Communication with Financial Analysts and Related Disclosure Issues

Attached is a memorandum we recently updated that discusses the range of investor and analyst communication issues faced by public companies. It reflects recent developments in the enforcement of Regulation FD, Rule 10b-5 jurisprudence and NYSE rule changes, as well as the Compliance and Disclosure Interpretations relating to Regulation FD and Form 8-K recently released by the SEC. The memorandum also discusses, among other topics, responding to market rumors, entanglement with research reports and public disclosure of non-GAAP financial measures.

Please feel free to call any of your regular contacts at the firm or any of our partners and counsel listed under Capital Markets or Corporate Governance if you have any questions.