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Securities Fraud Class Actions (Total as of latest update = 39): 1. Amkor Technology (see discussion of this case here) 3.
Newpark Resources (see discussion of this case here) 24. Pain Care Holdings (see discussion of this case here).
The information in this post was last updated on September 10, 2008 The purpose of this blog post is to track options backdating related litigation.
All of the companies that have been sued — and of which the will note at the top and bottom of this post the date on which the information was most recently updated, and will indicate in red which information has been most recently added.
This is one topical area where IFRS becomes much too subjective such that comparisons of derivatives and hedging activities under IFRS can defeat the main purpose of "standards." The main purpose of an "accounting standard" is to lead to greater comparability of inter-company financial statements.These led to numerous civil and criminal enforcement actions that helped change those practices, they say, despite some high-profile stumbles by prosecutors in recent months.At its height, the backdating scandal touched dozens of local companies that came under federal investigation or launched their own accounting reviews, which led in some cases to firings, earnings restatements and shareholder lawsuits.The document is, however, a valuable addition to students of FASB versus IASB standard differences and similarities.Jensen Comment My favorite comparison topics (Derivatives and Hedging) begin on Page 158 The booklet does a good job listing differences but, in my opinion, overly downplays the importance of these differences.
Nationwide, however, authorities have won at least 13 criminal convictions for backdating-related offenses, while the Securities and Exchange Commission says it brought 94 civil actions against companies and individual executives.