With the recent economic decline, Boards of Directors of public companies have found themselves in uncharted territory. Companies are facing intense economic pressures on their business, stock prices are reaching historic lows and the shareholders of many companies, facing liquidity challenges of their own, are pressuring directors to focus on short-term returns. At the same time, hostile M&A has reached record levels and some companies are finding themselves considering the overall implications of financial impairment.
In a recent series of events hosted by Goodwin Procter, partners Stephen Ferruolo, Joseph Johnson, and Michael Pappone discussed the state of the market for technology and life sciences companies and specific challenges including shareholder activism and takeover defenses and financial impairment planning and restructuring. Goodwin Procter partners were joined by panelists Joseph Grundfest of Stanford Law School and The Rock Center for Corporate Governance and Mark Harnett of MacKenzie Partners.