Photo of Michael Friedman

Michael focuses his practice on mergers and acquisitions, corporate finance, and securities and is particularly experienced representing REITs and financial institutions in a variety of corporate matters. He represents issuers and underwriters in public and private offerings of common, preferred and convertible equity securities and debt securities and represents them in acquisition and joint venture transactions. Michael regularly counsels board of directors and senior management of companies on governance, transactional and disclosure matters.

On May 3, the Securities and Exchange Commission (SEC) adopted rule amendments regarding disclosures about repurchases of an issuer’s equity securities, or issuer stock buybacks. The final rule and fact sheet can be found here and here. The new rules include:

  • Disclosure by issuers of daily quantitative share repurchase information, either quarterly or semi-annually;
  • Inclusion of a checkbox indicating whether certain officers and directors traded in the relevant securities in the four business days before or after the announcement of the repurchase plan or program;
  • For each day on which a purchase was made, the number of shares repurchased and the average price, among other disclosures; and
  • Disclosures tagged using Inline XBRL.