Can Disclosure About Misleading Earnings Projections Qualify for an SEC Whistleblower Award?
Penalties in the millions are a real possibility.
A recent enforcement action has one company handing over a $34.5 million penalty. This action demonstrates how the failure to reveal known increases in risk regarding a company’s ability to reach a vital financial goal can defy the anti-fraud provisions of the Securities Act of 1933. This white paper reviews that action and what final outcome looked like.
Jason Zuckerman litigates whistleblower retaliation and rewards, wrongful discharge, and other employment-related claims, and authors the Whistleblower Protection Law Blog. His broad experience includes serving as Senior Legal Advisor to the Special Counsel at the U.S. Office of Special Counsel, the federal agency charged with protecting whistleblowers in the federal government. In 2012, the Secretary of Labor appointed Zuckerman to serve on the Whistleblower Protection Advisory Committee, which makes recommendations to the Secretary of Labor to improve OSHA’s administration of federal whistleblower protections.
Matthew Stock is an associate at Zuckerman Law, where his practice focuses on representing whistleblowers in whistleblower rewards and whistleblower retaliation cases. Mr. Stock has audited a broad range of industries, both domestically and internationally, including large public companies and financial institutions. He uses his auditing experience to help IRS, CFTC and SEC whistleblowers investigate and disclose complex financial frauds to the government.
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