Dealing with allegations of regulatory breaches
There is a growing trend for companies and their advisers to try to score points in existing legal disputes by making allegations against a counter-party of regulatory breaches in relation to other unrelated matters. The allegations may or may not have merit, but what is the best way to deal with aggressive action of this sort? What are companies obliged to say and what should they say?
Examples of the sorts of things we have seen alleged in solicitors’ correspondence (paraphrased):
- ‘On x date, your client made an RNS announcement saying y. This was a false and misleading statement. We demand a correction and an explanation for this blatant breach of the disclosure rules.’
- ‘On x date y, event took place. Your client did not announce this material news to the market until very late on the same day. Please explain this serious breach of the market rules.’ …
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