Corporations and securities brief ~ SEC unit investigating Deloitte

Corporations and securities brief ~ SEC unit investigating Deloitte

[JURIST] Leading Friday's corporations and securities law news, Big Four [Wikipedia profile] accounting firm Deloitte [corporate website] is under investigation by federal regulators. Bloomberg News is reporting that the Public Company Accounting Oversight Board [official website] accidentally released a private document to the media alleging that Deloitte's work for Navistar [corporate website] did not comply with established accounting standards. The board was established as part of the Sarbanes-Oxley Act of 2002 and is overseen by the SEC. Bloomberg has more.

In other corporations and securities news…

  • Former Disney [corporate website] executive Roy Disney [Wikipedia profile] has dropped all lawsuits against his former company. Mr. Disney had sued the company to have a new board of directors put in place in addition to several other lawsuits against the company in recent years [JURIST report]. Roy Disney will now rejoin the company as a consultant and an emeritus director. Bloomberg has more.
  • Volkswagen's personnel chief Peter Hartz [Wikipedia profile] resigned today in the midst of a criminal investigation into 2 of his former employees. A government investigation into the former employees has lead to allegations that the employees committed fraud while working for Volkswagen. Hartz is considered good friends with German Chancellor Gerhard Shröder [Wikipedia profile] and led a government panel that proposed changes to Germany's labor policy in 2002. Hartz has held his position with Volkswagen since 1993. Volkswagen said in a press release [in German] that it received Hartz's letter and that its board of directors will make a decision on his resignation. Bloomberg has more.