UM: Business

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Bloomberg News reports that Goldman Sachs had been warned it might be the target of an SEC lawsuit, but didn’t disclose that information to shareholders, saying only that it was cooperating with regulators’ “requests for information.” The article quotes UM law professor Adam Pritchard, a former SEC attorney: “The question is whether a general disclaimer like that is rendered misleading because you left out the specifics. The prudent, conservative choice is to disclose more.” [Source]