Daily Archives: June 25, 2024, 8:18 am

In FTX litigation, feud escalates between bankruptcy and class action lawyers | Reuters

Both FTX bankruptcy lawyers and lawyers from the Miami MDL told the Manhattan judge earlier this month that they should be in charge of distributing some or all of the forfeited money to victims of Bankman-Fried’s fraud. FTX lawyers said in a June 14 brief that the now-bankrupt exchange owns a lot of the money misappropriated by Bankman-Fried, so some…

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AutoNation, Sonic Warn of Financial Impact From CDK Hack – Bloomberg

Some of the largest auto dealers in North America are warning of a potential “material” impact to their finances from a cyberattack that has slowed operations at thousands of stores. Sonic Automotive Inc. and Penske Automotive Group Inc. filed disclosures with the US Securities and Exchange Commission on Friday. Group 1 Automotive Inc., AutoNation Inc., Lithia Motors Inc. and Asbury…

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Company Accounting Error Fixes Return to Pre-SPAC Boom Levels

Corporate financial restatements have plateaued at levels close to those seen before 2021, when they rose to a 15-year high driven by a boom in blank-check companies correcting accounting errors, a new report shows. Companies issued 430 financial statement corrections for accounting mistakes in 2023, according to Ideagen Audit Analytics’ latest annual financial restatements report released Monday. That represents a…

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