Who is a Competitor Under Section 8?

The Department of Justice Antitrust Division has recently been investigating public companies for possible violations of Section 8 of the Clayton Act, 15 U.S.C. § 19, based on information listed in the Risk Factors section of their annual and quarterly SEC filings. Section 8 prohibits “interlocking directorates,” situations in which an individual or entity serves as a director or officer of two corporations that are “competitors.” So far, the Departments efforts have appeared to focus o