"Conflicted Advisors Causing Trouble"

Philadelphia partner Doug Raymond's latest column for Directors & Boards, written with the assistance of associate Peter Wolf, was published in the Second Quarter 2011 issue of the magazine. It focuses on the need for boards to look out for potential conflicts of interest involving not just directors, but advisors, also.

Doug, a partner in the firm's Corporate and Securities Practice Group, and Peter discussed in the article the case of In re Art Technology Group, Inc. Shareholders Litigation, a recent Delaware Court of Chancery case involving investment banks in M&A transactions. The court enjoined a deal until the parties had made supplemental disclosure, because it was concerned about an undisclosed relationship between the target's financial advisor and the proposed buyer.