Sidley Austin

Linked to 1,210 companies since Jan 1994. A filing names it for 62% of those. The rest come from a text search, which also finds a firm on the other side of a deal.

These figures describe clients, not conduct. A lawyer or firm can serve many companies that later had trouble for reasons that have nothing to do with their work, and nothing here says any lawyer or firm did anything wrong.

114 of these companies later showed signs of SEC or DOJ scrutiny and had another red flag. Comparable companies would show 82.8, so that is 1.38× what you would expect.

SEC or DOJ scrutiny and another red flag: 1.38×; 114 companies, 82.8 expected, q 0.059
SEC or DOJ scrutiny: 1.30×; 188 companies, 144.2 expected, q 0.164
Stopped filing, and the SEC acted: 0.14×; 5 companies, 36.2 expected, q 1.000
Shares fell 95% from their high: 0.93×; 153 companies, 163.6 expected, q 1.000

Each bar’s tick marks 1×, no more than comparable companies. A colored bar has q below 0.05, the usual bar.

Every outcome

What came later among these companies, against comparable companies
What came later	Companies	Expected	× expected	q
SEC or DOJ scrutiny and another red flag	114	82.8	1.38	0.059
SEC or DOJ scrutiny	188	144.2	1.30	0.164
Stopped filing, and the SEC acted	5	36.2	0.14	1.000
Shares fell 95% from their high	153	163.6	0.93	1.000
Two or more different red flags	222	185.6	1.20	0.155
Said its accounts could not be relied on	157	162.7	0.97	1.000
Bankruptcy or receivership	66	48.2	1.37	0.134
Restructuring or accelerated debt	286	231.6	1.23	0.017
Delisting notice	435	374.4	1.16	0.099
SEC accounting enforcement release	54	33.8	1.60	0.532
An SEC release or DOJ statement names it, an officer or its stock	100	74.8	1.34	0.819

What each of these means

SEC or DOJ scrutiny and another red flag: The SEC or DOJ took an interest, and the company also fell 95%, restated its accounts, restructured or went bankrupt.
SEC or DOJ scrutiny: An enforcement release; a Wells notice, a formal order, a subpoena or a statement that it is cooperating with the SEC or Justice Department in the company's own filings; or far more SEC letters than a company normally draws. Whether or not the company was ever charged: most cases settle, or end in nothing public.
Stopped filing, and the SEC acted: The SEC revoked the company's registration, or suspended trading, for nothing but not filing.
Shares fell 95% from their high: A close at least 95% below the earlier high, with no close above a fifth of that high in the next ten, so that one bad print does not count. It can recover later.
Two or more different red flags: Any two of: SEC or DOJ scrutiny, a 95% fall, a restatement, a restructuring, a bankruptcy.
Said its accounts could not be relied on: The company's own Item 4.02 notice on Form 8-K.
Bankruptcy or receivership: The company's Item 1.03 notice on Form 8-K. This follows how much debt clients carry, so restructuring practices read high here.
Restructuring or accelerated debt: Item 2.05 or Item 2.04 on Form 8-K.
Delisting notice: Item 3.01 on Form 8-K. Mergers and transfers between exchanges report under it too, so it is shown but counts as no red flag.
SEC accounting enforcement release: An Accounting and Auditing Enforcement Release that names the company.
An SEC release or DOJ statement names it, an officer or its stock: The text of a release or a DOJ statement names the company, one of its officers, or its stock as what a scheme sold or moved. It does not say the company did wrong: a company can be the victim. This is about the company, never its lawyers.

