Reporting a corporate investigation to a Board with adverse interests can destroy the privilege.

In an article titled, "Delaware Ruling May Let Plaintiffs Pierce Backdating Probes," American Lawyer Media covers an important case about loss of attorney client privilege. The key graf:

The Delaware court ruled Nov. 30 that the special committee investigating backdating at Maxim can't shield its final report and its communications with lawyers at Orrick, Herrington & Sutcliffe. One reason: The committee shared the results of the investigation with Maxim's board of directors, a third party with adverse interests.