Governmental, Regulatory and Internal Investigations
Boards of directors and members of senior management regularly call upon Cravath to conduct complex internal investigations, both on their own initiative and in response to whistleblowers’ claims, inquiries or investigations by governmental authorities or shareholder demands. We have conducted, or provided advice with respect to, investigations covering possible violations of a wide range of regulations and laws in a broad range of industries, including the financial services, media, pharmaceuticals and technology areas.
Our investigations experience includes matters within the following areas:
- SEC Investigations. We have extensive experience advising senior management and boards of directors in connection with SEC investigations and enforcement matters related to a wide variety of disclosure and accounting issues, including asset valuation issues, alleged earnings management, financial statement restatements and option-backdating, as well as alleged violations of the Foreign Corrupt Practices Act (“FCPA”).
- DOJ, U.S. Attorneys and State Attorneys General. We have advised senior management and boards of directors in connection with numerous investigations by the Department of Justice, various U.S. Attorneys’ offices and state attorneys general on a wide variety of matters. These matters have included issues related to disclosure and accounting, as well as alleged violations of the federal securities laws and the FCPA. We also have significant experience advising on antitrust matters related to alleged civil or criminal misconduct.
- Corporate and Board Special Committee Matters. We have extensive experience advising senior management and special committees of boards of directors on a wide variety of investigations. These investigations may arise out of management or the board’s own initiative, from whistleblower claims, in response to inquiries or investigations by governmental authorities or from shareholder demands. Recent matters have included investigations related to a wide range of potential accounting problems, auditor and director independence issues, suspected violations of banking regulations, questions under “best price” and other Medicaid regulations and anti-kickback rules applicable to the pharmaceutical industry, insider trading and instances of potential executive misconduct.
- Marketing Practices Investigations. We regularly advise on marketing practices investigations, including matters such as off-label marketing in the pharmaceuticals industry and alleged antitrust violations.
- Other Governmental Investigations. We also have advised senior management and boards in connection with a variety of matters related to inquiries or investigations by other governmental authorities, including the Office of the Comptroller of the Currency, the FTC, the New York Stock Exchange, the Nasdaq Stock Market and FINRA, the Department of Health and Human Services, the United States Congress and the European Commission, among others.
We also have represented companies and boards in derivative and other litigation arising out of or related to these investigations. In addition to conducting and advising clients on these investigations, we also have advised clients on issues related to obtaining coverage under their D&O insurance in connection with these matters.