LexisNexis® Legal Newsroom
The SEC's Latest Use of its SOX Section 304 Compensation Clawback Authority

In the latest example of the SEC's use of its compensation clawback authority under Section 304 of the Sarbanes-Oxley Act, the SEC reached a settlement with the former CFO of Beazer Homes to return more than $1.4 million in bonus compensation he earned during a period when the company was committing...

The SEC Continues Its Strict Liability Approach to SOX 304

The Commission continues to pursue its strict liability policy regarding the application of Section 304 of the Sarbanes Oxley Act. Under that Section the CEO and CFO can be required to repay certain incentive based compensation they receive if there is a restatement of the financial statements as...

Unfair SOX 304 Clawback?–Beazer CEO Pays for Restatement without Fault

The SEC recently announced that it reached a settlement with Beazer CEO O'Leary requiring O'Leary to pay back to Beazer more than $1.4 million that he received during a time period when Beazer's financial statements were allegedly misstated. It is undisputed that the SEC did not charge...