From the FCPA Compliance and Ethics Blog:
The DOJ’s shift to a “call first” policy is seismic and defeats both of the foregoing tenets. If a company involves the government in the investigation process from the outset, its hand is tipped and, there can be no assertion of attorney-client privilege and the work-product doctrine protection in subsequent reviews or in litigation. In addition and once DOJ is involved, its knowledge of Company X’s alleged problem becomes part of the public domain and subject to disclosure to the investing public on a schedule of the government’s own making.