During a crisis. Unsure whether or not to disclose a problem or an investigation? Talk to your lawyer, then your public relations team. For public companies, the Security and Exchange Commission requires you to “disclose major events that shareholders should know about.” Whether the event in question rises to that level depends on the severity and size of the public company. For private companies, there are no clear rules beyond a requirement to disclose an imminent and substantial endangerment to the public.
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