LONDON, Dec 22- When Phil Clarke was sacked as Tesco's CEO, senior executives hoped his 0700 strategy meetings would go with him. They did- new boss Dave Lewis starts his at 0630.. Parachuted in from Unilever in September, Lewis soon faced the task of making the shock announcement that a 250 million pound hole had been found in Tesco's profits, in an accounting scandal...» Read More
Children's Place Retail Stores Wednesday fired Chief Executive Ezra Dabah and named board member Chuck Crovitz as interim CEO, sending its shares up as much as 9 percent.
A California appeals court on Tuesday declined to reinstate a long-running case against the Walt Disney over royalties it paid for its popular Winnie the Pooh character.
Electronic Data Systems has agreed to pay nearly $500,000 to settle an investigation into accounting irregularities alleged to have occurred from 2001 to 2003.
CNBC has learned that Maurice "Hank" Greenberg has received a subpoena from the SEC and will be giving his first deposition as part of the SEC’s continuing investigation into what role, if any, he played in alleged accounting improprieties at American International Group.
The Securities and Exchange Commission said Wednesday that Saks Inc. has agreed to settle a lawsuit that Saks Fifth Avenue understated sales to some vendors and didn't record markdowns properly, inflating its earnings.
A state judge in Michigan has sided with Wal-Mart Stores and dismissed a lawsuit by former marketing executive Julie Roehm over her firing, saying the case should be filed in Arkansas.
The U.S. Securities and Exchange Commission took a step Wednesday toward considering whether U.S. companies could file their financial data using international accounting standards.
Federal regulators are considering allowing public companies to choose between international and U.S. accounting standards for reporting their financial results, a move that could bring a seismic shift in corporate reckoning.
Malaysia's market regulator said it has begun investigations into air cargo carrier Transmile Group which had reported financial irregularities and sharply revised down its results for the last two years.
Robert Grady, managing director at the Carlyle Group, told CNBC’s “Morning Call” that Sarbanes-Oxley imposes unreasonable costs on small companies that may delay their decision to go public. But David Ruder, professor of law at Northwestern University and former SEC chairman, disagreed. “I think the internal control provisions under Section 404 are absolutely crucial to the management of and honesty of our businesses,” Ruder said.
The report from the Business Roundtable Institute for Corporate Ethics, comprised of U.S. business and academic leaders, and the CFA Centre for Financial Market Integrity asks that companies go beyond government regulations and standardize the way quarterly earnings reports are disseminated.
Shares of Dell opened lower Friday after news that its internal audit found evidence of potential financial misconduct and accounting irregularities. Some have voiced concern that this investigation could focus on founder, chairman and CEO Michael Dell himself. Roger Kay, president and founder of Endpoint Technologies, and Tom Gardner, CEO of The Motley Fool, joined "Morning Call" to debate the impact.
Shares of the world's second-largest personal computer maker were slightly lower on Friday following the disclosure that an internal audit of its accounting found evidence of misconduct, errors and deficiencies in its financial controls.
The world's second-largest personal computer maker said it is working with its auditors and management to determine whether restatements of past financial statements are needed, and to see if the control deficiencies "constitute a material weakness" in its internal control over financial reporting.
Sanyo President Toshimasa Iue will step down next week, the company announced Wednesday amid an accounting scandal at the troubled electronics company that has also claimed the job of its chairwoman.
Automaker DaimlerChrysler, which is considering how to handle its struggling U.S. unit, said Tuesday it will delay the announcement of its first-quarter results because of its changeover to international accounting standards.
General Motors' internal controls on financial reporting are "currently ineffective," the automaker said in a regulatory filing on Thursday.