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Sarbanes-Oxley News & Developments

2005-09-30

Judge Rules Sarbox 304 Reserved for SEC

Congress never granted individual shareholders the right to sue corporate executives under Section 304 of the Sarbanes-Oxley Act, says a federal judge.

2005-09-30

Arrow Blames Sarbox for Earnings Hit

But officials say $9 million earnings plunge should be a one-time event now that controls are in place.

2005-09-27

Fraud Charges for Five Former Executives

According to the SEC, Cornerstone Propane Partners eventually wrote off $9.8 million of unsubstantiated balances at fiscal year-end 2001 as a result of its accounting errors.

2005-09-27

FBI whistle-blower to testify for defense in Rudolph bombing

Attorneys for accused bomber Eric Rudolph have enlisted the services of FBI whistle-blower Frederick Whitehurst as they seek to get scientific evidence against Rudolph thrown out before his trial.

2005-09-27

McDonough to Leave PCAOB

After William Webster left under a cloud, the second chairman of the PCAOB took control in June 2003.

2005-09-23

Former HealthSouth CFO Gets 27 Months

Even though prosecutors maintain that Weston Smith "was the first individual to come forward and advise the government of the accounting fraud," the judge hands him the heaviest HealthSouth sentence by far.

2005-09-23

SEC Proposes New Filing Deadlines

As part of its proposal, the SEC would create a new category called "large accelerated filers," which would include companies with a market capitalization of $700 million or more.

2005-09-21

Former HealthSouth CFO Sentenced to Jail

Previously given probation, former CFO Mike Martin is handed a jail term at a resentencing.

2005-09-21

SEC Delays Small-Company 404 Compliance

Issuers with a public float of less that $75 million get one extra year to comply with the rules of the SEC on internal controls.

2005-09-20

Judge Orders Scrushy, SEC to Mediate

The former chairman and CEO of HealthSouth has been campaigning for his old job; if the SEC prevails, Scrushy would likely face a permanent bar from serving as a director or officer of any public company.

2005-09-20

Kozlowski, Swartz Sentenced

Former CEO and CFO will serve eight and one-third to 25 years in state prison.

2005-09-15

Sun Restates over Tax Accounting

Issues include deferred taxes in certain foreign jurisdictions.

2005-09-15

KPMG Settles over Gemstar Audit

The Big Four firm also shuffles managers in its tax practice.

2005-09-12

S&P Stops Issuing Governance Scores

The rating agency also withdrew its score on Fannie Mae, the first U.S. company to reveal its assessment.

2005-09-12

Ex-CFO of Halliburton Cleared of Charge

However, the former finance chief still faces trial on a SEC allegation of negligence for allowing financial statements to be released in 1998 without full accounting disclosure.

2005-09-08

Chief Accountant to Leave SEC

The departure of Donald Nicolaisen creates another important slot for chairman Christopher Cox to fill.

2005-09-08

Seeing No Evil

The contingent-commission scandal has called into question long-standing insurance practices. But corporate risk managers share the blame.

2005-09-07

Companies Step Up to Aid Storm Victims

The SEC will extend filing deadlines for companies affected by the disaster.

2005-09-02

Katrina Threatens Corporate Profits

Earnings are still expected to climb in the third and fourth quarters, but largely because the energy and construction sectors will be carrying the ball.

2005-09-02

Shell Settles Suits for $9.2 Million

The oil company also agrees to revise its executive-compensation practices and the composition of its board of directors.

2005-09-01

Terex Discloses SEC Investigation

The manufacturer had previously discovered accounting errors while conducting its Section 404 review.


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Capital Markets Report Urges 404 Fixes
A panel says changes in the way Sarbanes-Oxley has been applied will improve the competitiveness of the U.S. capital markets.

Wal-Mart Whistleblower Drops Lawsuit
Former executive still has a whistleblower case pending before the Labor Department.

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