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News & Insights

SEC Continues to Focus on Non‑GAAP Measures

April 17, 2023

On April 12, 2023, Cravath prepared a memo for its clients entitled “SEC Continues To Focus on Non‑GAAP Measures: Updated SEC Staff Guidance and Recent Enforcement Action.” The memo examines the U.S. Securities and Exchange Commission’s continued focus on disclosure controls and procedures related to non‑GAAP financial measures. The memo outlines new and revised Compliance and Disclosure Interpretations and a recent enforcement action taken against an issuer for making misleading disclosures of non‑GAAP measures over several reporting periods. The memo concludes that the recent trends indicate that the SEC and its staff expect heightened rigor and compliance with the rules around non‑GAAP measures, and provides recommendations for companies with respect to their presentation of and controls around non‑GAAP measures.

Please click here to read the memo.

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  • Corporate
  • Litigation
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Authors

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Name
John W. White
Title
Corporate
Title
Partner
Email
jwhite@cravath.com
Phone
+1-212-474-1732
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    Education

    • J.D., 1973, New York University School of Law
      Order of the Coif, cum laude
    • B.S., 1970, University of Virginia
      with Honors

    Admitted In

    • New York
    Photo
    Name
    Jennifer S. Leete
    Title
    Litigation
    Title
    Partner
    Email
    jleete@cravath.com
    Phone
    +1-202-869-7730
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      Education

      • J.D., 1993, The University of Maryland School of Law
      • B.A., 1990, The College of William & Mary

      Admitted In

      • District of Columbia
      • New York
      Photo
      Name
      Elad Roisman
      Title
      Corporate
      Title
      Partner
      Email
      eroisman@cravath.com
      Phone
      +1-202-869-7720
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        Education

        • J.D., 2006, Boston University School of Law
        • B.A., 2003, Cornell University
          cum laude

        Admitted In

        • New York
        • District of Columbia
        Photo
        Name
        Michael L. Arnold
        Title
        Corporate
        Title
        Partner
        Email
        marnold@cravath.com
        Phone
        +1-212-474-1664
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          Education

          • J.D., 2013, Columbia Law School
            Harlan Fiske Stone Scholar
          • B.A., 2010, University of Chicago
            General Honors

          Admitted In

          • New York
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          Name
          Kimberley S. Drexler
          Title
          Corporate
          Title
          Partner
          Email
          kdrexler@cravath.com
          Phone
          +1-212-474-1434
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            Education

            • J.D., 1997, Yale Law School
              Coker Fellow
            • B.A., 1993, University of Virginia
              Highest Distinction, Echols Scholar, Phi Beta Kappa

            Admitted In

            • New York
            Photo
            Name
            Lisa M. Kohl
            Title
            Corporate
            Title
            Of Counsel
            Email
            lkohl@cravath.com
            Phone
            +1-202-869-7722
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              Education

              • J.D., 2010, American University Washington College of Law
                Dodd Toth Scholarship Recipient; Robert Woldow Memorial Scholarship Recipient, cum laude
              • B.A., 2006, University of Michigan

              Admitted In

              • District of Columbia

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