanding and interpreting this definition thrusts law firms into a complex decision-making process, raising fundamental questions about their internal processes, the kind of personal information they are prepared to submit, and, most importantly, how they interact with their clients.
February 14, 2024 at 09:44 AM
7 minute read
Corporate Governance
The Corporate Transparency Act (CTA) has garnered much attention for its impact on business owners, leading attorneys to invest numerous hours in continuing legal education (CLE) sessions to grasp its implications for their clients. These sessions typically address questions like whether the client is a reporting company, who the beneficial owners are and what information needs to be reported.
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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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