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The Second Circuit, granting , 720 F.3d 620 (5th Cir.
10, 2015), creating a split with the Fifth Circuit on an issue that has also divided lower federal courts: whether the anti-retaliation provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act apply to tipsters who claim retaliation after reporting internally, or only to those retaliated against after reporting information to the SEC.
When the Sarbanes-Oxley act (SOX) was signed into law on July 30, 2002, it changed the way executives at nearly every public company thought about their business.
While SOX gained attention in 20 for its focus on financial and accounting issues, the focus in 2005 has shifted to other functional areas such as Supply Chain, Human Resources and Information Technology.
“We filed them late and we, ourselves, disclosed it in our proxy statement.” Glass Lewis also raised concerns about late Form 4s that could have resulted in higher profits for executives at Hansen Natural Corp. In direct response to the high-visibility corporate finance scandals involving such companies as Enron and World Com, the Sarbanes-Oxley Act — a significant and sweeping piece of securities reform legislation — became law in 2002.Because one of the main purposes of the act is to facilitate more accurate public disclosure of financial information and provide accountability measures in reporting and monitoring of corporate conduct, its impact on pricing practices and antitrust compliance in general is to cause more rigor than had been present in many companies before the law was passed.While most of the requirements of Sarbanes-Oxley apply only to an “issuer,” or a publicly-traded or listed company, some commentators have recommended that even private companies should strive to comply with the full demands of this law.Among other things, Sarbanes-Oxley specifically provides for stricter financial and auditing procedures and reporting.
The legislation has brought the need to have transparency in financial statements to the forefront of corporate issues. It is the supply chain leader's responsibility to interpret the impact that SOX compliance has on a company's supply base and to work with the company's compliance leaders to ensure that supply chain processes have appropriate controls.