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Compliance Hotline
FormerHealthSouth CEO Challenges Constitutionality of SOX
Former HealthSouth Chairman and CEO, Richard Scrushy, who is the first person to have been charged criminally under ' 906 of the Sarbanes-Oxley Act, has filed a motion to have three of the 85 charges filed against him dismissed. He claims that the requirement that a CEO certify the accuracy of a company's financial statements is unconstitutional because it imposes criminal liability on an act that is derivative of another act that may not be criminal. He argues that technical non-compliance with the 1934 Securities Exchange Act does not necessarily result in criminal liability unless it involves willingly or knowingly making false statements of material fact. Under SOX, however, technical non-compliance now invokes criminal liability for a CEO. U.S. v. Scrushy, N.D. Ala., Case No. CR-03-BE-0530-S (April 5).
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.