Lawyers at this firm

Rank by

Lawyers ranked by SEC or DOJ scrutiny and another red flag. Click a column to sort.
#
1	Paul L. ChoiSidley Austin	21	81%	6	2.3	2.67	0.766	2.16	0.00	0.00
2	Scott M. FreemanSidley Austin	18	72%	5	1.7	2.92	0.786	3.17	0.00	1.24
3	Frederick C. LowingerSidley Austin	18	94%	5	2.0	2.50	0.850	1.91	0.00	0.00
4	Gary D. GerstmanSidley Austin	13	85%	4	1.2	3.31	0.850	2.74	0.00	0.91
5	Kai Haakon E. LiekefettSidley Austin	29	83%	4	1.3	3.04	0.897	2.23	0.00	0.90
6	Jim L. KaputSidley Austin	12	92%	4	1.6	2.52	0.914	2.07	0.00	0.72
7	Michael P. HeinzSidley Austin	46	87%	4	2.2	1.81	1.000	1.59	0.00	1.24
8	Edward F. PetroskySidley Austin	45	80%	3	4.1	0.73	1.000	0.91	0.96	0.44
9	Samir A. GandhiSidley Austin	37	97%	2	1.4	1.44	1.000	0.93	0.00	1.39
10	Scott R. WilliamsSidley Austin	31	68%	5	2.5	1.99	1.000	1.39	0.00	0.92
11	Martin A. WellingtonSidley Austin	27	89%	3	1.6	1.92	1.000	1.90	0.00	2.46
12	Larry A. BardenSidley Austin	26	92%	3	2.5	1.19	1.000	1.00	0.00	1.67
13	Thomas A. ColeSidley Austin	25	80%	5	2.8	1.82	1.000	1.23	0.00	0.47
14	Edward D. RicchiutoSidley Austin	24	67%	1	2.0	0.49	1.000	0.83	0.00	0.75
15	J. Gerard CumminsSidley Austin	23	91%	1	1.8	0.56	1.000	0.88	2.23	0.00
16	Sharon R. FlanaganSidley Austin	23	87%	2	1.5	1.34	1.000	2.06	0.00	0.54
17	J. Mark MettsSidley Austin	22	59%	2	1.8	1.14	1.000	1.40	0.00	0.80
18	John H. ButlerSidley Austin	20	70%	1	1.5	0.66	1.000	0.39	0.00	0.80
19	Michael A. GordonSidley Austin	19	74%	2	1.4	1.40	1.000	2.07	0.00	0.88
20	Brian J. FahrneySidley Austin	18	83%	1	1.9	0.54	1.000	0.60	2.88	1.65
21	Eric S. HaueterSidley Austin	18	89%	4	2.3	1.75	1.000	1.61	0.00	0.00
22	Kevin F. BlatchfordSidley Austin	15	87%	1	1.3	0.75	1.000	0.81	0.00	0.67
23	Dennis V. OsimitzSidley Austin	13	92%	3	1.4	2.07	1.000	1.67	0.00	1.59
24	Paul C. PringleSidley Austin	12	58%	3	1.5	1.97	1.000	1.69	2.64	0.00
