Here's What The Subpoenas Sent To Diamondback And Others Mean

richard schimelDiamondback’s Schimel

Photo: A Little Hope

Diamondback announced in a letter to investors yesterday that it received a grand jury subpoena, which sounds pretty serious, but isn’t really, because that’s the only kind of subpoena there is.There are two types of subpoenas. A subpoena ad testificandum and a subpoena duces tecum.

According to the University of Dayton law school, a grand jury uses a subpoena ad testificandum to bring people to testify before it, whereas it uses a subpoena duces tecum to have evidence (documents, tape recordings, photographs, test results, guns, etc.) brought to it. 

Someone who receives a subpoena from a grand jury has three choices, according to the school: comply with the subpoena; convince a court that he or she does not have to comply with it; or refuse to comply and be held in contempt.

Diamondback didn’t say which kind of subpoena it got, but they did say the firm will comply with it. And they said that many other firms got the same grand jury subpoena.

Click here for more on what the firm announced yesterday >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.