Freedman Quoted in Recent Law360 Stories on Activist Investors

Olshan Partner Andrew Freedman was quoted in two recent articles posted by Law360. The June 19^th article, 6 Mistakes Rookie Activists Make And How To Avoid Them, articulates the nuances of staging an activist campaign. Freedman advises "It's not just something you can wake up one day and say, ‘I want to be an activist investor.’ It really takes a great deal of time, energy and resources to devote to planning and understanding all of the dimensions to what it entails to pursue an activist investment or activist campaign. If you make one simple mistake as a new activist, that's your reputation on the line. That's your credibility. You're only as good as what your reputation and credibility are in this area, in terms of trying to attract new investors to your fund and how a company is going to engage with you." Freedman also reiterates how important it is to not jump the gun and to have a comprehensive plan. The June 3^rd article, Icahn Investigation Highlights Gray Area Of Securities Law, discusses whether or not an activist’s public statements disclosing its holdings is in violation of U.S. insider trading laws. Freedman explains that "There is increased scrutiny on activity that some don't think passes the smell test, but when you look at the facts, it doesn't rise to the level of insider trading.” He also points out that "It's a small activist world out there, and it is becoming increasingly crowded. The sharing of ideas has become fairly commonplace." He does warn, however, that talking to other investors can raise other concerns relating to group issues.