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SEC Central: Recent Class-Action Trends and Issues

SEC Central: Recent Class-Action Trends and Issues

by Rick Turoczy on March 16, 2006

In enforcement actions the trend has been for the Securities and Exchange Commission and the Department of Justice to receive larger amounts for fines, penalties and disgorgement. PwC believes that the international financial reporting standards conversion in 2005 for many foreign private issuers, combined with Sarbanes-Oxley section 404 reporting on internal control standards and the proposed new PCAOB ” fraud auditing” standards, will increase the risks to outside auditors. The corollary will be an increase in securities class-action suits with accounting fraud allegations.

As practitioners in this area are well aware, the SEC and DOJ cooperate closely, notwithstanding the SEC’s protestations that they are not a stalking horse for the DOJ. Many SEC enforcement actions are referred over to the DOJ before they are filed by the SEC or shortly after the SEC has instituted some type of enforcement action.

SEC Central: Recent Class-Action Trends and Issues

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