News & Analysis as of

Financial Restatements Securities and Exchange Commission (SEC)

White & Case LLP

Key Considerations for the 2024 Annual Reporting Season: Your Upcoming Form 20-F and other FPI-Specific Considerations

White & Case LLP on

This memorandum outlines key considerations from White & Case's Public Company Advisory Group for foreign private issuers ("FPIs") during the 2024 annual reporting season, divided into two sections: Form 20-F Housekeeping...more

BCLP

Issues and Considerations Involving the Recovery of Executive Officer Compensation

BCLP on

At the recent meeting of the Employee Benefits and Executive Compensation Subcommittee at the ABA’s Business Law Fall meeting, moderators identified several hot topics stemming from the new compensation recovery (clawback)...more

BCLP

Time to Get Ready for the 2024 Reporting Season

BCLP on

As companies look ahead to the upcoming proxy and annual report season, the SEC has generated a number of new items to add to your compliance checklist – in addition to those covered in last year's list. Those items, along...more

Womble Bond Dickinson

SEC Adopts Long-Awaited Clawback Rules

Womble Bond Dickinson on

On October 26, 2022, the Securities and Exchange Commission (“SEC”) adopted rules1 implementing Section 10D-1 of the Securities Exchange Act of 1934, a provision added by the Dodd-Frank Act of 2010, which will require listed...more

Latham & Watkins LLP

How to Navigate the SEC’s New Clawback Rules

Latham & Watkins LLP on

The rules direct stock exchanges to require issuers that are publicly listed in the US to adopt clawback policies for the mandatory recovery of erroneously awarded incentive compensation... ...more

Cooley LLP

SEC adopts final rules on compensation clawbacks in the event of financial restatements—“big R” and “little r”

Cooley LLP on

You might remember back to 2015 when the SEC initially proposed rules to implement Section 954 of Dodd-Frank, the clawback provision. The SEC did not then consider adoption of the proposal in the ordinary course, instead...more

Goodwin

Dismissal of Putative Securities Class Action for Plug Power Inc.

Goodwin on

​​​​​​​On September 29, 2022, U.S. District Judge Edgardo Ramos of the Southern District of New York dismissed a putative securities class action against Plug Power Inc. and certain of its officers. Plaintiff brought suit...more

Holland & Knight LLP

SEC Showing Its Claws with Increased Focus on Recouping Executive Comp

Holland & Knight LLP on

The government's focus on clawbacks is at a fever pitch. At the Practicing Law Institute's SEC Speaks conference earlier this month, senior officials within the SEC's Division of Enforcement emphasized the agency's increasing...more

Cooley LLP

What happened with financial restatements in 2021?

Cooley LLP on

Audit Analytics has just posted its 2021 annual review of financial restatements, which this year covered a 21-year period. The review showed a 289% increase in the number of restatements to 1470, the highest level of...more

WilmerHale

SEC OCA Waves Big Red Flag About “Little R” Restatements

WilmerHale on

SEC Acting Chief Accountant Paul Munter released a statement last week, Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors (the “Statement”), that is sure to become required reading for any...more

Foley & Lardner LLP

Compensation Clawbacks: Trends and Lessons Learned

Foley & Lardner LLP on

Executive compensation clawback policies continue to grow in popularity. Although the Securities and Exchange Commission (SEC) has not yet finalized its rules under the Dodd-Frank Wall Street Reform and Consumer Protection...more

Pillsbury Winthrop Shaw Pittman LLP

The State of Play on Clawbacks and Forfeitures Based on Misconduct

On July 1, 2015, the SEC issued proposed rules implementing Section 954 of the Dodd-Frank Act, which would obligate national securities exchanges to adopt listing standards that require listed companies to adopt and disclose...more

A&O Shearman

SEC Files Settled Action Concerning Accounting Issues That Led To A Restatement In 2014

A&O Shearman on

On July 2, 2018, the Securities and Exchange Commission (“SEC”) entered into a settlement with Houston-based global engineering, construction, and services company KBR, Inc. (“KBR” or the “Company”) over accounting issues...more

Allen Matkins

California CPAs Report Few Restatements But Many Are Not Reportable 

Allen Matkins on

California's Accountancy Act requires licensees to report to the California Board of Accountancy, among other things, "Any restatement of a financial statement and related disclosures by a client audited by the licensee". ...more

Cooley LLP

Blog: Study Shows More Restatements And Internal Control Weaknesses Among “Heavy Users” Of Non-GAAP Measures

Cooley LLP on

The non-GAAP financial measures pile-on continues. Certainly, the SEC has recently been making the public-speaking rounds and issuing CDIs warning companies of its concern about abuses of non-GAAP metrics, such as...more

Dorsey & Whitney LLP

Class Action Settlements, Cases Paralleled by SEC Up in 2015

Dorsey & Whitney LLP on

Cornerstone Research released a report on Securities Class Action Settlements, “Securities Class Action Settlements, 2015 Review and Analysis”. It records an increased number of settled securities class actions last year....more

Dorsey & Whitney LLP

Effort to Meet Earnings Target Yields SEC – DOJ Fraud Charges

Dorsey & Whitney LLP on

The Commission has been tried to make accounting and financial fraud issues a key focus at least since the creation of the financial fraud task force two years ago. Last week the agency brought an action against Monsanto...more

Cooley LLP

Blog: Will Clawbacks Have An Unintended Consequence?

Cooley LLP on

A recent study, “Why Do Restatements Decrease in a Clawback Environment? An Investigation into Financial Reporting Executives’ Decision-Making during the Restatement Process,” shows that clawbacks may have unintended...more

Cooley LLP

Study Shows Financial Restatements Are “Handbooks Of Trickery” For Copycat Peer Companies

Cooley LLP on

No, it’s not from The Onion. According to a study reported in CFO.com, unless the restating company faces regulatory action or shareholder litigation, the company’s competitors may use its financial restatement as a how-to...more

Morrison & Foerster LLP

SEC Proposes Rules to Direct Exchanges to Require Compensation Recovery Policies

Nearly five years after the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) was enacted in July 2010, the SEC approved proposed rules required under Section 954 of the Act. Section 954 of the Act added...more

K&L Gates LLP

SEC Proposes Rules on Clawback Policies & Other Dodd-Frank Act Executive Compensation Updates - July 2015

K&L Gates LLP on

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank” or the “Act”) includes a number of measures focused on governance and disclosure practices related to executive compensation. Although...more

Goodwin

SEC Proposes Mandatory Incentive Compensation Clawback Rules

Goodwin on

On July 1, 2015, the Securities and Exchange Commission proposed rules, consisting of new Rule 10D-­1 and related rule and form amendments, that would require clawbacks of incentive compensation received by executive officers...more

McGuireWoods LLP

SEC Proposes Broadened Executive Compensation “Clawback” Rules

McGuireWoods LLP on

On July 1, the SEC proposed rules requiring national security exchanges (such as NYSE and Nasdaq) to establish listing standards requiring publicly traded companies to adopt, comply with and disclose written clawback...more

23 Results
 / 
View per page
Page: of 1

"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.
- hide
- hide