Public Company Diligence and Red Flag Reports: A Practical Primer for M&A Lawyers

For public company M&A, diligence is only as good as the ability to convert public disclosures into clear, actionable red flags. Sidley partner Adam Cromie and managing associate John K. Neal Jr., members of the firm’s M&A and Private Equity group, offer a practical, step-by-step primer on red flag reporting in public company transactions. Written for junior lawyers building their first diligence workstreams, the article provides clear guidance on where to find key documents, how far back to review, and which sections to prioritize. The authors also highlight what to look for when surfacing material risks that can shape valuation and negotiations.

Copyright 2026 Bloomberg Industry Group, Inc. (800-372-1033) Reproduced with permission. Public Company Diligence & Red Flag Reports.