Photo: Wachiwit via Adobe Stock Report Suggests SEC Stepping Up Scrutiny of Deceitful Accounting
The agency is bringing more actions against individuals, rather than just businesses, a move that aligns with Chairman Gary Gensler's focus on holding people accountable for corporate misconduct.
May 10, 2023 at 08:02 AM
3 minute read
Accounting
A new report suggests that the U.S. Securities and Exchange Commission is putting more muscle into ferreting out nitty-gritty accounting shenanigans by public companies.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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