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Corporations and securities brief ~ SEC investigating IBM disclosures

[JURIST] Leading Monday's corporations and securities law news, the SEC [official website] is investigating IBM [corporate website], the company announced today. In a press release, IBM said that it received a request to voluntarily comply with the SEC's informal investigation. The inquiry is related to IBM's first-quarter report and how it disclosed methods of expensing employee equity compensation. AP has more.

In other corporations and securities law news...

  • GM [corporate website] has banned top executives from trading shares of the company's stock. The ban is designed to protect employees from liability for insider training. The move follows GM's April announcement that it would not be providing earning guidance for investors.
    MarketWatch has more.

  • The SEC has fined David Klarman, former chief counsel for U.S. Wireless, $3.9 million. In a press release, the SEC says the fine represents ill-gotten gains Klarman received by transferring money from the now-bankrupt telecom to his private off-shore accounts. MarketWatch has more.

  • HealthSouth [corporate website] has restated its financial results for 2000 and 2001 with the SEC. In a press release issued today, the company called the restatement a "significant achievement toward HealthSouth's recovery." HealthSouth's SEC filings are available. Reuters has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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