The U.S. Securities and Exchange Commission (SEC) has taken another step to strengthen transparency in the U.S. capital markets. On July 9, 2026, the SEC's Division of Corporation Finance issued updated Compliance and Disclosure Interpretations (C&DIs) clarifying that activist investors may be required to disclose certain clients, financial backers, or other parties with a significant interest in an activist campaign when filing Schedule 13D reports or proxy materials. The gu

There is a moment in every merger and acquisition negotiation that separates the amateurs from the veterans. It's not the moment of signing. It's not the champagne toast. It's the moment when the due diligence report lands on your desk, the numbers don't add up, and every fiber of your being is screaming, "This is wrong." And yet, most buyers push forward anyway. They've spent months on the deal. They've paid lawyers huge amount. They've told their board, their employees, and

Most business valuations begin with an ordinary request. A company is raising capital. Two businesses are negotiating a merger. A founder wants to transfer ownership to the next generation. Management needs a valuation for financial reporting. A shareholder plans to exit. The engagement appears routine. The report is delivered. The transaction closes. Everyone moves on. Or so they think. Years later, that same valuation may reappear in a place no one anticipated. A courtroom.