SEC Raises Stakes On Restatements

Morrison & Foerster LLP
Contact

Consistent with Chairman Mary Shapiro’s promise to reclaim the image of the U.S. Securities and Exchange Commission (“SEC”) as “an unrelenting law enforcement agency,” last week the SEC raised the stakes for CEOs and CFOs of public companies when it asked a federal court to require a CEO to return his bonus and profits from sales of company stock because his company had restated its financial statements. On July 22, 2009, the SEC requested that an Arizona district court order Maynard L. Jenkins, former CEO of CSK Auto Corporation (“CSK”), to reimburse the company $4 million that he received in bonuses and stock sale profits during the time the company filed financial statements containing misstatements.

Please see full update for more information.

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

Morrison & Foerster LLP
Contact
more
less

Morrison & Foerster LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide