Court Opinion

ID: 9469135
Source: CourtListenerOpinion
Date Created: 2023-08-05 02:32:58.817391+00
Date Added: 2024-06-11T17:41:14.549088
License: Public Domain

WALD, Circuit Judge,
concurring:
I concur in Parts I, II, IV and V of Judge Wright’s opinion as they relate to documents 2 and 3. Within the context of the SEC’s voluntary disclosure program, it would be inequitable to allow a corporation to foster the appearance of full disclosure, and later withhold records that are properly characterized as underlying documents of its report to the SEC. Documents 2 and 3 clearly fall within this category of underlying documents. Under the ground rules set up by appellant (“Company”), outside counsel was authorized to interview in-house counsel. In this interview, in-house counsel recounted discussions with top Company officials that are described in documents 2 and 3, and expressly agreed (in accordance with standard procedures) to hand over files relating to these discussions. Having relied on the appearance that all relevant documents were available to both outside counsel and SEC investigators, Company cannot now hide behind a cloak of privilege.