TITLE

Facebook Gets Pass from SEC

AUTHOR(S)
Schachter, Ken
PUB. DATE
October 2008
SOURCE
Red Herring;10/21/2008, p12
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Facebook has received a "no-action letter" from the U.S. Securities and Exchange Commission (SEC), allowing the social-networking company to issue unregistered restricted stock grants to employees, directors and consultants. Fenwick & West law firm had pushed for the SEC's counsel to allow an exemption from the provisions of the Securities Exchange Act of 1934. It explains the argument raised by Fenwick regarding the reason SEC should not require registration.
ACCESSION #
36603038

 

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