Venture Briefing: February 8, 2017 Venture Briefing: February 8, 2017

Venture Briefing: February 8, 2017

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'Venture Tourists' Pullback Could Boost IPOs in 2016
This could be a big year for IPOs by venture-backed companies, according to a new report. A big factor in that optimism is that a group of late-stage investors pulled back from investing in private companies last year, sometimes referred to as "venture tourists" because they show up for a while during a tech investment boom and then disappear.
(Source: Silicon Valley Business Journal, 2017-02-02) Read the full article
Securities Class-Action Filings Rose 43% to Record High in 2016
The number of federal securities class-action filings surged to a record high in 2016 as plaintiffs' lawyers turned to the federal courts to file suits over merger and acquisition deals. Class-action filings totaled 270, an increase of 43 percent on the 188 filings in 2015 and 44 percent above the 1997–2015 historical average, according to a report by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
(Source: CFO.com, 2017-01-31) Read the full article
Interim Leader of SEC to Begin Reviewing, Revamping Regulations
Republican economist Michael Piwowar plans to use his role as interim leader of Wall Street's top regulator to lay the groundwork for revamping financial industry rules, possibly including those governing the stock market and corporate disclosures. A week after being named acting chairman of the Securities and Exchange Commission, Piwowar said in an interview he might direct SEC staff to review regulations he thinks are too restrictive, which could be the first step toward changing them.
(Source: Bloomberg, 2017-02-03) Read the full article
JOBS Act 'IPO On-Ramp' Legislation Proving Successful
The Jumpstart Our Business Startups Act's most successful section is Title I, the so-called "IPO On-Ramp" legislation. Designed to re-open the capital markets for emerging growth companies, the provisions in Title I allow issuers to meet reporting obligations gradually and submit an S-1 filing confidentially.
(Source: CFO.com, 2017-01-25) Read the full article
Technology Companies Go to Court to Battle Immigration Ban
A group of technology companies plans to meet to discuss filing an amicus brief in support of a lawsuit challenging U.S. President Donald Trump's order restricting immigration from seven Muslim-majority countries, said a spokesperson for a company organizing the gathering. The meeting is being called together by GitHub, which makes software development tools.
(Source: Reuters, 2017-01-31) Read the full article
Indiana Lawmakers Introduce Bill to Revamp V.C. Tax Credit
Two Indiana lawmakers have introduced a bill that would revamp the state's Venture Capital Investment Tax Credit program to make it more attractive and flexible. The program, which began in 2004, allows corporate or individual investors to reap up to $1 million in state tax credits in return for pumping equity or debt capital into early stage companies, but House Bill 1503 would raise the cap to $1.5 million and, for the first time, allow the tax credits to be transferred.
(Source: Indianapolis Business Journal, 2017-01-27) Read the full article
New GE Tax Arrangement Could Have Other Companies Following Suit
General Electric Co.'s novel tax outsourcing-like arrangement with PricewaterhouseCoopers is the first deal of its kind, but it may not be the last. In the days after the Jan. 12 announcement that GE would move most of its in-house tax staff to PwC by April 1, more than a dozen other Fortune 100 companies "contacted us saying we want to know more," said Mark Mendola, PwC's vice chairman and U.S. managing partner.
(Source: The Wall Street Journal, 2017-01-30) Read the full article
Assets Under Management for P.E. Industry Grew to Record $2.49T
The total assets under management for the private equity industry have grown to a record $2.49 trillion as of June 2016 (the latest figures available). Preqin's 2017 Global Private Equity & Venture Capital Report finds that industry assets rose from $2.39 trillion as of the end of 2015, continuing eight consecutive years of expansion in the wake of the Global Financial Crisis.
(Source: Value Walk, 2017-01-31) Read the full article
Report Says D&O Policies Likely to Become Broader, Cheaper
Directors and officers liability policies are likely become broader and continue getting cheaper in 2017 -- among the likely trends expected for the financial and professional liability insurance marketplace in the months ahead, insurance broker Marsh said in a new report. Marsh said that public D&O liability insurance rates will keep dropping in 2017, following nine continuous quarters of rate decreases, but the rate of decline should slow somewhat, despite a spike in federal filings, according to the report.
(Source: Insurance Journal, 2017-02-01) Read the full article
Women, Minorities Make Small Strides in Corporate Board Positions
Women and minorities occupy nearly 31 percent of the board seats of Fortune 500 companies, a small increase over the last four years, a new study has found. While that is the highest level in the six years of the study, white men continue to hold more than two-thirds of the positions.
(Source: The New York Times, 2017-02-05) Read the full article
 
 
 
Headlines
Revised Hart-Scott-Rodino Thresholds Take Effect
Anthony P. Aaron George A. Gasper

Effective February 27, 2017, the Federal Trade Commission has revised the thresholds used to determine whether companies must notify federal agencies about a proposed acquisition prior to closing. Read full article online.

 

Join Us for Our Upcoming Webinar: Portfolio Companies in Distress: Challenges and Opportunities

Please join us for our upcoming webinar on Wednesday, February 22 from 1:00-2:15 p.m. EST. Hosted by Ice Miller and Amherst Partners. This webinar will consider problems and possible solutions when portfolio companies face distress. Register here.

 

Business
Services Group

Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them.  We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.  In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

Read the complete profile of the Business Group.

Anthony Aaron
Fitz Angrand
James Banister
Richard Barnhart
Samuel Beavers
Christopher Bordoni
Edward Braum
Elizabeth Brier
Adam Calisoff
Kristine Camron
Timothy Capen
Joshua Christie
Ryanne Bush Dent
Jack Dillon
Dustin DuBois
Stephen Edwards
Michael P. Farrell
Jenny Frasier
Harry Gonso
Eric Goodman
Jon Groff
Stephen Hackman
David Hight
Paul Huddle
Steven Humke

Michelle Jensen
Michael Jordan
Josef Keglewitsch
Tom Kesoglou
Dean Leffelman
Kristen Maiorino
Christopher McCleary
Chris Michael
Laurie Miller
Michael Millikan
Robert Ouellette
Thomas Pampush
Megan Ryther
Audrey Schricker
Matthew Servies
Brittney Sharp
Brent Showalter
Scott Snively
Dale Stackhouse
Emily Storm-Smith
Chase Stuart
John Thornburgh
Richard Thrapp
Kristina Tridico
Nancy Valentine

 

 
     
This publication is intended for general information purposes only and does not and is not intended to constitute legal advice.  The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

 
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