25	Robert L. VeriganSidley Austin	12	83%	3	1.5	1.95	1.000	1.68	0.00	0.51
26	John J. SablSidley Austin	11	82%	1	0.7	1.39	1.000	0.82	0.00	2.64
27	Richard W. AstleSidley Austin	11	82%	4	1.4	2.82	1.000	1.82	0.00	0.00
28	Steven SutherlandSidley Austin	11	91%	1	0.7	1.42	1.000	2.49	0.00	0.83
29	Helen TheungSidley Austin	10	100%	1	0.4	2.51	1.000	2.21	0.00	1.71
30	John P. KelshSidley Austin	10	100%	2	0.5	3.82	1.000	1.52	0.00	1.29
31	Robert MandellSidley Austin	10	80%	2	0.8	2.44	1.000	1.15	0.00	1.58
32	James O ConnorSidley Austin	9	100%	1	0.6	1.65	1.000	0.94	0.00	1.34
33	Michael T. KohlerSidley Austin	9	89%	1	1.2	0.86	1.000	1.55	0.00	0.00
34	Jeffrey N. SmithSidley Austin	8	63%	1	0.7	1.35	1.000	1.07	0.00	0.45
35	Joshua DuClosSidley Austin	8	75%	1	0.6	1.83	1.000	1.60	0.00	1.93
36	Sara von AlthannSidley Austin	8	100%	1	0.3	3.80	1.000	2.58	0.00	0.84
37	Vijay S. SekhonSidley Austin	8	50%	1	0.2	6.23	1.000	2.70	0.00	0.97
38	EDWARD J. FINESidley Austin	7	71%	1	0.5	1.97	1.000	1.19	4.04	1.12
39	Gabriel SaltarelliSidley Austin	7	71%	1	0.3	2.88	1.000	3.61	0.00	0.00
40	Lisa J. ReateguiSidley Austin	7	71%	1	1.0	1.02	1.000	1.29	0.00	0.00
41	Eric TashmanSidley Austin	6	50%	1	0.6	1.72	1.000	2.06	0.00	0.00
42	ROBERT W. KADLECSidley Austin	5	100%	1	0.3	3.79	1.000	6.11	0.00	0.00
43	Robert A. RyanSidley Austin	24	96%	0	0.9	0.00	—	0.74	0.00	0.80
44	Sonia BarrosSidley Austin	21	100%	0	0.6	0.00	—	0.55	0.00	0.00
45	Frank F. RahmaniSidley Austin	19	100%	0	0.8	0.00	—	0.00	0.00	1.11
46	Meng DingSidley Austin	19	79%	0	0.7	0.00	—	0.79	0.00	0.77
47	David NiSidley Austin	18	89%	0	0.6	0.00	—	0.00	0.00	0.78
48	Michael J. SchmidtbergerSidley Austin	14	71%	0	1.6	0.00	—	0.00	0.00	0.35
49	James C. MunsellSidley Austin	13	62%	0	1.1	0.00	—	0.00	0.00	0.36
50	Lindsey A. SmithSidley Austin	13	92%	0	0.6	0.00	—	0.75	0.00	1.54

