Dismissing plaintiff shareholders’ derivative action, a district court held, among other things, that §304 of the Sarbanes-Oxley Act, which allows for the disgorgement of profits and bonuses from top corporate executives implicated in accounting violations, did not provide plaintiffs with a private right of action. Following a corporate restatement in connection to the backdating of company stock options, plaintiffs sought to disgorge the profits and bonuses awarded to the company’s CEO and CFO pursuant to §304. Joining other federal courts that reached similar decisions, the district court rejected plaintiffs’ argument that §304 provides private litigants with the right to bring a cause of action for disgorgement. In reaching its decision, the Court reasoned that because Congress expressly provided for a private right of action pursuant to §306 of the Act, but did not include such a provision in §304, Congress intended that disgorgement pursuant to §304 should be exclusively reserved for the government. (In re iBasis, Inc. Derivative Litigation, 2007 WL 4287591 (D.Mass. Dec. 4, 2007))