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Adam Studner

Adam Studner’s practice focuses on representing companies, individuals, and boards of directors in their most sensitive, high-stakes white collar criminal and civil investigations and defense matters, including government-facing and internal investigations into issues posing enterprise-level risk. Adam regularly represents clients in connection with allegations of corruption, fraud, obstruction of justice, accounting improprieties, and other issues. With deep experience representing both multinational corporations and individuals, Adam regularly leads complex, multi-dimensional investigations posing parallel criminal, civil, regulatory, and reputational risks often involving the U.S. Department of Justice, the U.S. Securities and Exchange Commission, and other U.S. and foreign regulators.

Adam also maintains a robust compliance practice and routinely assists clients in developing, implementing, evaluating, and testing the efficacy of their global compliance programs across a range of regulatory areas, including through conducting risk assessments and compliance program assessments. He also regularly counsels clients on third party risk management, transactional due diligence, and other compliance-sensitive areas.

Adam has worked with clients from a variety of sectors and industries, including life sciences, technology, consumer products, financial services, entertainment, manufacturing, automotive, and aviation, in matters involving regulatory scrutiny and potential exposure across jurisdictions. His ability to navigate multi-faceted and cross-border challenges makes him a trusted advisor in high-risk, high-profile investigations and compliance matters.

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October 17, 2023, Covington Alert

What You Need to Know

  • On October 4, 2023, Deputy Attorney General Lisa Monaco provided new and expanded policy guidance on corporate criminal enforcement, announcing a new Mergers and Acquisitions Safe Harbor Policy (“Safe Harbor Policy”).
  • The Safe Harbor Policy provides acquiring companies an opportunity to avoid criminal charges if they voluntarily self-disclose misconduct at acquired companies within six months of a merger or acquisition (“M&A”), fully cooperate in any DOJ investigation, engage in timely and appropriate remediation within one year of the transaction closing date, and pay restitution or disgorgement, as appropriate.
  • The Safe Harbor Policy—which we expect will be formalized in writing and incorporated into the Justice Manual—appears to draw heavily on policies and guidance from the Criminal Division dating back to 2008, but that will now be formalized, clarified, and applied across the Department, with different parts of the Department “tailor[ing] its application . . . to fit their specific enforcement regime.”
  • As with all of the Department’s recent policy announcements concerning the benefits of voluntary disclosure, significant questions remain. We discuss some of those below, and we will be watching to see how DOJ applies the Safe Harbor Policy in practice. At a minimum, however, companies should ensure that their pre- and post-closing diligence and integration processes are designed to quickly identify legacy or ongoing misconduct at acquired companies so that they may have an opportunity to consider the expected benefits and burdens associated with a voluntary disclosure under the Safe Harbor Policy.
  • In addition to announcing the Safe Harbor Policy, Deputy Attorney General Monaco noted a “dramatic” expansion in national security enforcement, new enforcement tools that the Department is deploying, continued focus on incentivizing companies to seek compensation clawbacks from individual wrongdoers, and even more policy changes to come. Deputy Attorney General Monaco’s announcement follows recent shifts in enforcement remedies sought by the Department, such as divestiture in certain criminal antitrust cases—an unprecedented remedial measure.

Continue Reading DOJ Provides Further Voluntary Disclosure Incentives, This Time Linked to M&A Transactions, and Signals Other Areas of Focus