News & Analysis as of

Financial Statements Enforcement Actions Securities Violations

Barnea Jaffa Lande & Co.

Israel Securities Authority Pecuniary Sanctions: Enforcement Tool or Rights Violation?

The Israel Securities Authority (ISA) has recently begun to take a clearly more aggressive approach toward administrative enforcement. Originally, pecuniary sanctions were intended to provide a swift, proportional, and...more

Goodwin

SEC Sends Second Message to Private-Fund Sponsors on Audit Obligations Under Custody Rule Through Enforcement Actions

Goodwin on

On September 5, 2023, almost one year since its first flurry of similar Custody Rule actions,  the SEC announced settlements with five SEC-registered investment advisers to private funds with respect to alleged violations of...more

Goodwin

SEC Sends Message to Private Fund Sponsors on Audit Obligations Under Custody Rule Through Enforcement Actions

Goodwin on

​​​​​​​On September 9, 2022, the SEC announced settlements with nine SEC-registered investment advisers to private funds with respect to alleged violations of Rule 206(4)-2 under the Investment Advisers Act of 1940 (the...more

Jones Day

SEC Enforcement in Financial Reporting and Disclosure: Summer 2021 Update

Jones Day on

We are pleased to present our latest update on financial reporting and issuer disclosure enforcement activity. This White Paper primarily focuses on the U.S. Securities and Exchange Commission’s (“SEC”) enforcement activity...more

Stinson - Corporate & Securities Law Blog

SEC Brings Enforcement Action for Litigation Accruals

The SEC announced a settled enforcement action against Healthcare Services Group, Inc., John C. Shea, CPA, and Derya D. Warner regarding failure to make accruals for outstanding litigation. According to the SEC’s order...more

Herbert Smith Freehills Kramer

SEC Settlement Invokes Rarely Used Sarbanes-Oxley Act Provision Requiring Reimbursement of Incentive Compensation

Introduction - On Feb. 2, 2021, the Securities and Exchange Commission (SEC) issued a cease-and-desist order settling charges against the former CEO and CFO of WageWorks Inc. (WageWorks, or the Company), stemming from the...more

Troutman Pepper Locke

SEC Expands Scope of COVID-19-Related Enforcement Actions with Penalty Against Cheesecake Factory for Misleading Investors

Troutman Pepper Locke on

Who Needs to Know - Publicly traded companies, specifically those whose business was affected by the COVID-19 pandemic....more

Mayer Brown Free Writings + Perspectives

SEC Enforcement Action for Misleading Pandemic Disclosure

The SEC has brought its first enforcement action against a public company relating to disclosure of the financial effect of the pandemic. The Cheesecake Factory Incorporated, without admitting or denying the SEC’s findings,...more

Herbert Smith Freehills Kramer

SEC Charges Diageo for Violation of Known Trends MD&A Disclosure Requirements

On Feb. 19, 2020, the SEC announced charges against Diageo plc, an alcoholic beverages company, arising out of its failure to make required disclosures of known trends with respect to alleged unsustainable overshipments of...more

Mayer Brown Free Writings + Perspectives

SEC Penalizes Issuer for Failure to Disclose Known Trends and Uncertainties

A U.S. reporting company that produces, distills and markets alcoholic beverages, such as vodkas, whiskeys, tequilas, gins and beer, and that has shares and American Depositary Shares listed on the London Stock Exchange and...more

Stinson - Corporate & Securities Law Blog

Rushed Earnings Release Results in SEC Enforcement Action

Calumet Specialty Products Partners, L.P. disclosed in its third-quarter 2017 Form 10-Q that, beginning in September 2017, Calumet’s implementation of its new enterprise resource planning (“ERP”) system had resulted in...more

Faegre Drinker Biddle & Reath LLP

SEC: Here Is When Loss Contingencies Must Be Disclosed and Reserved

When confronted with government inquiries, public companies commonly grapple with the issue of when events have escalated to the point that they are subject to disclosure obligations—or, further yet, require recognition as a...more

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