Brief of Professors at Law and Business Schools as Amici Curiae in Support of Respondents, Omnicare, Inc., Et Al., Petitioners, v. Laborers District Council Construction Industry Pension Fund, Et Al., Respondents, No. 13-435 (S. Ct. Sept. 2, 2014)

No more bullsh*t: securities opinions after Omnicare

Journal of Investment Compliance ◽

10.1108/joic-08-2015-0056 ◽

2015 ◽

Vol 16 (4) ◽

pp. 6-13

Author(s):

Aegis Frumento ◽

Stephanie Korenman

Keyword(s):

Financial Services ◽

Design Methodology ◽

Pension Fund ◽

Content Type ◽

District Council ◽

The Us ◽

Practical Guidance ◽

Securities Laws

Purpose – To review and analyze the implications for rendering opinions in connection with the sale of securities in the wake of the US Supreme Court’s decision in Omnicare, Inc. et al. v. Laborers District Council Constr. Ind. Pension Fund, et al. Design/methodology/approach – Analyzes the Omnicare holding and dissent in light of past practices and decisions and discusses how the case changes the risks of liability for rendering opinions in registration statements, and by necessary implication in other contexts where the securities laws proscribe either the statement of untrue “facts” or, by omissions, the making of misleading “statements.” Findings – Omnicare opens issuers and securities professionals to liability for rendering opinions that are not reasonably based in facts and rationality. Because the measure of such reasonableness depends on the reasonable investor, makers of opinions will need to take more matters into consideration in rendering opinions than they might have previously, when the only test of an opinion was whether it was genuinely believed by its maker. This creates a number of unresolved issues, but it also suggests that prudence will dictate more detailed disclosure and documentation of the bases of opinions than has been thought necessary until now. Originality/value – Practical guidance from experienced securities and financial services lawyers.

Download Full-text

A Survey of the Prevalent Forms of Corruption in the Construction Industry in Botswana

Journal for the Advancement of Performance Information and Value ◽

10.37265/japiv.v9i1.36 ◽

2017 ◽

Vol 9 (1) ◽

Author(s):

Oscar Legae ◽

Aderemi Adeyemi

Keyword(s):

Construction Industry ◽

Rank Order ◽

Capital Investments ◽

Construction Process ◽

Order Analysis ◽

Planning And Design ◽

District Council ◽

Southern District ◽

Economic Developments ◽

Prevalent Form

The Construction industry is contributing immensely towards social and economic developments around the world. However the industry is susceptible to corrupt practices because it involves substantial capital investments. Every phase of the construction process: planning and design, pre-qualification, tendering, project execution, operation and maintenance is attractive to corruption. The effects of corruption are quite substantial in terms of quality, time and cost of a project. The objective of this study was to identify the most prevalent form of corruption in the Construction industry in Botswana. The study was quantitative and conducted through literature review on the topics related to corruption in the Construction industry followed by questionnaire survey. A total of 81 questionnaires were distributed among the relevant employees of the Directorate of Building and Engineering Services (DBES), Southern District Council (SDC) and contracting organizations. Sixty properly filled questionnaires were returned giving a response rate of 74.07%. Cronbach's Alpha equals 0.939 for the entire questionnaire which indicates an excellent reliability of the entire questionnaire. Rank-order Analysis was performed to examine the professionals’ perceptions of the most prevalent form of corruption in Botswana’s construction industry The results indicate that bribery in form of cash inducement, gifts, favors, and kickbacks rank highest (RII= 0.65) and constitute the most prevalent form of corruption in Botswana’s construction industry.

Download Full-text