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SEC Charges Diebold and Execs With Fraudulent Accounting Scheme
SEC also charges former CEO under “clawback” provision of Section 304 of SOX
Court rules clawback provision of SOX applies only when restatement actually filed
On December 12, 2008, U.S. District Judge Jean Hamilton (E.D. Mo.) ruled that the “clawback” provision of Section 304 of the Sarbanes-Oxley Act of 2002 only applies where an accounting restatement actually is filed. The court found that it is not enough that an accounting restatement should have been filed because of a company’s material [...]