By Edward S. Best, James B. Carlson, Robert E. Curley, Scott J. Davis, Jeffrey I. Gordon, Robert A. Helman, Michael L. Hermsen, James J. Junewicz, Kenneth E. Kohler, Philip J. Niehoff, Elizabeth Raymond, Laura D. Richman, David A. Schuette, Frederick B. Thomas, Mark R. Uhrynuk and James R. Walther
In a move to equalize the access of investors and securities analysts to material information, the SEC adopted Regulation FD (Fair Disclosure) on August 24, 2000. Regulation FD essentially prohibits public companies from leaking material information to securities analysts or investors.1 As a result of Regulation FD, more and more public companies are discussing "earnings guidance" and other material information on conference calls open to the public, because to do so in private meetings with securities analysts or large investors could violate the rule. Not surprisingly, Regulation FD also has resulted in increased SEC scrutiny of communications between companies and analysts. Indeed, on
