SOX Section 304 Clawback Suit Against Former Executives Not Charged with Personal Misconduct Survives Motion to Dismiss

more+
less-

On November 13, 2012, a federal district court in Austin, Texas, denied a motion to dismiss in the Securities and Exchange Commission's (SEC) Sarbanes-Oxley Act (SOX) Section 304 clawback suit against two former executives of a corporation. The suit, Securities and Exchange Commission v. Michael A. Baker and Michael T. Gluk (Case No. A-12-CA-285-SS), was filed by the SEC in April to attempt to recover bonuses and stock sale profits received by the former CEO of the corporation, Michael A. Baker, and the former CFO, Michael T. Gluk, after the corporation filed false financial statements due to accounting fraud.

 


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.

© Holland & Knight LLP | Attorney Advertising

Written by:

more+
less-

Holland & Knight 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:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×