‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Enforcement for Internal Control Failures
On January 29, 2019, the SEC announced four settlements with publicly-traded companies for failure to maintain adequate internal control over financial reporting (ICFR). None of the companies was charged with making false or inaccurate statements, either about its ICFR or otherwise; indeed, each had repeatedly disclosed material weaknesses in ICFR over many years. These cases […]
SEC Charges Four Public Companies With Longstanding ICFR Failures
The Securities and Exchange Commission today announced settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) for seven to 10 consecutive annual reporting periods. Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for two consecutive annual reporting periods. via SEC.gov […]
SEC Charges Company and Executives for Faulty Evaluations of Internal Controls — SEC Press Release
The Securities and Exchange Commission has settled charges against Texas-based oil company Magnum Hunter Resources Corporation and several individuals, including a company consultant, for deficient evaluation of the company’s internal controls over financial reporting, and failures to maintain internal control over financial reporting between Dec. 31, 2011 and Sept. 30, 2013. via SEC Charges Company […]
UBS Fined for ‘Seriously Defective’ Risk Systems
FSA aserts that UBS’ risk control systems were “seriously defective.”
Diamond Foods Announces Audit Committee Investigation Findings
Company’s financial statements for fiscal years 2010 and 2011 will need to be restated.