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December 8, 2022

Footnotes: Putting the Report in Audit Reports; No Go, Ex-CEO; A Harvey Breakup | 06.30.14

American Apparel denies Charney's request for stockholder meeting The Los Angeles retailer said Monday that a shareholder meeting demanded last week by Charney to change the company's bylaws and expand the number of board members is intended to push his "own self-interest," according to a filing with the Securities and Exchange Commission. Over the weekend, American Apparel said, it tweaked its own bylaws. The company also adopted a shareholder rights plan — also known as a "poison pill" — designed to prevent Charney from buying enough shares to regain control. [LA Times]

Making audit reports more report-y “The auditing profession has a long and storied history of excessive secrecy,” [Gaylen Hansen] said on April 2, kicking off two days of public meetings held by the Public Company Accounting Oversight Board on the board’s plan to revamp the way auditors report their findings. “Today’s auditor’s reporting standard is akin to a windowless building lacking visual functionality.” [CFO.com]

U.S. Bank will settle a little mortgage issue with $200 million [MW]

As deadline looms, Argentina moves closer to another default Some observers see the onset of the grace period as the catalyst for forcing Argentina to come to the negotiating table, even though it has repeatedly said it will never pay what it calls the "vulture funds" who refused to join more than 90% of bondholders that agreed to restructuring in the first default. [Reuters]

Harvey, comptroller part ways after fraud lawsuit Days after being accused in a lawsuit of working together to defraud investors, Harvey and its comptroller have split – with each offering a different explanation of what happened. Harvey spokesman Sean Howard said comptroller Joseph Letke was fired this afternoon, while Letke’s firm released a letter saying it quit after the town ignored its advice and treated the firm poorly. [Chicago Tribune]

Dark Pools Here to Stay, Says Broker Conflict Researcher [Bloomberg]

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