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14 Nov 2020, 7:28 am
We write to explain why we voted against the Commission’s settled action in the matter of Andeavor LLC. [1] A majority of the Commission found that Andeavor violated Exchange Act Section 13(b)(2)(B), which requires reporting companies to devise and maintain a system of “internal accounting controls,” when Andeavor repurchased its stock from shareholders after its legal department concluded that it did not possess material nonpublic information… [read post]
16 Nov 2020, 6:23 am
Andeavor’s CEO directed the company’s CFO to begin the process of buying back up to $250 million of company shares at a time when Andeavor’s CEO was about to resume discussions with another company to acquire Andeavor. [read post]
11 Oct 2018, 4:33 am
Andeavor Logistics LP (W.D. [read post]
25 Sep 2023, 5:07 am
Andeavor Logistics PC (D.N.D.): 74 MTD — Subject Matter Jurisdiction.pdfDownload 75 MTD — 12b6.pdfDownload 76 MTD- Rule 19.pdfDownload 77 MTD — Failure to Exhaust.pdfDownload 85 Consolidated Response.pdfDownload 86 Reply ISO 75.pdfDownload 87 Reply ISO 77.pdfDownload 90 Reply ISO 74.pdfDownload 91 Reply ISO 76.pdfDownload 134 Chase Supplemental Brief.pdfDownload 138 Andeavor Supplemental Brief.pdfDownload 139 DCT… [read post]
13 Nov 2020, 8:14 am
About a month ago, on October 15, 2020, the SEC published: "SEC Charges Andeavor for Inadequate Controls Around Authorization of Stock Buyback Plan Company to Pay $20 Million Penalty" (SEC Release / October 15, 2020) https://www.sec.gov/news/press-release/2020-258 That SEC Release referenced the regulatory settlement whereby Respondent Andeavor LLC, without admitting the findings in the SEC Order https://www.sec.gov/litigation/admin/2020/34-90208.pdf,… [read post]
12 Jul 2019, 5:17 am
Andeavor Logistics LP (W.D. [read post]
13 Apr 2018, 6:40 am
EPA, under the direction of Administrator Scott Pruitt, recently provided a large oil refining company, Andeavor, with a hardship waiver. [read post]
20 Nov 2020, 3:00 am
Over on TheCorporateCounsel.net, I recently blogged about the SEC’s enforcement action against Andeavor LLC, which arose out of the company’s implementation of a stock buyback at a time when was about to resume negotiations with a potential buyer. [read post]
19 Oct 2020, 3:00 am
Andeavor used an abbreviated and informal process to evaluate the materiality of the acquisition discussions that did not allow for a proper analysis of the probability that Andeavor would be acquired. [read post]
12 Mar 2024, 3:15 am
The blog points to the SEC’s 2023 enforcement action against Charter Communications and its 2020 enforcement action against Andeavor LLC targeting alleged internal control shortcomings with respect to buyback programs. [read post]
15 Nov 2023, 3:15 am
Remember the Andeavor enforcement action in 2020? [read post]
27 Nov 2023, 9:01 pm
” Takeaways The Charter proceeding follows a similar 2020 SEC settlement with Andeavor LLC that used Section 13(b)(2)(B) to charge an accounting controls violation in connection with a corporate buyback. [read post]
3 Jun 2021, 3:30 am
The Fund’s proxy voting guidelines will apply to all companies held by the Fund. [read post]
8 Nov 2021, 6:42 am
In the Andeavor case, the SEC charged the energy company with having inadequate controls around its authorization of a stock buyback plan. [read post]
10 Apr 2023, 9:01 pm
(see this PubCo post), Activision Blizzard (see this PubCo post), First American Financial Corporation (see this PubCo post), and Andeavor (see this PubCo post) where, instead of attempting to make a case about funny accounting or disclosure failures or, in Andeavor, a defective 10b5-1 plan, the SEC opted to make its point by, among other things, charging failure to maintain and comply with internal accounting controls or disclosure controls and procedures. [read post]
9 Nov 2020, 3:00 am
Stock Buybacks: Guidance for Your Repurchase Program The SEC’s recent enforcement action against Andeavor LLC arising out of internal control lapses relating to the company’s stock repurchase plan has caused many companies to take a hard look at the mechanics of their own plans. [read post]
11 Jan 2019, 2:30 pm
Investing in Oil and Gas Through MLPs Master Limited Partnerships are one way that an investor can get involved in oil and gas production companies. [read post]
20 Nov 2020, 6:00 am
Mangino, Fried, Frank, Harris, Shriver & Jacobson LLP, on Saturday, November 14, 2020 Tags: Boards of Directors, Conflicts of interest, Corporate fraud, Corwin, Delaware cases, Delaware law, Disclosure, Fiduciary duties, Liquidity, Management, Merger litigation, Mergers & acquisitions, Private equity, Securities litigation, Shareholder suits Statement of Commissioners Peirce and Roisman on Andeavor… [read post]
