Morning Call, March 23, 2020: Disclosure and Capital Market Implications of the Coronavirus Crisis
March 23, 2020


In light of the many questions our clients are asking about the legal implications of the coronavirus (COVID-19) crisis and government responses to the pandemic, we are holding a series of 20-minute conference calls featuring leaders across Davis Polk. In today’s inaugural call,  Richard Truesdell, a partner and co-head of the global Capital Markets Group, and Deanna Kirkpatrick, a Capital Markets partner and member of the firm’s Senior Leadership Team, discussed questions we are receiving from clients relating to disclosure, bolstering liquidity and stock buyback plans. The discussion included and was moderated by Nora Jordan, a partner and head of the Investment Management Group.

Among the topics discussed:

  • how companies should communicate COVID-19-related business impacts and earnings ramifications to the market
  • steps companies are taking to bolster liquidity, including drawing down revolvers and issuing commercial paper or debt securities
  • the suspension of stock buyback plans by some companies, and some political considerations about these plans

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