Accountants Didn’t Wind Up In Court As Often In 2021
While there were plenty of accountants who behaved badly in 2021, the accounting profession as a whole was fairly well-behaved and competent last year, according to a new report from Cornerstone Research. Good job, everyone. From the report, Accounting Class Action Filings and Settlements – 2021 Review and Analysis: Reversing a three year trend, the […]
SEC and PCAOB Enforcers Took An Extended Smoke Break In 2021
People who work in the enforcement divisions at the SEC and the PCAOB must have been busy doing other things than monitoring the gatekeepers of the capital markets last year, as accounting and auditing enforcement activity decreased and monetary settlements fell sharply, according to a recently released report from Cornerstone Research. The two regulators made […]
Accounting Stayed Real Classy In 2020
Not even a global pandemic, the likes of which we’ve never seen, could slow down the amount of accounting-related securities class actions filed in 2020. A new report from Cornerstone Research revealed that 70 federal securities class actions involving accounting allegations—all were “core” filings containing Securities Exchange Act Rule 10b-5, Section 11, and Section 12(a) […]
Oh Look, There Were More Accounting Class Actions Filed In 2019 Than Ever Before
The big news that came out of last year’s Cornerstone Research report on securities class-action lawsuits involving accounting allegations was that total settlement value reached nearly $4.5 billion in 2018, the second highest total in the past decade. The big news out of this year’s report is that there were a record number of accounting-related […]
It Seems the PCAOB and SEC Are Giving Accountants the Benefit of the Doubt More These Days
Maybe it’s because the PCAOB had a new chairman and a whole new board at the beginning of last year. Or maybe it’s because the audit regulator’s longtime enforcement chief bolted last May and the position still hasn’t been permanently filled. Whatever the reason, the PCAOB settled only 13 enforcement actions against accountants in 2018, […]
Accounting Class Actions Are Once Again a Billion-Dollar Business
Well, looky here. The total value of accounting securities class-action settlements in 2018 reached the second highest total in the past decade, according to a new analysis by Cornerstone Research. The report found that while the number of accounting case settlements declined to 41 in 2018 from 49 in the previous year, total settlement value […]
According to This, Suing Auditors Is Trendy Now
According to a Cornerstone Research report that you should absolutely read in its entirety if you are into this sort of stuff, lawyers are suing auditors more: Overall, auditor participation in class action settlements in the last several years has been lower than in the early years following passage of the Private Securities Litigation Reform […]