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Accounting Fraud

White & Case LLP

The SEC’s Settlement with Cloopen Demonstrates the Significant Benefits of Prompt Cooperation

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On February 6, 2023, the US Securities and Exchange Commission ("SEC") announced that it settled accounting fraud charges against Cloopen Group Holding Limited ("Cloopen" or the "Company"), a cloud-based communications...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: January 1, 2024

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more

Ankura

Patisserie Valerie: How the Allegations Unfolded

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Patisserie Valerie is a British patisserie and café chain. In 2018, the company found itself at the centre of an alleged accounting scandal. In 2019, Patisserie Valerie announced that its board had been notified of accounting...more

Ankura

The Current Economic Climate - A Golden Age for Fraud?

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This article is the first of a series on accounting fraud which follows our July and September webinars on “How to Commit Accounting Fraud: Why this can ultimately lead to corporate collapse.”...more

Ankura

Failure to Prevent Fraud: Reasonable Procedures and Preparing Your Organization for the New Offense

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An amendment to the Economic Crime and Corporate Transparency Bill (the Bill) has brought in the offense of failure to prevent fraud (Offense). Under the new Offense, an organization will be liable where a specified fraud...more

K2 Integrity

The New Corporate Offense of Failing to Prevent Fraud: A Game Changer, or Only Part of the Answer?

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The Economic Crime and Corporate Transparency Bill is to introduce new powers for UK authorities to prosecute organizations for failing to prevent fraud committed by their agents, or employees. Championed as a “game changer”...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for March 2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources...more

Foley & Lardner LLP

Cannabis Company Cops to SEC Accounting Fraud Charges

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On October 24, 2022, the Security & Exchange Commission (SEC) issued settled orders against Cronos Group, Inc. (Cronos), a Canadian cannabis company, and its former Chief Commercial Officer. Cronos cultivates, manufactures,...more

The Volkov Law Group

VMware pays SEC $8 Million for Misleading Financial Reporting

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The Securities and Exchange Commission’s bread-and-butter enforcement actions focus on accounting fraud.  The SEC has a long history in uncovering fraudulent financial reporting schemes.  In the early 2000s, Wall Street was...more

White & Case LLP

SEC: The watchdog bares its teeth

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The Securities and Exchange Commission (SEC) has followed through on its much publicized intention of more aggressive enforcement. For instance, in June, the regulator brought an accounting fraud action that included a...more

Proskauer - Corporate Defense and Disputes

California Federal Court Holds U.S. Securities Laws Inapplicable to Unsponsored, Unlisted ADR Transaction Preceded by Purchase of...

The U.S. District Court for the Central District of California held on January 7, 2022 that the federal securities laws do not apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (“ADRs”) for a...more

The Volkov Law Group

WPP, the Largest Global Advertising Group, Settles FCPA Charges with SEC for $19.2 Million (Part I of III)

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After a long hiatus, the SEC announced a settlement with WPP plc, the world’s largest advertising group, for FCPA violations in India, China, Brazil and Peru for $19.2 million.  The SEC’s resolution charges WPP with...more

The Volkov Law Group

Kraft Foods Agrees to Pay $62 Million for Misstatements in Financial Report

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Recently, the SEC announced a settlement with Kraft Foods for $62 million and with two Kraft executives for financial reporting misstatements.  Along with the corporate settlement with Kraft, the SEC announced proposed...more

Proskauer - Whistleblower Defense

CA Federal Court Dismisses Whistleblower Claims After Bench Trial

On July 26, 2021, the United States District Court for the Northern District of California held, after a bench trial, that Plaintiff Botta failed to prove that Defendant PricewaterhouseCoopers LLP (“PwC”) terminated his...more

Oberheiden P.C.

10 Reasons to Hire a Corporate Private Investigator

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Corporate investigations can serve a variety of different purposes. From uncovering accounting fraud to responding to cybersecurity breaches and preparing for litigation, there are various circumstances in which corporate...more

Robins Kaplan LLP

Financial Daily Dose 2.17.2021 | Top Story: NY AG Sues Amazon Over “Deficient” Covid-19 Response

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NY AG Letitia James is suing Amazon, accusing the online retail giant “of not doing enough to protect workers in the state from the coronavirus” and calling its response to the pandemic “deficient.” ...more

K2 Integrity

One More Cup of Coffee for the Road

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Coffee fans may argue that a bad day with coffee is better than a good day without it, but Luckin Coffee is certainly putting that adage to the test for its investors. We began writing about the coffee company’s woes earlier...more

Robins Kaplan LLP

Financial Daily Dose 12.17.2020 | Top Story: Fed Stays Bond-Buying Course, Urges Congress to Pass Covid Relief

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The Fed’s Open Markets Committee meeting wrapped on Wednesday, and in remarks following the meeting, Fed Chair Powell called the case for fiscal policy right now “very, very strong,”—a not-so-subtle nudge to Congress to act...more

Faegre Drinker Biddle & Reath LLP

Aggressive SEC and DOJ Parallel Charges for Accounting Fraud

The number of public company and accounting fraud cases filed under SEC Chair Jay Clayton has declined. The SEC, however, continues to selectively pursue these types of cases. In the latest example, in aggressive parallel...more

Robins Kaplan LLP

Financial Daily Dose 9.23.2020 | Top Story: Fed Chair Calls for More Covid-Related Stimulus From Congress

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The latest from Fed Chair Powell and Treasury Secretary Mnuchin’s first of several days on the Hill, including their take that the economy is improving but that continued fiscal support—from the Fed and from Congress—was...more

Ballard Spahr LLP

Wirecard: A Scandal

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“Germany’s Enron” Continues to Stagger Forward - It’s time to talk about Wirecard AG. In many respects, it’s yet another accounting fraud scandal – albeit a massive one. But now, inevitably, it also has become a money...more

Cozen O'Connor

California Court of Appeal Holds Banks Owe Depositors No Duty to Monitor Other Depositor’s Accounts

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The California Court of Appeal, Fourth District, recently issued a much-needed opinion that closed a gap in existing case law regarding duties owed by banks to its depositors. It has long been the rule that banks owe no duty...more

Thomas Fox - Compliance Evangelist

The Fourth Estate and Wirecard

It is one thing to wake up and find yourself as the lead story on a Sunday morning when the New York Times (NYT) runs a corruption story about your organization above the fold. It is quite another when the world’s top...more

Fenwick & West LLP

“Business as Usual” as Securities Enforcement Leaders Gather Virtually for Securities Enforcement Forum West 2020

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Like most of the rest of the world, the speakers and attendees at Securities Enforcement Forum West 2020 last week had to adapt this year by trading in their microphones on the stage of a grand ballroom for an array of home...more

Vedder Price

Priorities of the SEC Division of Enforcement’s Coronavirus Steering Committee

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In an address delivered on May 12, 2020, Steven Peikin, Co-Director of the SEC’s Division of Enforcement, discussed the Staff’s response and adjustment to the COVID-19 pandemic. During his remarks, Mr. Peikin discussed the...more

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