Complimenting our firm’s corporate, litigation and transactional practice we are excited to announce the addition of two outstanding employment lawyers to our firm, Josh Jewett and Brittany Wrigley.
We have also launched a specific website tailored to providing specific information for employees and employers in Virginia (vaemploymentlawyers.com)
Josh Jewett focuses his practice exclusively in the area of employment law. For his expertise in this field, Josh has been interviewed for stories featured in CNN Money, WKTR (News Channel 3), and 13NewsNow.com, and some of the matters on which he has worked have been published in the Washington Times, Virginian Pilot, WAVY-TV (News Channel 3), and Virginia Lawyer’s Weekly.
Josh’s representative experience in employment law matters spans a broad spectrum of local industries. He has handled numerous matters before the Equal Emploment Opportunity Commission, and he has litigated cases in federal court arising under the umbrella of federal employment law statutes. In addition to handling matters in litigation-type settings, over the years Josh has also advised management and decisionmaker employees facing legally-challenging situations.
Josh resides in Chesapeake with his wife, Shanna, and three small boys. In his free time, he is an avid follower of the Chicago Cubs and enjoys reading about theology and insider accounts of Washington politics. He is a member of New Life Church in Virginia Beach.
Brittany Wrigley represents employees in a wide range of employment matters, as well as advising corporate clients regarding compliance issues and risk management. In her studies Ms. Wrigley received the highest level of honors awarded in her respective courses of study, and she strives to provide her clients with the level of excellence, candor, and respect essential to the effective practice of law.
Prior to practicing law Ms. Wrigley interned with the Federal Bureau of Investigations (white collar crimes division) and the Center for Global Justice. She has continued to hone her research and writing skills, and she has been recognized as a zealous advocate and formidable foe by mediators, attorneys, and clients during her legal career.
Ms. Wrigley has a particular interest in women’s issues, and she specializes in representing women in cases of sex discrimination. In her spare time, she enjoys spending time with her husband and two children.
Pierce / McCoy is very pleased to announce that Jonathan Grasso has joined the firm and will head a newly formed Bankruptcy & Corporate Restructuring Practice Group. This service offering rounds out an already robust offering of business and transactional services. The addition of Jonathan bolsters the firm’s ability to serve a wide range of business clients.
Jonathan will continue to represent business debtors and creditors throughout Virginia and Maryland in all financially distressed situations including bankruptcy cases, commercial litigation, out-of-court workouts, foreclosures and collection matters.
Jonathan can be reached at 101 West Main Street, Suite 101, Norfolk, Virginia 23510, (443) 525-4821, firstname.lastname@example.org
VIRGINIA RELEASED GUIDANCE FOR CROWDFUNDING REGULATIONS
While we still have to wait on the U.S. Securities and Exchange Commission to complete the equity crowdfunding regulations for interstate crowdfunding under the JOBS Act, the Commonwealth of Virginia State Corporation Commission has published new regulations affecting intrastate (solely within Virginia) crowdfunding in Virginia effective in July of 2015.
Traditionally, a company raising equity can be subject to strict registration requirements under the Virginia Securities Act. The new law allows for companies in Virginia to utilize crowdfunding as a way to raise equity (up to $2 million) and bypass those stringent registration requirements.
There are, however, certain standards the business must meet to be eligible for the exemptions. Here is a list of some of the requirements:
- The business entity must be formed under Virginia law, be authorized to conduct business in Virginia, and have its principal place of business in Virginia.
- Staying in line with the regulations governing intrastate exemptions allowed under federal law, the securities must be offered and sold only to Virginia residents.
- The securities offered and sold must be equity. Debt securities are not allowed under this law.
- The sum of cash and any other consideration received for the security cannot exceed $2,000,000.
- If the investor is not accredited (defined by federal law), the company cannot accept over $10,000 in investment from that person.
- At least twenty days prior to the offering, the company must provide certain information and documents to the state, pay a filing fee, and have established an escrow account for which funds will be deposited.
- The company cannot be one that is operating as an investment business, one that is involved in certain natural resource – based ventures, one that is subject to various federal reporting regulations, or one without a certain level of operational details delineated.
- The offering term cannot last 12 months after the initial offer.
- The issuer must provide an annual report, which carries its own requirements, to the security purchasers for three years.
NEW OPPORTUNITY FOR CAPITAL RAISING
Virginia businesses that fall under this new exception are able to take advantage of an equity-raising avenue that is growing rapidly. This growth of crowdfunding can be attributed to the Internet’s significant lowering of the informational and logistical barriers that have traditionally faced entrepreneurs and small businesses.
The attorneys at Pierce/McCoy are well versed and up to speed on the rapidly changing federal and state laws involving crowdfunding. Please feel free to contact us to discuss your concerns in this area.
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This post is purely informational and is not to be construed as legal advice.