May 23, 2012
How will Rule FD (Fair Disclosure) apply during the time when a company is in the confidential filing phase? The confidential filing indicates that a company is planning an IPO and the company is now permitted to test-the-waters with institutional investors during this confidential filing phase. Can we expect to see all material information selectively disclosed in private discussions with institutional investors during this confidential test-the waters phase to be disclosed in the prospectus?