This chart identifies merger and acquisition transactions and instances of successor liability, based on allegations in Enforcement Actions involving entity defendants that were initiated since the statute's enactment. Data is pulled from Enforcement Actions within FCPA Matters, and the initiation date is based on the earliest initiation date of all Enforcement Actions linked to the Matter. Each M&A transaction or instance of successor liability is counted only once per FCPA Matter regardless of the number of transactions noted. An Enforcement Action is marked "M&A" if the merger or acquisition transaction occurred during the course of the FCPA-related misconduct, the investigation, or the resolution, or if the transaction was being negotiated at the time of the investigation or enforcement action. For purposes of this graphic, wholly internal corporate reorganizations are not counted as M&A transactions. An Enforcement Action is marked "successor liability" if a successor to the merger or acquisition transaction was held liable for the FCPA-related misconduct of a predecessor, whether by being sued, by settling claims filed against the predecessor, or by assuming a monetary or non-monetary sanction or a compliance obligation. The data used to generate this graphic were culled from publicly available documents filed in connection with the Enforcement Actions, and may not reflect all merger and acquisition activity. See About Us - Datasets for definitions of "Enforcement Action" and "FCPA Matter."
This chart identifies the percentage of FCPA Matters in which a successor entity was subject to investigation, but was not ultimately held liable in an FCPA-Related Enforcement Action. Only Investigations that are resolved through an SEC or DOJ enforcement action are included in the analysis. An FCPA Matter is marked "successor liability" if a successor to a merger or acquisition transaction was held liable for the FCPA-related misconduct of a predecessor, whether by being sued, by settling claims filed against the predecessor, or by assuming a monetary or non-monetary sanction or a compliance obligation. The data used to generate this graphic were culled from publicly available documents, and may not reflect all instances of successor investigations or successor liability. For purposes of this graphic, wholly internal corporate reorganizations are not treated as M&A transactions. See About Us - Datasets for definitions of "Investigation" and "FCPA Matter."