Chair Clayton and Division Director Hinman Issue Public Statement on the Importance of Disclosure in the Current COVID-19 Environment

On April 8, 2020, the Chair of the U.S. Securities and Exchange Commission (the “SEC”) – Jay Clayton – and the Director of the SEC’s Division of Corporation Finance – William Hinman – issued a joint statement titled The Importance of Disclosure – For Investors, Markets and Our Fight Against COVID-19 (the “Statement”) providing guidance for the upcoming earnings release season.  This Legal Update summarizes the Statement and its implications for public company disclosures.