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SEC v. Jenkins: SOX 304 clawback requires innocent CEOs and CFOs to return incentive-based compensation if the company restates its financials due to “misconduct”

USA - June 16 2010 In a case of first impression, the United States District Court for the District of Arizona recently ruled that Section 304 of the Sarbanes-Oxley Act of 2002 ("SOX"), the so-called "Clawback Provision," does not require personal misconduct by a company's CEO or CFO to trigger reimbursement obligations after an accounting restatement.

Marie Bafus.

GSK bribery conviction signals increased risks in China

China, USA - October 21 2014 On September 19, 2014, a Chinese court found pharmaceutical giant GlaxoSmithKline PLC (GSK) guilty of bribing doctors and hospitals in order to…

Alexandra P. Grayner, Catherine Kevane.

GlaxoSmithKline and five executives convicted of bribery in China

China, USA - September 24 2014 On Friday, September 19, 2014, a Chinese court found pharmaceutical giant GlaxoSmithKline guilty of bribing doctors and hospitals in order to…

Alexis I. Caloza, Catherine Kevane, Felix S. Lee.

Delaware Chancery Court Rules That Fiduciary’s Use of Email Account Provided by Separate Employer Destroys Privilege

USA - December 24 2020 On December 22, 2020, in litigation between WeWork and the Softbank Group, the Delaware Court of Chancery determined that the Softbank Group must…

Dean Kristy, Felix S. Lee, Michael S. Dicke.

Financial Projections in SPAC Transactions: Mitigating Class Action Litigation Risk

USA - October 12 2020 Special purpose acquisition companies (SPACs) are increasingly being used as an alternate vehicle to traditional initial public offerings. Companies…

David K. Michaels, Marie Bafus, Nicolas H.R. Dumont.