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Tag >> restatements
May 17

Financial restatements rose 7.6 percent in 2010: Study

Posted by Stephen Taub in RiskrestatementscomplianceAudit Analytics

Stephen Taub

The number of financial restatements rose in 2010, after three years of decline, according to a new study from Audit Analytics. The new uptick was driven by non-accelerated filers.

In addition, although the quantity increased slightly, the severity of the restatements remained low, AA stresses.

Jan 19

The impact of restatements on stocks

Posted by Stephen Taub in restatementsinsider tradinginsider sellinginsider buyingcompliance

Stephen Taub

Want to know how badly a company's stock will be hit when it announces an earnings restatement? Check out what the insiders were doing.

A new academic study found the restatement's impact on the stock price depends, to a significant extent, on whether company insiders were buying or selling the stock during the misstatement period.

Dec 10

BREAKING NEWS: Three ex-finance execs of Vitesse charged

Posted by Stephen Taub in US Attorneystock optionsrevenue recognitionrestatementsfraudcompliancechief financial officerbackdating

Stephen Taub

The former chief financial officer and founder and former CEO of Vitesse Semiconductor were charged for their roles in an accounting and securities fraud scheme.

Louis Tomasetta, the co-founder and former CEO and former CFO and Executive Vice President Eugene Hovanec , were charged with securities fraud, making false entries in the books and records of a corporation, making false filings with the Securities and Exchange Commission and conspiracy for their roles in a scheme to manipulate Vitesse's reported financial statements, according to Preet Bharara, the United States Attorney for the Southern District of New York.

Nov 22

Surge in restatements, material weaknesses

Posted by Stephen Taub in Section 404Sarbanes-OxleyRiskrestatementsRegulationmaterial weaknessinternal controlsGlass LewiscomplianceAccounting

Stephen Taub

The number of financial reporting issues is on the rise this year, exceeding multi-year lows set last year.

In the first nine months of 2010, about 20 percent more companies filed restatements to correct accounting errors or reported internal-control weaknesses than in the first three quarters of 2009, according to a new study published by Glass Lewis.

Aug 31

Judge tosses shareholder suit against VeriFone

Posted by Stephen Taub in restatementslawyerslawsuitsinternal controlscompliance

Stephen Taub

It is a reflexive action, almost seemingly involuntary.

A company restates prior results for some reason. Investors then dump the stock, which in turn plummets in price.

Aug 06

SEC settles charges against six former Navistar finance execs

Posted by Stephen Taub in securities fraudSecurities and Exchange CommissionrestatementscontrollerscomplianceAccounting

Stephen Taub

The CEO and former CFO of Navistar International have agreed to return more than $2.3 million as part of a broad settlement between the company and the Securities and Exchange Commission stemming from Navistar's massive restatement covering 2002 to 2005.

The SEC also settled with five other current and former Navistar employees, including four former finance executives.

May 10

Serial Restater: Five revisions in seven years

Posted by Stephen Taub in restatementsmaterial weaknessinternal controlsFAS 133complianceAccounting

Stephen Taub

Is there anyone at Telephone and Data Systems and its United States Cellular unit who can get their financials right the first time around?

Last week the telecom companies announced that they planned to revise prior results dating back to 2007.

May 06

Deloitte has top restatement rate

Posted by Stephen Taub in restatementsPricewaterhouseCoopersKPMGGlass LewisErnst & YoungDeloitte & TouchecomplianceBig FourBig 4

Stephen Taub

If a company announces a restatement, chances are Deloitte & Touche is the auditor if it were a Big Four firm. At least that is the conclusion of a recent analysis of financial reporting issues conduct by Glass Lewis, the governance research firm.

It found that since 2007, more companies audited by D&T restated financial reports to correct errors than those examined by any other of the largest audit firm. D&T also had the highest restatement rate among Big Four firms in each of the last three years and through the first quarter of 2010.

May 04

Financial reporting issues surge

Posted by Stephen Taub in Section 404Sarbanes-Oxleyrestatementsmaterial weaknessinternal controlsGlass Lewisexpense recognition errorscomplianceAccounting

Stephen Taub

Are companies become more lax with their accounting practices? It seems so.

According to an analysis of first quarter regulatory filings, Glass, Lewis found a surge in financial-reporting issues, a sharp reversal from recent trends.

Apr 02

SEC to charge former Dell employees

Posted by Stephen Taub in Wells NoticeSecurities and Exchange CommissionsecrestatementsDellcompliance

Stephen Taub

The Securities and Exchange Commission is preparing to take some sort of action against several former employees at Dell stemming from accounting and financial reporting matters dating back to 2001.

The computer maker said in a regulatory filing the individuals received "Wells Notices," which indicates the SEC staff has made a preliminary decision to recommend that the SEC begin a civil or administrative action against the former employees. Dell also said it is possible that other individuals have received or will receive such notices, although it did not provide more details to this cryptic reference.

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