A federal judge in San Francisco dismissed charges against Big Four firm PwC, after a former employee had claimed the firm terminated him for blowing the whistle about conflicts of interest with audit clients. In November 2016, former PwC employee Mauro Botta went to the Securities and Exchange Commission with Read More
The Justice Department is probing embattled electric-truck startup Lordstown Motors Corp., according to people familiar with the matter. The Securities and Exchange Commission is also looking at the company. The SEC first requested information from Lordstown Motors in February and has issued subpoenas regarding Lordstown Motors’ move last year to become Read More
The Securities and Exchange Commission has released its 2021 “Agency Rule List” to give companies an idea of the regulations in its pipeline and when they can expect them to move forward. The list includes a schedule of proposed and final rules on such topics such as climate change disclosures, Read More
Last October, the Securities and Exchange Commission sent a clear message to companies with significant operations overseas: ensure that a robust anti-bribery program is in place and functioning properly or pay the price. The SEC sent that message via a $10 million fine against Sussex, Wisconsin-based printing and marketing company Read More
The Securities and Exchange Commission is reportedly investigating former Public Company Accounting Oversight Board chairman, William Duhnke, over his handling of internal complaints. Whistleblowers have alleged that Duhnke created “a sense of fear” and intimidation within the agency, according to reports. The former chairman also came under fire during his Read More
The American Institute of CPAs and the Center for Audit Quality submitted comments to the Securities and Exchange Commission expressing support for improved climate change disclosures by companies. The SEC requested input regarding expanded climate change disclosure requirements in a public letter in March. The SEC is ramping up its Read More
On Friday, the Securities and Exchange Commission announced the removal William Duhnke from the Public Company Accounting Oversight Board (PCAOB) without providing a reason for his dismissal in the official press release. The PCAOB regulates audits conducted on publicly traded companies. Board member Duane DesParte will serve as the acting Read More
Investors and regulators are pushing for more comprehensive and uniform reporting on environmental, social, and governance (ESG) efforts. Some organizations are even tying incentive compensation metrics to ESG goals. In March, the Securities and Exchange Commission said it would be looking more closely at ESG disclosures and also announced the Read More
The Securities and Exchange Commission has charged sports apparel manufacturer Under Armour Inc. with misleading investors as to the bases of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects. Under Armour has agreed to pay $9 million to settle the action. According to the Read More
The U.S. Senate voted 53-45 on Wednesday to confirm former derivative markets regulator Gary Gensler as head of the country’s top securities markets regulator, spelling a tougher regulatory regime for Wall Street. Gensler is expected to be sworn in as U.S. Securities and Exchange Commission (SEC) chairman in the coming Read More
