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- Title
NOTE: Unfettered Clawbacks-Why Section 304 of the Sarbanes-Oxley Act Requires a Personal Misconduct Standard.
- Authors
Kimes, Isaac U.
- Abstract
The article focuses on the section 304 of the U.S. Sarbanes-Oxley Act that acts as a remedy for misconduct dealing with the financial reports. It discusses the Arizona District Court's decision in SEC v. Jenkins, which states the clawbacks from chief executive officers (CEOs) who are not a part in misconduct and significant ammunition was also provided. It examines the contradiction between section 302 and 304 and the implications of a scienter-free reading of section 304.
- Subjects
ACTIONS &; defenses (Law); UNITED States. Sarbanes-Oxley Act of 2002; UNITED States. District Court (Arizona); FINANCIAL statements; CLAWBACKS (Finance); CRIMINAL intent; LEGAL status of chief executive officers; AMMUNITION
- Publication
University of Memphis Law Review, 2012, Vol 42, Issue 3, p797
- ISSN
1080-8582
- Publication type
Article