Securities Exchange Act, PCAOB

Nutter Securities Enforcement Update: March 1, 2024

Nutter McClennen & Fish LLP on 4/5/2024

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Watts What You Say? SEC Brings a Battery of Charges Against EV Startup Company

Holland & Knight LLP on 3/13/2024

The SEC on Feb. 29, 2024, announced settled charges against Lordstown Motors Corp. (Lordstown) for allegedly misleading investors about sales prospects for the Endurance, Lordstown's flagship pickup truck for the electric...more

Top 5 SEC Enforcement Developments for January 2024

Morrison & Foerster LLP on 2/27/2024

Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s approval of spot bitcoin ETPs; - •SEC charges...more

Recent PCAOB Developments for Audit Committee and Companies

WilmerHale on 10/30/2023

The Public Company Accounting Oversight Board (PCAOB) has had one of its busiest years in recent memory, including with respect to standard setting, inspections and enforcement. Below is a summary of notable developments that...more

Smackdown in SPAC Town: SEC Penalizes Pair of Auditors and PCAOB Tags In

Holland & Knight LLP on 9/28/2023

The SEC did not take time off for the summer when it comes to enforcement activity involving auditors of special purpose acquisition companies (known as SPACs and addressed by us previously). While others may have been...more

SEC Settles Charges with Accounting Firm for Quality Control Deficiencies

Seward & Kissel LLP on 6/26/2023

Who may be interested: Audit committees, Compliance professionals - Quick Take: The SEC recently settled charges against an accounting firm for alleged systemic quality control failures and violations of audit standards,...more

Top 5 SEC Enforcement Developments for October 2022

Morrison & Foerster LLP on 11/11/2022

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

Dismissal of Putative Securities Class Action for Plug Power Inc.

Goodwin on 10/20/2022

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

Nutter Securities Enforcement Update: October 1, 2022

Nutter McClennen & Fish LLP on 10/1/2022

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

Creating Circuit Split, Fifth Circuit Rules District Court May Hear Constitutional Challenge to SEC Enforcement Action

Kramer Levin Naftalis & Frankel LLP on 12/20/2021

On Dec. 13, 2021, an en banc panel of the Fifth Circuit held that the Securities Exchange Act of 1934 (Exchange Act) does not preclude federal district courts from exercising subject matter jurisdiction over constitutional...more

SEC Adopts Final Amendments Implementing Mandates of the Holding Foreign Companies Accountable Act

Skadden, Arps, Slate, Meagher & Flom LLP on 12/7/2021

On December 2, 2021, the U.S. Securities and Exchange Commission (SEC) adopted final amendments implementing the disclosure and submission requirements of the Holding Foreign Companies Accountable Act (HFCA Act). In addition,...more

SEC Approves PCAOB Rule Establishing Framework for Determinations Under the Holding Foreign Companies Accountable Act

Skadden, Arps, Slate, Meagher & Flom LLP on 11/9/2021

On November 5, 2021, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board’s (PCAOB) Rule 6100 — Board Determinations Under the Holding Foreign Companies Accountable Act....more

Holding Foreign Companies Accountable Act Signed into Law

Miller Canfield on 12/30/2020

The Holding Foreign Companies Accountable Act (Act), which was signed into law by President Trump on December 18, 2020, amends the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley) and requires the Securities and Exchange...more

Holding Foreign Companies Accountable Act Poised To Be Signed Into Law

Skadden, Arps, Slate, Meagher & Flom LLP on 12/9/2020

On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act (Act). The Act is identical to the bill the U.S. Senate passed in May 2020. Most significantly, the Act requires...more

Key Considerations for the 2020 Annual Reporting Season

White & Case LLP on 1/23/2020

This memorandum outlines key considerations from White & Case’s Public Company Advisory Practice for foreign private issuers (“FPIs”) in preparation for the 2020 annual reporting season. It describes our key considerations...more

SEC Settles Charges of Auditor Independence Violations for $8 Million

Faegre Drinker Biddle & Reath LLP on 9/30/2019

The SEC announced settlements with an auditing firm (the “Firm”) and one of its partners relating to violations of certain auditor independence rules involving nineteen audit engagements with fifteen SEC-registrant issuers. ...more

PwC Charged with Violating Auditor Independence Rules and Improper Professional Conduct

White & Case LLP on 9/26/2019

On September 23, 2019, the Securities and Exchange Commission (“SEC”) charged accounting firm PricewaterhouseCoopers LLP (“PwC”) with improper professional conduct and violating auditor independence rules. The SEC also...more

SEC Formalizes Relief for Certain Captive Broker-Dealers by Adopting Single Issuer Exemption

Dechert LLP on 7/16/2019

The Securities and Exchange Commission has announced the adoption of an amendment, as proposed, to the “single issuer exemption” for broker-dealers provided by Rule 17a-5 under the Securities Exchange Act of 1934.1 The...more

PCAOB Amends Process for Appointing and Removing its Hearing Officers

Akin Gump Strauss Hauer & Feld LLP on 3/7/2019

On January 29, 2019, the Public Company Accounting Oversight Board (PCAOB or “Board”) adopted amendments to its bylaws and rules that make the PCAOB’s appointment and removal of its hearing officers subject to the approval of...more

Tennessee District Court Pares Exchange Act Claims Against Accounting Company, Dismissing Scheme Liability Claims

A&O Shearman on 8/7/2018

On August 2, 2018, Chief Judge Thomas A. Varlan of the United States District Court for the Eastern District of Tennessee dismissed in part a putative securities class action against KPMG, LLP asserting claims under Section...more

Audit Firm And Engagement Partner Settle SEC Allegations Stemming From 2011 Audit Of A New Client

A&O Shearman on 8/22/2017

On August 15, 2017, KPMG LLP (“KPMG”) and one of its engagement partners settled claims brought by the U.S. Securities and Exchange Commission (“SEC”) that they violated Section 4C of the Securities Exchange Act of 1934...more

Enforcement at the Gates: SEC Action against Big Four Firm and New International Standards Highlight the Role of Accountants as...

Cadwalader, Wickersham & Taft LLP on 11/7/2016

In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more

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