Smaller acquisitions are, and should continue to be, the bread and butter of many private equity sponsors. For others writing larger check sizes, the smaller acquisition may arise as an add-on to an existing portfolio company. Regardless the reason for stepping into the fray of the smaller deal, these acquisitions present a unique set of challenges. If the sponsor needs or wants to play in this sandbox, navigating the challenges becomes an opportunity.
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The US Supreme Court has ruled that a “pure omission” under Item 303 of Securities and Exchange Commission Regulation S–K cannot give rise to a private action for securities fraud under Section 10(b) and Rule 10b-5(b) of the Securities Exchange Act of 1934.
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