Companies Often Tread Gray Area with SEC Disclosures
Irwin Kishner was quoted in the Pittsburgh Post-Gazette regarding SEC disclosure guidelines for companies when they engage in related party transactions. In the article, Irwin discussed a transaction involving Mylan Pharmaceuticals and real estate developer Rodney Piatt, the drug maker's lead independent director, and the main developer of the office park where Mylan built its new headquarters. In 2012, the director's company sold the site for $1 to a newly created entity, which then sold the land to Mylan for $2.9 million on the same day. "To me, this one is obvious. How can you possibly think that this was not a disclosable transaction?" Kishner said. "I'm not saying it's illegal, but you've got to show me it's arms length."