Sarbanes-Oxley News & Developments
Judge Rules Sarbox 304 Reserved for SECCongress never granted individual shareholders the right to sue corporate executives under Section 304 of the Sarbanes-Oxley Act, says a federal judge.
Fraud Charges for Five Former ExecutivesAccording 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.
McDonough to Leave PCAOBAfter William Webster left under a cloud, the second chairman of the PCAOB took control in June 2003.
Former HealthSouth CFO Gets 27 MonthsEven 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.
SEC Proposes New Filing DeadlinesAs 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.
Judge Orders Scrushy, SEC to MediateThe 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.
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.
Seeing No EvilThe contingent-commission scandal has called into question long-standing insurance practices. But corporate risk managers share the blame.
Katrina Threatens Corporate ProfitsEarnings are still expected to climb in the third and fourth quarters, but largely because the energy and construction sectors will be carrying the ball.