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Join the Securities Litigation and Enforcement Group on LinkedInCompanies Fixing More Errors by Revisions Than Restatements
Companies have increasingly corrected accounting mistakes through revisions as the volume of restatements plummeted over the past decade. The informal corrections allow companies to avoid the fanfare of a full restatement with the requisite press releases and SEC filings—possibly masking a broader problem for investors. One study found that almost half of revisions had an […]
Number of Restatements Continues to Decline | The D&O Diary
Financial restatements among U.S public companies hit their lowest level in years in 2017, according to the latest annual report from Audit Analytics. The total number of restatements declined in 2017 to a 17-year low and the number of reissuance restatements (those requiring withdrawal and reissuance of previously released financial reports) declined for the eleventh […]
Akorn settles U.S. SEC claims stemming from financial restatement
Akorn Inc and two former executives have agreed to settle claims stemming from inaccurate financial statements the generic drugmaker issued in 2014 that it later needed to restate, the U.S. Securities and Exchange Commission on Monday said. via Akorn settles U.S. SEC claims stemming from financial restatement.
General Electric reveals SEC investigation of insurance reserve review
The Securities and Exchange Commission has opened up an investigation of General Electric’s accounting practices in the wake of the conglomerate’s review of its insurance business. GE also revealed plans to restate its 2016 and 2017 financial results. via General Electric reveals SEC investigation of insurance reserve review
Financial Restatements Continue to Decline for U.S. Reporting Companies | The D&O Diary
Financial restatements among U.S public companies hit their lowest level in years in 2016, according to the updated annual report of Audit Analytics. As a result of heightened standards as well as the decreased numbers of listed companies, the share U.S. companies restating their prior financial statements hit their lowest level since 2010 and the […]
Surviving a Restatement: Ten Pitfalls to Avoid
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Surviving a Restatement: Ten Pitfalls to Avoid | NACD Directorship Magazine
The audit committee plays an important role in navigating a restatement—from investigating errors and their origins to overseeing the restatement process. A mishandled restatement can lead to a prolonged SEC investigation, increased exposure to liability in civil litigation, loss of confidence by lenders, and potential delisting by an exchange. To survive a restatement, audit committees […]
CSC Discloses $190 Million Settlement Agreement with SEC | Compliance Week
Computer Sciences Corp. disclosed yesterday that it has agreed to settle an SEC enforcement action against it related to accounting errors in the company’s FY 2009-2012 financial statements. As part of the settlement, CSC will pay a penalty of $190 million and restate past financial statements. via CSC Discloses $190 Million Settlement Agreement with SEC […]
Diamond Foods Announces Audit Committee Investigation Findings
Company’s financial statements for fiscal years 2010 and 2011 will need to be restated.
More Trouble for Groupon IPO: Groupon Restates Revenue, COO Exits
Restatement cuts company’s stated revenue for 2010 to $312.9 million, down from $713.4 million previously reported.