July 22, 2024
Partner William (Bill) Stellmach was featured in an article by Indian business publication The Economic Times on the recent increase in short seller reports and related importance for companies to have crisis management plans.
In discussing the critical need for companies to focus on managing the fallout of a short seller attack, Bill explained: “The best plan of action is to prevent US regulators from getting involved. You need to have the right people to deploy if you are targeted. Your communication should be targeted to immediate stakeholders like lenders, auditors and business partners. Keep your responses tight and crisp…. And act within seven to 10 days.”
Prior to joining Willkie, Bill previously served as head of the Fraud Section of the U.S. Department of Justice (DOJ). He regularly represents clients facing short seller attacks. He most recently led the Willkie team that included counsel Sean Sandoloski in bringing a swift declination in a U.S. Securities and Exchange Commission (SEC) investigation on behalf of Rumble Inc., an online media streaming platform. The investigation, launched in November 2023, followed a campaign by a short-seller who had purported to reveal that Rumble inflated its user numbers in a classic fraud on the market and its investors.
Read the full article from The Economic Times here (subscription may be required).
Learn more about Willkie’s victory for Rumble Inc. here.
In discussing the critical need for companies to focus on managing the fallout of a short seller attack, Bill explained: “The best plan of action is to prevent US regulators from getting involved. You need to have the right people to deploy if you are targeted. Your communication should be targeted to immediate stakeholders like lenders, auditors and business partners. Keep your responses tight and crisp…. And act within seven to 10 days.”
Prior to joining Willkie, Bill previously served as head of the Fraud Section of the U.S. Department of Justice (DOJ). He regularly represents clients facing short seller attacks. He most recently led the Willkie team that included counsel Sean Sandoloski in bringing a swift declination in a U.S. Securities and Exchange Commission (SEC) investigation on behalf of Rumble Inc., an online media streaming platform. The investigation, launched in November 2023, followed a campaign by a short-seller who had purported to reveal that Rumble inflated its user numbers in a classic fraud on the market and its investors.
Read the full article from The Economic Times here (subscription may be required).
Learn more about Willkie’s victory for Rumble Inc. here.
