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Shareholder Litigation Against Foreign Companies on the Rise in 2004

Shareholder Litigation Against Foreign Companies on the Rise in 2004

by Rick Turoczy on September 27, 2004

“The number of securities litigation cases filed against non-U.S. companies listed on U.S. markets will most likely continue to increase. Closer cooperation between U.S. and foreign regulators, and more frequent reviews of foreign filings as required by Sarbanes-Oxley, will result in increased exposure for companies,” said Grace Lamont, Securities Litigation partner, PricewaterhouseCoopers and author of the study. “The unknown consequences of reporting on internal controls under Sarbanes-Oxley Section 404 and the conversion throughout Europe to International Financial Reporting Standards in the next year represent other potential areas of risk where companies could fall foul of laws and regulations. Larger settlement values can also be anticipated in the future.”

Shareholder Litigation Against Foreign Companies on the Rise in 2004

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