Through the normal course of research, I review a lot of SEC filings. Over the years, I’ve probably thumbed through more than ten thousand. This has to be the most bizarre SEC filing disclosure related to the FCPA I’ve come across.
The filer — Beyond Air, Inc. — is a biomedical company that uses a “patented Ionizer™ technology that generates unlimited, on-demand nitric oxide using room air.”
I don’t know what that means, but I’m sure they are very good at it. However, I have doubts about their FCPA counsel.
Here’s the excerpt verbatim (grammar error included) from the June 23 Beyond Air, Inc. 10-K filing:
“If we sell our device outside the United States, it must comply with the Foreign Corrupt Practices Act (“FCPA”) and local laws of other countries. FCPA is a complex patchwork of laws can change rapidly with relatively short notice.”
Did you spot the issues?
‘Enforcement 40’ for 2020
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