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ARTICLE · 25 AUGUST 1998

SEC Issues Year 2000 Disclosure Requirements

Blank Rome
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United StatesMedia, Telecoms, IT, Entertainment
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By Howard N. Feldman

Public companies have an obligation to disclose information that may materially affect the value of publicly held stock. The Year 2000 problem raises disclosure issues regarding a public company's actual, potential and/or unknown costs or consequences. The following is a brief overview of recent developments pertaining to the disclosure obligations relating to the Year 2000 problem.

Materiality:

The antifraud provisions of the securities laws impose a duty on registrants to disclose all material information important to a reasonable investor. The United States Supreme Court's 1976 decision in TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438, 449 (1976), holds that:

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