Linked companies

WithSortOnly where a filing names them

Companies linked to this firm or lawyer, and what came later among them. Click a column to sort.
		How it is known
AKORN INCAKRXQ (last ticker on record)	Sep 2004	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
SURGALIGN HOLDINGS, INC.SRGA (last ticker on record)	Dec 2018	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
TUPPERWARE BRANDS CORPTUP (last ticker on record)	Sep 1996	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
EASTMAN KODAK COKODK (last ticker on record)	Sep 2003	Named in a filing	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
HERTZ CORP	Oct 2003	Named in a filing	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
ASYST TECHNOLOGIES INCASYT (last ticker on record)	Sep 2001	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
BROADWIND, INC.BWEN (last ticker on record)	May 2009	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Delisting notice (not a red flag)
Cambium Networks CorpCMBMF (last ticker on record)	May 2018	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Core Scientific, Inc./txCORZ (last ticker on record)	Jan 2021	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
DORAL FINANCIAL CORPDRL (last ticker on record)	Apr 2002	Named in a filing	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Liquid Holdings Group, Inc.LIQD (last ticker on record)	Dec 2012	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
MAGNACHIP SEMICONDUCTOR CorpMX (last ticker on record)	Feb 2011	Text search only	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
ONITY GROUP INC.ONIT (last ticker on record)	Sep 1998	Named in a filing	SEC/DOJ scrutiny 95% wipeout Restatement Delisting notice (not a red flag)
Pediatrix Medical Group, Inc.MD (last ticker on record)	Mar 2001	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
QUEST RESOURCE CORPQRCP (last ticker on record)	Dec 2005	Text search only	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
StoneX Group Inc.SNEX (last ticker on record)	Jul 2008	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
Amtrust Financial Services, Inc.AFSI (last ticker on record)	Jun 2013	Named in a filing	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
BAXTER INTERNATIONAL INCBAX (last ticker on record)	Jan 2000	Named in a filing	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
BEARINGPOINT INCBGPTQ (last ticker on record)	May 2000	Named in a filing	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
GENERAL ELECTRIC COGE (last ticker on record)	Oct 1998	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring
HERBALIFE LTD.HLF (last ticker on record)	May 2004	Text search only	SEC/DOJ scrutiny Restatement Restructuring
KB HOMEKBH (last ticker on record)	Nov 2004	Text search only	SEC/DOJ scrutiny Restatement Restructuring
MERRILL LYNCH & CO., INC.MER (last ticker on record)	May 2001	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
MORGAN STANLEYMS (last ticker on record)	Mar 2002	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring
MSP Recovery, Inc.MSPR (last ticker on record)	Feb 2020	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
PharmaNet Development Group IncPDGI (last ticker on record)	Oct 2003	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Restructuring Delisting notice (not a red flag)
Sculptor Capital Management, Inc.SCU (last ticker on record)	Oct 2007	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Delisting notice (not a red flag)
Star Equity Holdings, Inc.STRR (last ticker on record)	Mar 2003	Text search only	SEC/DOJ scrutiny Restatement Restructuring
STERICYCLE INCSRCL (last ticker on record)	Sep 2015	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
THQ INCTHQIQ (last ticker on record)	Nov 1996	Named in a filing	SEC/DOJ scrutiny Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Veradigm Inc.MDRX (last ticker on record)	Aug 2003	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
AAC Holdings, Inc.AAC (last ticker on record)	May 2014	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
ARRAY DIGITAL INFRASTRUCTURE, INC.AD (last ticker on record)	Nov 1994	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
BAIYU Holdings, Inc.GLG (last ticker on record)	Jan 2014	Text search only	SEC/DOJ scrutiny 95% wipeout Restatement Delisting notice (not a red flag)
BORGWARNER INCBWA (last ticker on record)	Mar 2015	Named in a filing	SEC/DOJ scrutiny Restatement
CONNS INCCONN (last ticker on record)	Apr 2015	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
CytoDyn Inc.CYDY (last ticker on record)	Aug 2021	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement
Evolv Technologies Holdings, Inc.EVLV (last ticker on record)	Mar 2020	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
FARADAY FUTURE INTELLIGENT ELECTRIC INC.FFAI (last ticker on record)	Feb 2021	Named in SEC correspondence	SEC/DOJ scrutiny 95% wipeout Restatement Delisting notice (not a red flag)
Hillshire Brands CoHSH (last ticker on record)	Mar 2002	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
HSBC Finance CorpHFCPRB (last ticker on record)	Jan 2001	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring
IO Biotech, Inc.IOBT (last ticker on record)	Jun 2021	Named in SEC correspondence	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
JPMORGAN CHASE & COJPM (last ticker on record)	Mar 2011	Named in a filing	SEC/DOJ scrutiny Restatement
MCI INCMCIP (last ticker on record)	Aug 2005	Text search only	SEC/DOJ scrutiny Restatement
National General Holdings Corp.NGHC (last ticker on record)	May 2014	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Delisting notice (not a red flag)
OMNICELL, INC.OMCL (last ticker on record)	Mar 2001	Named in a filing	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
TELEPHONE & DATA SYSTEMS INCTDS (last ticker on record)	Dec 1997	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Restructuring Delisting notice (not a red flag)
Ventas, Inc.VTR (last ticker on record)	Apr 2005	Named in a filing	SEC/DOJ scrutiny Restatement
WESTMORELAND COAL CoWLB (last ticker on record)	Jun 2007	Text search only	95% wipeout Restatement Bankruptcy Restructuring Delisting notice (not a red flag)
Aon plcAON (last ticker on record)	Feb 1997	Named in SEC correspondence	SEC/DOJ scrutiny Restatement Restructuring

At a glance

Every outcome

Lawyers at this firm

Linked companies

At a glance

Every outcome

Lawyers at this firm

Linked companies