Frannie Reilly, left, and Libby Smith, right, of McNees Wallace & Nurick. Courtesy photos ESG and SEC: Impact of the Judicial Review on the Final Rules for Climate-Related Disclosures
When announcing the final rules on March 6, SEC Chair Gary Gensler stated, "These final rules build on past requirements by mandating material climate risk disclosures by public companies and in public offerings. The rules will provide investors with consistent, comparable, and decision-useful information, and issuers with clear reporting requirements."
May 13, 2024 at 01:12 PM
7 minute read
Environmental Social and Governance
As part of the Securities and Exchange Commission's ongoing and evolving mission to enhance disclosures for investors, the SEC published final rules relating to climate-related disclosures for investors (final rules). When announcing the final rules on March 6, SEC Chair Gary Gensler stated, "These final rules build on past requirements by mandating material climate risk disclosures by public companies and in public offerings. The rules will provide investors with consistent, comparable, and decision-useful information, and issuers with clear reporting requirements." Prior to adopting these final rules, the SEC reviewed more than 24,000 comment letters submitted in response to the proposed rules released in March 2022, according to the SEC's press release on March 6.
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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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