Special litigation committee of board of directors reaches resolution in insider trading investigation
Clients Special litigation committee of board of directors
Jones Day was retained to represent a Special Litigation Committee ("SLC") of a Board of Directors in connection with a derivative demand sent on behalf of several alleged shareholders. The demand alleges that a former senior executive of the company engaged in insider trading and was aware of, or participated in, certain alleged misconduct. The Board of Directors appointed the SLC, which consists of three disinterested and independent directors, to investigate the allegations and make a recommendation in regard to whether the company should accept or reject the demand. The investigation was completed in a two-month period, and the SLC reached a resolution on September 20, 2017.